15 February 2017•Update: 15 February 2017
ISTANBUL
Turkey’s recently opened business arbitration service has resolved six cases in its first year of operation, its head said Wednesday.
The Istanbul Arbitration Center (ISTAC) has dealt with seven cases since it began working early last year and is close to closing the seventh, Ziya Akinci, president of the board of arbitration, said.
“We are talking seven cases for the first year,” he told Anadolu Agency. “International arbitration centers are not expected to receive cases for four to five years… This means we covered the distance that would take four to five years in our first year.”
The center was established as an independent, neutral and impartial institution to provide efficient dispute resolution for international and domestic parties.
It is supported by all major Turkish professional bodies, chambers and regulatory authorities and offers a cheaper and quicker option than taking disputes to court. Akinci said standard disputes take three months to resolve while even complex, international cases can be dealt with in six months.
During its first year, the center sparked “great interest” and is now being routinely added to private sector and public sector contracts.
Reporting by Ugur Aslanhan; Writing by Fatih Erkan Dogan
