Section 238 ValuationS - fticonsulting.com · 2 FTI Consulting section 238 Valuations section 238 Valuations FTI Consulting 3 A leader in section 238 valuations section 238 of the

Section 238 ValuationS

expert WitneSSeS: An introduction to our leAding speciAlists

experts with impact

FTI Consulting 3section 238 ValuationsFTI Consulting2 section 238 Valuations

A leader in section 238 valuations

section 238 of the cayman islands companies law provides minority shareholders who dissent from a statutory merger the right to a court determination as to the fair value of their shareholdings. in the past two years, against a context of increasing take-private transactions of listed entities registered in the cayman islands, such litigation has been on the rise.

THE IMPORTANCE OF SECTION 238 VALUATIONS

Between Q1 2015 and Q3 2017 there were 30 delistings from us exchanges mainly following the privatisation of chinese entities registered in the cayman islands. the motivations for such transactions can be wide-ranging. often, it is reported that chinese entities are undervalued on us exchanges.

concurrently, in August 2015 the grand court of the cayman islands issued a judgment in re integra group which clarified its approach to determining the fair value of shareholdings in section 238 proceedings brought by dissenting shareholders pursuant to a merger carried out under part XVi of the cayman islands companies law.

since that judgment, several additional cases have been brought before the grand court. in April 2017, the grand court ruled in re shanda games limited, that the fair value of the dissenting shareholders’ shares was over 2.3 times the share price offered in the take-private proceedings. the ruling underlines the importance of robust expert evidence in fair value determination proceedings, and the reliance that courts may place on credible, independent expert testimony on valuation and accounting issues.

UNPARALLELED EXPERTISE, TRACK RECORD AND CAPABILITIES

Fti consulting has been instructed on many expert mandates in proceedings brought under section 238 of cayman islands companies law, which requires valuation experts to be appointed by dissenting shareholders and the privatised company to provide independent evidence to the court.

our deep bench of seasoned testifying experts is supported by a highly-skilled team of accountants, economists and industry experts. We also have wide-ranging language skills, including chinese. We have the capabilities and experience to deliver in all stages of an expert mandate pursuant to section 238 proceedings:

• data room document review and analysis, and market analysis;

• requesting and obtaining documents and information through court-determined procedures;

• preparing and submitting fully-reasoned expert reports, with supporting documents and analysis;

• Joint expert meetings and documentation or areas of agreement and disagreement; and

• providing oral testimony and post-hearing support (as required).

Will inglis of Fti consulting acted as the independent expert instructed by the dissenting shareholders in re shanda games limited. the judgment says:

“I found Mr Inglis to be an impressive witness who had obviously studied and analysed Shanda and its business in great depth and mastered a wide range of detail concerning its operations and financial position.”

“Mr Inglis, in contrast, was consistent in the opinions he expressed…He also demonstrated expertise in and a deep understanding of accounting issues and the analysis and financial preparation of financial forecasts and financial valuations from the ground up.”

And:

A number of cases are currently pending. these should provide practitioners and investors with additional legal and practical guidance on the scope and operation of cayman islands companies law regarding dissenting shareholders’ rights to a fair value appraisal by the grand court. there is also the possibility for new judgments to open new areas of controversy or uncertainty.

Independent expert witness services

Fti consulting is a global business advisory firm and an internationally recognised leader in providing independent expert witness services to the global business and legal community.

We have over 4,600 employees in 28 countries, including the cayman islands. We also have 34 of the leading damages experts recognised internationally in global Arbitration review’s 2018 international Who’s Who of commercial Arbitration list, with a further 15 at our subsidiary compass lexecon, maintaining our position as the pre-eminent firm globally. this is the eighth consecutive year that we have maintained the top position on this list, with 35 more expert witnesses than any other firm.

Fti consulting regularly advises minority (as well as majority) shareholders in both M&A and dispute contexts worldwide. We are often appointed by minority shareholders, or their lawyers, who need an independent valuation by a recognised expert. our experts prepare these valuation reports for use in courts and arbitration and as such apply considerable rigour to ensure quality and accuracy.

the experts are supported by skilled and experienced professionals with valuation credentials such as MAi, Frics, Mrics, cre cpA/ABV, cFA, AsA, and cdBV.

All of our practitioners have considerable experience in preparing written evidence for use by courts and tribunals. in the following pages, we introduce practitioners based across the world and illustrate the skills and experience of our teams. each of these practitioners has significant valuation experience, and knows from direct experience what is required to meet the duties of an expert witness. they also know what it takes to help the court or tribunal through the presentation of oral evidence and under cross-examination.

“The FTI team is bright, thoughtful and hardworking but, perhaps most importantly, it’s a real pleasure working with them – they are superb at de-cluttering complex issues and readily enabling my team and me to do what we need to do efficiently and effectively.”pArtner, MAgic circle lAW FirM

the international Who’s Who of commercial Arbitration expert Witnesses (Who’s Who legal) recognises that Fti consulting leads the field in this area. our expert witnesses included in their list have grown to 49, covering europe, north America, south America and the Asia pacific region.

in the 2018 edition of Who’s Who legal’s analysis, Fti consulting is recognised as having a significantly greater number of experts than any of the Big Four accountancy firms listed or any other firm.

7

BIG FOUR 1

c

14

CONSULTING FIRM 1

B

FTI CONSULTING & COMPASS LEXECON

a

49

6

BIG FOUR 2

e

11

CONSULTING FIRM 2

D

CONSULTING FIRM 3

F

CONSULTING FIRM 4

G

in Who’s Who legal’s Arbitration 2018: expert Witness Analysis, we have eight professionals recognised as thought leaders.

12 of the 49 experts at Fti consulting and compass lexecon* listed in the 2018 edition have been recognised in the eight years that the survey has been published.

*compass lexecon is a wholly owned subsidiary of Fti consulting

Recognised as the leading global practice

10 10


Mark leads Fti consulting’s economic & Financial consulting practice in eMeA and Asia pacific. He has specialised in valuation and damages matters since 1988. He has been appointed as an expert witness or independent expert in over 250 cases. Mark has given oral evidence on over 50 occasions before domestic and international courts and tribunals, and typically testifies around four times each year.

MARK HAS WORKED ON

• expert report to assess the fair value, under section 238 of the cayman islands companies law, of a russian oilfield services company. the case settled.

• expert report and oral testimony in golar lng limited v. World nordic se [2011) commercial list 2009, no. 163, on the value of a minority interest in a major gas shipping business, following the compulsory acquisition of the interest under s103 of the Bermuda companies Act.

• Five expert reports, three affidavits and oral evidence in MFp-2000 lp vs. (1) Viking capital limited (2) MisA investments limited commercial list 2011 no. 405 on the value of a minority interest in a leisure cruises business under s103 of the Bermuda companies Act.

• expert report on the value of a minority interest in a Middle eastern mobile phone company, in the context of a cayman islands litigation.

• expert reports and oral testimony in an lciA arbitration relating to the valuation of controlling and non-controlling interests in Kazakhstan-based uranium mines, in the context of an unfair prejudice claim in the British Virgin islands.

• Valuations of businesses, joint ventures, and minority interests to assess market value or fair value required under statute, shareholders’ agreements, articles of association, or court orders.

Mark Bezant +44 (0)20 3737 1047 [email protected]

“I frankly preferred Mr Bezant’s approach and conclusions…I consider his expertise…was more pertinent...and his overall approach to be more detailed and more principled.”cHieF Justice ground, golAr lng liMited Vs. Worldnordic se

richard has over 20 years’ experience in valuation and financial analysis. He focuses on the assessment of damages in disputes. He has been appointed as an expert witness in disputes before courts and international arbitration tribunals across a broad range of industries. He has significant experience in telecommunications and clean energy disputes.

richard edwards +44 (0)20 3727 1147 [email protected]

RICHARD HAS WORKED ON:

• shareholder disputes

• post-acquisition disputes

• expropriation cases

• loss of profits claims

PROFESSIONAL STANDING

richard has a degree in engineering, economics and Management from oxford university and an MBA from inseAd. He has presented at arbitration conferences on the assessment of damages and is published on valuing emerging market telecommunications companies.

“Your oral testimony was very polished, credible and persuasive.”clAiMAnt in ArBitrAtion cAse

PROFESSIONAL STANDINGMark was the founding chairman of the Valuation special interest group of the icAeW (institute of chartered Accountants in england and Wales) from 2007 to 2016. He was also a board director of truvo, from 2010 to 2016 which operated leading directories, search, and advertising businesses.


chaitanya has over 18 years of relevant experience. prior to joining Fti consulting, chaitanya led the india practice of an international consulting firm. He has been appointed as accounting, valuation and damages expert in international arbitrations at siAc and in several domestic arbitrations in india. He has given oral testimony in both international and domestic arbitrations.

CHAITANYA HAS WORKED ON:

• Appointed as the expert to determine lost profits and gave oral testimony in a domestic arbitration in india involving oil & gas related contracts.

• Appointed as the expert for calculating damages and gave oral testimony in an international arbitration at the siAc involving a joint venture for telecom retail.

• Appointed as the expert for quantification of damages related to a multimillion dollar claim at the siAc involving breach of contract in an infrastructure development in southeast Asia.

• Appointed as the valuation expert in a minority oppression matter before the singapore High courts.

• Appointed as the valuation expert on a siAc matter involving the valuation of sweat equity related to a renewable energy business in south America.

• Appointed as the valuation expert on a siAc matter involving the valuation of equity in a joint venture involving traction locomotives.

• Appointed as the valuation expert on a matter before the Mumbai High courts involving a post-acquisition dispute arising from misrepresentations.

chaitanya arora +65 6831 7806 [email protected]


chaitanya is a certified public Accountant in the us and Australia. He is a chartered Financial Analyst and a member of the institute of singapore chartered Accountants. He has a degree in Accountancy from the university of illinois, urbana-champaign. chaitanya has significant experience with transactions and mergers and acquisitions.

“Strong understanding of the Asian market” and is commended for “professionalism and responsiveness to clients’ needs”

WHo’s WHo legAl 2016: consulting eXperts, QuAntuM oF

dAMAges

“Extremely impressive work in the arbitration space” and “his simplified approach which makes it easier for the arbitral tribunal to understand even the most complex of financial issues”WHo’s WHo legAl 2018: ArBitrAtion eXpert Witness

steve has over 13 years’ experience in valuation and damages matters, focusing on identifying and quantifying economic loss in the context of commercial disputes. steve has been instructed as an accounting and/or valuation expert in icc, diAc, cAs, swiss Federal court, and Hong Kong court proceedings. steve is based in london and is currently involved in expert mandates pursuant to section 238 proceedings.

STEVE HAS WORKED ON:

• expert valuation mandates in a variety of contentious contexts.

• numerous cases to quantify economic loss arising from alleged breach of contract.

• disputes involving alleged fraud, accounts misstatement, and auditor negligence.


steve is cited in Who’s Who legal as a leading expert witness in the field of international arbitration. He founded Fti consulting’s expert witness practice in dubai and remains actively involved in that practice. He is a member of the institute of chartered Accountants in england and Wales.

steve harris +44 (0)20 3319 5533 [email protected]

“an impressive blend of thoroughness, hard work and creativity”

pArtner, MAgic circle lAW FirM

“extremely bright and incredibly diligent and stands out for his well-structured reports”

WHo’s WHo legAl 2017: consulting eXperts, Forensic & litigAtion consulting, AccountAnts

“does a superb job from start to finish. He is reliable, works hard and delivers.”

WHo’s WHo legAl 2017: consulting eXperts, econoMic consulting, QuAntuM oF dAMAges


richard has 12 years’ experience gained at Fti consulting and two Big Four accountancy firms. He has taken 15 expert appointments and testified on multiple occasions as both an accounting and valuation expert witness. He has been recognised in Who’s Who legal in which he is described as “an eminent practitioner in the region and stands out for his excellent valuation work” and “a well-known figure in the singaporean market, and is recognised as a top-tier accounting expert in the region.”

RICHARD HAS WORKED ON:

• testified on a FMgc breach of contract claim for more than usd$1 billion covering china and wider Asia pacific.

• testified on a chinese green energy breach of contract claimed at more than usd$150 million.

• testified on an alleged misappropriation and sale of shares of a technology company operating in china claimed at about usd$100 million.

• testified on a gas supply breach of contract claimed at about usd$100 million involving a chinese multinational.


richard is a Fellow of the institute of icAeW (chartered Accountants in england and Wales) and chartered Alternative investment Analyst. He has sat on the Board of directors of the chartered institute of Arbitrators in singapore since 2012 and was appointed to the singapore international Mediation centre’s first expert panel for accountancy in 2015,

richard hayler +65 6831 7816 [email protected]

“I prefer instead Mr Hayler’s explanation in cross-examination… …I accept that Mr Hayler’s DCF analysis is broadly correct in its approach and in its assumptions…”Justice cooMArAsWAMy, poH Fu teK & ors. Vs. lee sHuAng guAn & ors.

FTI Consulting in asia pacific

Fti consulting has 15 offices in 9 countries in Asia pacific, including offices in Beijing and shanghai where over 70 professionals on-the-ground help our clients in china manage change, mitigate risk, and resolve disputes: financial, legal, operational, political and regulatory, reputational, and transactional. our professionals are industry experts proficient in blending international best practices with regional experience and local knowledge, and are proficient in 41 languages and dialects in Asia pacific.


TORONTO

Howard Rosen

Neal Mizrahi

WASHINGTON, DC

James Searby

Global presence

LONDON

Mark Bezant Richard Edwards

Chris Osborne Noel Matthews

Mike Pilgrem Steve Harris


PARIS

James Nicholson

SINGAPORE & HONG KONG

Jon Rowell Richard Hayler

Chaitanya Arora

Will led Fti consulting’s international Arbitration practice in Asia between 2015 and 2017, and presently works for the firm as an affiliate. He has been appointed as an expert on more than 100 matters. He has led engagements in many high value disputes, often requiring the coordination of large teams. He has given oral evidence on more than 20 occasions. Will has undertaken both contentious and non-contentious business valuations for over 30 years.

WILL HAS WORKED ON:

• Valuation of a china based computer games company.

• Valuation of an indonesian packaging group.

• Valuation of a russian dairy farm group.

• Valuation of a pan Asian drinks distribution business.

• Valuation of an egyptian steel mill project.

• He has been appointed as an arbitrator on three occasions, as an expert to an arbitral tribunal and as an expert to determine disputes on approximately 15 occasions.


Will is a member of the institute of icAeW (chartered Accountants in england and Wales). prior to joining Fti consulting in 2015, he had been with deloitte in london for 36 years, including 23 years as a partner in the Forensic and dispute consulting department, where he led the international Arbitration practice in europe.

“I found Mr Inglis to be the more logical and impressive witness.”Mrs Justice gloster in MuniB MAsri V consolidAted contrActors internAtionAl uK ltd & AnotHer [2007] eWHc 468 (coMM)


NOEL HAS WORKED ON:

• A dispute in the BVi relating to the value of shares in an oil & gas business.

• Assessment of value of assets held in trust, including shares in various distribution businesses in sub-saharan Africa.

• Valuation of a sports business in the context of a post-acquisition dispute heard by the english High court.

• Valuation of equity warrants in an Asian aviation business.


noel is a fellow of the institute of icAeW (chartered Accountants in england and Wales). He is listed as a leading international arbitration expert witness in the international Who’s Who of commercial Arbitration expert Witnesses. Who’s Who legal states that noel is “articulate, quick, informative and convincing.”

noel matthews +44 (0)20 3727 1353 [email protected]

Will inglis

[email protected]

noel specialises in valuation and the assessment of damages. He has been appointed as expert witness and prepared reports in matters before arbitral tribunals and the uK’s High court, and given testimony as an expert witness before icc and lciA arbitral tribunals. He has worked on over 70 dispute engagements in the course of his career.

“Noel has done a superb job on this project. His depth of knowledge, manner with the client, responsiveness, and work product have been excellent.”pArtner At A leAding internAtionAl lAW FirM

neal has more than a decade of experience in the areas of business valuation and quantification of economic loss. He has authored over 100 reports relied on by courts and arbitral institutions globally. neal has been qualified as an expert witness and has provided oral testimony in a number of complex disputes across a variety of industries. neal has been ranked in the 2014, 2015, 2016, 2017, and 2018 editions of the the international Who’s Who of commercial Arbitration expert Witnesses, which lists the most highly regarded experts globally.

NEAL HAS WORKED ON:

• case involving the largest tax shelter in canada. neal authored expert reports and provided oral testimony in relation to the valuation of intangible assets. neal’s evidence was accepted by the court in preference to a ‘Big Four” expert.

• Valuation of a real estate development: authored an expert report and provided oral testimony. His evidence was accepted by the court in preference to two “Big Four” experts.

• Valuation of cattle farming and agricultural assets in Venezuela which led to an award of nearly usd$100 million to the claimants.

• dispute involving offshore oil fields Hibernia and terra nova which led to an award of nearly usd$15 million in addition to ongoing damages to the claimants.


neal is a chartered professional Accountant (cpA), chartered Accountant (cA), and chartered Business Valuator (cBV).

neal mizrahi +1 416 649 8067 [email protected]

“Engaging, smart and motivated”

“The engine room and brains behind FTI’s most high-profile mandates”tHe internAtionAl WHo’s WHo oF coMMerciAl ArBitrAtion


James founded and leads Fti consulting’s paris disputes team, coordinates the firm’s international Arbitration practice in the eMeA region, and is a member of the firm’s eMeA leadership team. He is currently the testifying expert on a section 238 matter before the grand court of the cayman islands. James has testified before tribunals on 24 occasions, and has recently been recognised as a ‘thought leader’ in europe. He has also been named one of the ‘Most Highly regarded individuals’ in europe in its 2017 and 2016 rankings of more than 160 expert witnesses active in commercial arbitration.

James nicholson +33 1 53 05 36 01 [email protected]

JAMES HAS WORKED ON:

• Valuation of a company on behalf of minority interests dissenting from a take-private action, before the grand court of the cayman islands.

• Valuation, due diligence, and negotiation support to a MenA-region government in a contentious multi-billion dollar transaction.

• Quantification of lost business value, lost profits, and wasted costs in international commercial and bilateral treaty arbitration.


James is president of the standing committee that advises the icc’s centre for Adr in the application of the icc’s expert rules. He holds the right to use the chartered Financial Analyst designation and has degrees in economics and public policy from the universities of Harvard and oxford.

“...[James] is an expert with deep experience in damages quantification and related services in the context of treaty and commercial arbitration and surely one of the best financial analysts we have had the pleasure to work with.”leAding internAtionAl ArBitrAtion prActice

chris is the global segment leader of Fti consulting’s economic consulting practice and is based in london. prior to Fti consulting, chris was the european Managing director of lecg llp and Head of Arthur Andersen’s economic and Financial consulting group. chris has over 30 years’ experience in bringing economic and financial analysis to complex commercial and regulatory disputes. chris has been involved in more than 200 cases of litigation and arbitration and has given oral evidence on more than 30 occasions. He was recently named as one of five “Most Highly regarded individuals” in europe in the international Who’s Who of commercial Arbitration expert Witnesses.

CHRIS HAS WORKED ON:

• several expert reports served in cayman islands court proceedings regarding the fair value of minority shareholdings in formerly us-listed companies following take-private transactions.

• Valuation of businesses in connection with international arbitration.

• economic matters in the us tax court, restrictive trade practices court and Monopolies and Mergers commission, and the competition Appeals tribunal.

• disputes in icc, lciA, icsid, and uncitrAl forums.

chris osborne +44 (0)20 3727 1500 [email protected]

“…I found the opinion of value by Mr Osborne more plausible and probable. I therefore prefer his opinion.”Mr Justice Foster


chris is a fellow of the icAeW (institute of chartered Accountants in england and Wales) and holds a Bsc in engineering and an Msc in economics. He is a member of the council of the Academy of experts.


Mike has over 27 years’ experience, 22 years of which have been in disputes. He answers questions of value, damages, and accountancy as an expert witness and has been cross-examined before the english High court and arbitration tribunals. He advises on the value of interests in businesses and the value of ip and other intangible assets. He also helps interpret accounting information and assess its relevance and reliability.

MIKE HAS WORKED ON:

• Value-based claims for compensation, such as for breach of warranty.

• profit-based claims for compensation, such as for breach of supply agreement.

• cost-based claims for compensation, such as for a replacement it system.

• expert determinations of value and accounting measures.


Mike is a member of the institute of icAeW (chartered Accountants in england and Wales). He has been responsible in over 70 cases for expert reports produced before courts or tribunals or for submissions to, or determinations by, experts. He has advised in some of the largest commercial claims seen in the uK.

Mike pilgrem +44 (0)20 3727 1422 [email protected]

“By contrast, Mr Pilgrem was an impressive expert witness. He was clearly extremely knowledgeable about both valuation as a subject and the facts of this case.”suBMission to tHe englisH HigH court in constAntin Medien V BernArd ecclestone And otHers By counsel For A co-deFendAnt

Howard is the global practice leader for international Arbitration and the Head of economic & Financial consulting in north America. He has acted as an advisor to private and public companies, regulatory bodies, and all levels of government on a wide variety of industries. Howard has sat as a member of an Arbitral tribunal and sole Arbitrator, and has been identified in the international Who’s Who of commercial Arbitration expert Witnesses since inception of the list in 2011.

HOWARD HAS WORKED ON:

• cases across a vast number of industries, including: mining, energy, pharmaceuticals, construction /real estate, and financial services.

• Assignments across north and south America, europe, the Middle east, Africa, and Asia.

• provided expert witness testimony in over 100 damages quantification and valuation matters in courts in canada and the united states and also in international arbitration hearings in north and south America, Asia, Africa, europe, and the Middle east over the past 33 years.


Howard obtained his Bachelor of Business Administration degree from the schulich Business school at york university in toronto.

Howard rosen +1 416 649 8072 [email protected]

“…as demonstrated by the expert report of FTI Consulting (“FTI”), which the Tribunal finds convincing and which has not seriously been challenged by the Respondents…”As noted ABoVe, tHe triBunAl Accords suBstAntiAl WeigHt to Fti’s report, WHicH is lArgely uncHAllenged

He is a chartered professional Accountant, chartered Accountant, and a chartered Business Valuator. in addition, Howard is an Accredited senior Appraiser and a certified Fraud examiner.


Jon is the co-lead of Fti consulting in Asia, cayman, and the BVi and is based in Hong Kong. With more than 28 years of professional services experience, since 1997 he has focused on providing independent expertise and evidence in relation to complex business, valuation, accounting, and financial issues in both contentious and non-contentious situations.

JON HAS WORKED ON:

• instructed as an independent accounting expert in an HKiAc matter regarding the valuation of a minority parcel of shares in a Hong Kong listed property development company.

• instructed as an independent accounting expert in a Bahamas based arbitration on behalf of a listed Hong Kong company regarding the valuation of shares in a mining business.

• engaged as a joint independent expert under section 179(9) of the BVi Business companies Act 2004, to determine the fair value of a percent shareholding in a china-based business.

• Valuation dispute between the minority unit holders in a listed investment fund and the managers of the fund. At issue was the reasonableness of the fair value opinion provided to the Board prior to a divestiture.• testified as an independent accounting expert in a valuation

dispute regarding how to value a minority shareholding in a private hospitality business, the impact on the valuation of discounts for lack of liquidity and control, and the treatment of contingent gains.

Jon rowell +852 3768 4738 [email protected]

“...very calm and measured under cross-examination. Jon was persuasive and authoritative, and knew the detail.”leAding internAtionAl ArBitrAtion prActice

PROFESSIONAL STANDINGJon is a Fellow of the icAeW (chartered Accountants in england and Wales) and a Member of the institute of chartered Accountants Australia and new Zealand. He has an honours degree in Banking, economics and Finance from cardiff university in the united Kingdom.

James searby +1 202 312 9120 [email protected]

James specialises in the assessment of quantum issues in contentious matters. He has given evidence in the context of both litigations in national courts and international arbitrations. James’ primary expertise is in the field of valuation, whether of businesses, contracts, damages, intellectual property, or financial assets. From 2011 to 2015, he led Fti consulting’s international Arbitration practice in the Asia pacific region. in 2015, James moved to Washington, dc, to build Fti consulting’s international Arbitration practice there.

JAMES HAS WORKED ON:

• Assessment of complex damages in high-value international arbitration and litigation cases in matters involving, inter alia, alleged expropriation, breach of contract, patent infringement, and shareholder disputes.

• Various projects related to industries such as telecommunications, oil & gas, chemicals, tobacco, infrastructure, healthcare, media, life insurance, retailing, and banking in europe, the Middle east, Africa, north America, and the Asia pacific region for governments, companies, and individuals.

• Matters ranging in value from less than usd$1 million to more than usd$2 billion.


James holds an MA in Modern History and economics from the university of oxford, and a Master’s degree in Business Administration

“James has extensive experience as a damages expert and it was reflected by the commercially sound and analytical advice he gave us. In the face of persistent and hostile cross-examination from the opposing QC, he impressed everyone (including the arbitrator) with his unflappable, measured and incisive responses.”

from imperial college at the university of london and. He is a cFA charterholder. He has acted as instructor at the master’s degree in international dispute settlement programme at the university of geneva, and as an expert witness at training workshops organised by the Foundation for international Arbitration Advocacy (FiAA).


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Section 238 ValuationS - fticonsulting.com · 2 FTI Consulting section 238 Valuations section 238 Valuations FTI Consulting 3 A leader in section 238 valuations section 238 of the