LOC17:02
14:02 GMT
BRUSSELS, Jan 14 (KUNA) -- An international tribunal to settle complex and
controversial financial disputes throughout the world will be launched in the
Dutch city of The Hague on Monday.
According to the Netherlands radio, the tribunal goes by the name of PRIME
Finance, which stands for Panel of Recognised International Market Experts in
Finance.
It is being set up with the support of the City of The Hague and the Dutch
Ministry of Economic Affairs.
It will be housed in The Hague's Peace Palace and will be officially opened
by the Netherlands' current Minister Jan Kees de Jager.
The tribunal will have a team of about 100 judges and international legal
and market experts and will operate on the basis of arbitration or mediation.
The initiative to create the tribunal began in October 2010 when experts
from the financial world and the legal profession met in The Hague and
concluded that the 2008 financial crisis made clear the need for a body to
resolve the increasing number of intricate global financial disputes .(end)
nk.ajs
KUNA 141702 Jan 12NNNN