Arbitration

ST Group and the Silence of Injustice — When the Trust of Local Investors Goes Unheard by the ICC Tribunal in Macau

June 21, 2025

In the realm of business cooperation, trust is a fundamental cornerstone. In the sphere of international business, filled with hope for collaboration and mutual benefit, ST Group was a local investor that welcomed its foreign partner, Sanum, with trust and an aspiration to jointly build a sustainable economic future. Yet the outcome was a deep disappointment. Sanum’s conduct was accepted and overlooked by a mechanism that should have served as the final safeguard of justice — the ICC Tribunal in Macau.

WHEN DISHONESTY IS OVERLOOKED IN THE JUDGMENT AND TREATED MERELY AS ‘INCONSISTENT CONDUCT’

The arbitral tribunal acknowledged that Sanum had engaged in negotiations for several casino projects without informing ST, despite a contractual clause requiring Sanum to offer ST the right of first participation. This was not a mere oversight; it was a deliberate act to seize opportunities and gain advantages by denying ST access to information and benefits. However, the tribunal viewed these actions as merely “preliminary steps” and did not consider them a contractual breach.

ST’S VOICE WAS NOT LOUD ENOUGH IN AN UNEVEN PLAYING FIELD

ST is not a multinational corporation. It lacked the influence to negotiate on the international stage. What ST possessed was a belief in a system that ought to be just and a full commitment to protecting its own rights.

ST WAS ABANDONED IN THE SILENCE OF THE LAW

Even though ST claimed that Sanum had concealed financial records, evaded audits, and undermined mutual trust, the tribunal maintained that “no contractual provision” supported ST’s right in this regard — and thus, no breach could be found.

ECHOES OF THE POWERLESS

ST has become a symbol of local investors forced to rely on international justice systems without bargaining power, unable to access substantive fairness — even when armed with facts — as the arbitral decision-makers rely strictly on contract language rather than contextual conduct and ethical considerations.