Editorial

Article Type: Editorial From: International Journal of Law and Management, Volume 53, Issue 3

This edition brings together five diverse articles for consideration. Petter Gottschalk from Norway looks at police misconduct, something which is, in most jurisdictions, regarded as shocking and yet is remarkably prevalent – we are, after all, dealing with human beings. The suspicion and lack of trust this can breed can cause a crisis of confidence in a system, which can hamper its effective running with clear implications for business managers and lawyers alike. The story we see here will have resonance with many readers in numerous jurisdictions.

Peter Yeoh from the UK talks about the sadly topical issue of sovereign default restructuring options and challenges in the EU. The issues arising from lack of political cohesion and the sheer diversity of member states is examined against a very real “real world” backdrop we are experiencing as I write this editorial.

Mukdad Ibrahim from the United Arab Emirates considers the rules of federal budget and final accounts in the Emirates, finding that the law covers all stages of the budgetary process, planning, implementing, controlling and preparing the final account. Moreover, the budgetary system is more compatible with performance-based budgeting as it holds up appropriate policies in its strategy to budget programmes in the medium-term rather than in short-term cash management.

Antonio Martins from Portugal discusses the valuation of privately held firms and litigation, finding that very small variations in the growth rate assumed for the residual value period make a great difference in share valuation. Thus,the work of experts has to be very finely balanced, and the judge, when deciding on the fair value to be paid to the person making the claim based on expert opinion, should give careful consideration to various scenarios. Lawyers from many jurisdictions will see in this the increasing role of the “expert”in litigation and all the issues that come with it.

We also have Ismail Wisham, Aishath Muneeza and Rusni Hassan from Malaysia considering the special legal features of the Islamic wa’d or pledge. The sphere of Islamic finance is taking on ever more importance in the west and this paper shines a very illuminating light onto one aspect of it from which some idea of the principles and values behind it can be glimpsed by those who have hitherto been ignorant.

Again, the content of this edition is truly international. There is a definite financial stream running through, whether in considering some specific aspects of one jurisdiction or making points of much wider application. Financial aspects of business, in whatever form, need certainly and honesty of enforcement and so perhaps the tale told by Petter Gottschalk is a timely reminder that, like it or not, the honesty of the enforcer is not always without question. As ever, in an increasingly worldwide market, there are tales from a number of jurisdictions which must chime bells in many others.