Laos’ politically linked conglomerates dominate its small economy

[VIENTIANE] Among Laos’ emerging private sector conglomerates, the ST Group is undoubtedly the most visible, having been subject to a decade-long arbitration case with Macau-based Sanum Investments that appears to have ended in its favour.

In December last year, the International Centre for Settlement of Investment Disputes (ICSID) rejected most of Sanum’s claims over the 2015 closure of the Ferry Terminal Slot Club, a joint venture with ST Vegas Group, awarding only about US$3 million in damages.

This followed a ruling in 2023 by the Macau-seated International Chamber of Commerce tribunal that ST Group – including ST Vegas – had breached multiple agreements with Sanum Investments. ST Group was then ordered to pay Sanum Investments about US$170 million in damages.