Controversy over shares ownership by arbitrator in First Bank–General Hydrocarbons dispute
Retired Justice Kumai Bayang Akaahs, sole arbitrator in a dispute between First Bank and General Hydrocarbons, faces scrutiny over potential conflict of interest. Whistleblowers allege Akaahs held shares in First Bank's parent company, FBNHoldco, alongside other publicly listed companies, while presiding over the case that resulted in a ruling in favor of First Bank and ordering General Hydrocarbons to pay costs. While some lawyers argue Akaahs' shareholding is insignificant and covered by the International Bar Association's "Green List" guidelines for conflicts of interest, others contend that any financial interest in a company directly impacted by the arbitration outcome disqualifies the case from the Green List. A critic argues the arbitration should not proceed if he had a financial interest that could be affected by the outcome. Concerns regarding disclosure and recusal have been raised.
