Ralph Stobwasser, Managing Director, comments for Thomson Reuters Regulatory Intelligence on the decision by Saudi Arabia’s Capital Market Authority to abolish Qualified Foreign Investor restrictions and swap-based access frameworks. The changes open the Tadawul to all categories of foreign investors effective February 1, 2026.

“These changes improve accountability in a very practical sense; a larger number of foreign investors increases the demand for timely disclosures, verifiable numbers and consistent governance practices.”

The article reports that the CMA implemented the changes as part of a phased liberalization process, replacing the QFI and swap-based regimes with a unified framework for direct foreign participation. Existing foreign ownership limits remain in place, with market access continuing through licensed Saudi intermediaries. The changes expand the investor pool and increase diversity in foreign ownership, while supporting AML and KYC controls, regulatory oversight, and increased market scrutiny as foreign participation grows.

Stobwasser said, “These changes improve accountability in a very practical sense; a larger number of foreign investors increases the demand for timely disclosures, verifiable numbers and consistent governance practices.”

Read the Article

Investigations & Disputes

Suspicions or allegations of corporate misdeeds and litigation can cause tremendous harm and disruption to any organization. Our seasoned professionals draw on decades of experience to uncover the facts, giving clients the confidence to know that business risks and challenges can be effectively addressed.

Learn More

Tamika Tremaglio and Sonia Chase joined Emmy and Peabody Award-winning sports journalist Sarah Spain on her podcast, Good Game with Sarah Spain, to discuss the ongoing collective bargaining agreement negotiations between the WNBA and its players’ union after a third consecutive missed deadline. The pair examined the reasons why the two sides are at a standstill, possible paths forward, and what’s realistic to expect next. 

Listen to Tamika and Sonia on Good Game with Sarah Spain here.

We’re proud to announce that 12 Secretariat experts have been recognized in the Lexology Index 2025 Commercial Litigation report for their exceptional work supporting clients in some of the world’s most complex and high-stakes disputes. 

Secretariat also led the Global Elite Thought Leaders category among expert witness firms included in the report, with Howard Rosen and Alexander Demuth named among the best of the best worldwide. Secretariat was the only expert firm with multiple Global Elite Thought Leaders recognized. 

Secretariat’s continued inclusion in Lexology’s prestigious rankings reflects our firm’s depth of expertise, our world-class leadership, and the trust our clients place in us to deliver quality insights when it’s all on the line. 

Read the Lexology Index 2025 Commercial Litigation Report here, and review what clients and peers have to say about our experts below.  

Global Elite Thought Leaders 

  • Howard Rosen (Canada) stands out for his top-tier work as a valuations and damages quantification expert across a wide range of industries, where he is praised for his ability to “cut through the issues.” Peers note that he “has been at the top of his game for many years.” 
  • Alexander Demuth (Germany) is a highly skilled expert in cross-border litigation, with a wealth of experience in post-merger and commercial disputes. He provides “crystal clear and very convincing” testimony and is “the go-to for quantum determination,” according to sources. 

Thought Leaders 

  • Mark Taylor (England) impresses sources with his vast experience providing expert testimony on damages and quantum claims in domestic and international litigation proceedings spanning the energy, shipping, and construction industries. 
  • Mrinal Jain (India) is a highly regarded expert with extensive experience handling complex financial and valuation issues across an array of sectors, including energy, real estate, and manufacturing. 
  • Carrie Distler (USA) earns widespread praise as an expert witness for her “excellent demeanor on the stand” as well as her “strong command of the details of the matters for which she testifies.” 

Recommended 

  • Paul Roberts (Australia) is a first-rate expert witness, thanks to over three decades of experience handling complex contractual and commercial disputes, both domestically and abroad. 
  • Travis Taylor (England) stands out for his top-tier expert analysis in high-value post-M&A and contractual disputes spanning a range of industries, including financial services and manufacturing of energy and natural resources. 
  • Björn Brand (Germany) is regarded as “a highly motivated, competent and reliable expert with an outstanding ability to understand the details of a project.” Interviewees further praise “his meticulous review and assessment of facts and documents” and his proactive approach. 
  • With over 30 years of experience, Gary Kleinrichert (USA) is a first-rate expert witness who specializes in assessing economic damages in complex investigations around the world. 
  • Chris Milburn (Canada), Abigail Harris (England), Daniel Wang (Singapore) are also recognized in this category. 

Managing Director Bob Broxson provided expert reports, deposition, and trial testimony on behalf of Marathon Oil Company in a historic trial – the first held by the Texas Business Courts since their opening in September 2024. The landmark case stemmed from natural gas delivery interruptions during the 2021 Winter Storm Uri. 

Mr. Broxson was retained by Ahmad Zavitsanos & Mensing (AZA) to provide expert testimony on behalf of Marathon. He provided direct testimony that shaped the court’s understanding of natural gas industry practices during catastrophic events.  

The Texas Business Courts were established by the Texas Legislature in 2023 to serve as an efficient forum for resolving complex business disputes and commercial litigation within the state. This specialized court system has been officially operational since September 2024,1 and this case, brought by Marathon before the 11th Division, marked its first-ever trial verdict. 

In this matter, the Houston-based oil company argued that the rare, destructive weather caused by Winter Storm Uri prevented them from satisfying their natural gas delivery obligations to Mercuria Energy America and constituted a force majeure under their contract.  

Following a five-day bench trial, Business Court Judge Melissa Andrews ruled that Marathon was not liable for $26.5 million in damages related to failed natural gas deliveries during Winter Storm Uri, finding that the extreme weather constituted a valid force majeure. The court affirmed that the parties’ contract did not require Marathon to acquire replacement gas or buy back its delivery obligation from Mercuria before declaring a force majeure.2 

Mr. Broxson’s expertise, work, and testimony in this case, combined with other examples that include the $123.7M Koch Energy force majeure dispute, underscore the rigor of his analyses and the critical role expert testimony plays in high-stakes litigation. 

The Secretariat team supporting Mr. Broxson on this matter included Adam Housel. 

Law360 coverage of the matter is available here (subscription may be required). 

  1. https://texasbusinesscourts.com/faq/ ↩︎
  2. Marathon Oil Company v. Mercuria Energy America LLC, No. 25-BC11A-0013, in the 11th Division of the Texas Business Court. P. 23 ↩︎

Lexology Index has named 23 Secretariat experts to their Thought Leaders: Global Elite 2026 report. Secretariat’s included professionals are recognized as superlative practitioners across industries, lauded for their vast experience, leading industry knowledge, and the incredible impact they deliver for clients navigating the world’s most high-stakes matters.    

We’re thrilled to celebrate our recognition in Lexology once again, and look forward to continuing to offer industry-leading insights and client service on a global scale.  

See the full rankings here, and read what clients and peers have to say about our experts below.  

Arbitration 

  • Howard Rosen (Canada) “brings an incredible bank of knowledge and experience to the table.” Clients note that he “has excellent abilities as a testifying expert and can prepare persuasive evidence in complex areas.” 
  • Liam Holder (England) is regarded as “an excellent and very meticulous expert.” 
  • Alexander Demuth (Germany) is lauded as the “the star expert when it comes to M&A-related quantum issues.” 
  • Clients trust Mike Allen (Hong Kong) as “a smart, practical and overall wonderful expert.” 
  • Chaitanya Arora (Singapore) is an “extremely persuasive financial and damages expert who knows how to explain complicated issues to non-experts.” 
  • Lexology notes that Ian Greenhough (United Arab Emirates) is “one of the premier quantum professionals in the region.” 
  • Mike Saulsbury (United Arab Emirates) “has exceptional collaboration skills and seamlessly integrates with legal teams to ensure clarity and cohesion throughout the case.” 
  • Kiran P Sequeira (USA) is a well-regarded expert who is “very thorough and exercises sound judgment.” 
  • John Lancaster (Singapore) is also included in this category. 

Commercial Litigation 

  • Howard Rosen (Canada) “stands out for his top-tier work as a valuations and damages quantification expert across a wide range of industries.” He is praised for his ability to “cut through the issues” and has been “at the top of his game for many years.” 
  • “Star expert” Alexander Demuth (Germany) is skilled in M&A-related quantum issues. Clients note that he can make complex things very easy to digest, is quick on his feet if challenged, and “has a strong understanding of the strategic implications of lines of questioning.” 

Construction – Quantum Delay & Technical 

Construction – Quantum Delay & Technical – Under 45 

  • Stuart Allan (United Arab Emirates) is included in this category. 

Construction – Under 45 – Expert Witnesses 

  • Stuart Allan (United Arab Emirates) is included in this category. 

Construction 

  • Christopher Larkin (Canada) is “hard-working, diligent and produces well-written and sourced reports.” 
  • “Incredibly responsive” expert Robert Poole (Canada) is a “diligent,” trusted professional. 
  • Liam Holder (England) is known as a “brilliant expert, a huge authority, and very reliable.” 
  • “Seasoned quantum expert” George Taft (England) is “always [seeking] to do the best for his clients.” 
  • Mike Allen (Hong Kong) is a “smart, practical and overall wonderful expert.” 
  • Mike Saulsbury (United Arab Emirates) is lauded as “one of the best delay experts in the region.” 
  • Don Harvey (USA) is “highly regarded for his work in complex construction disputes, providing top-tier analysis on delay, disruption and cost issues.” 
  • Clients say Ted Scott (USA) “does excellent technical evaluations and is always well prepared.” 
  • Meera Wagman (USA) is an “outstanding witness in terms of her composure and articulate presentation of her opinions.” 
  • Paul Roberts (Australia) and John Lancaster (Singapore) are also included in this category. 

Energy 

Financial Advisory and Valuation – Quantum of Damages 

  • Chris Milburn (Canada) is known to clients and peers as a “highly experienced expert.” 
  • Howard Rosen (Canada) is regarded as “amongst the best in the industry and well-liked by clients,” thanks to his deep knowledge of business valuations and damages quantification in high-stakes international arbitrations. 
  • Kiran P Sequeira (USA) is described as “simply the best in the industry,” with over 20 years of experience providing quantum analysis in international disputes. His ability to “anchor discussions on key points” makes him a highly regarded expert witness in complex cases. 

Forensic Accountants 

Tamika Tremaglio and Sonia Chase were featured in a recent Yahoo Sports article this week explaining what happens behind the scenes of negotiations for a new WNBA CBA. The two discussed why revenue sharing is the headliner of the talks, the challenges of the discussions go beyond sharing financials, and how negotiations have evolved over time, from Sonia’s experience with the first deal to today.

Read Tamika and Sonia’s full quotes in Yahoo Sports here.

11 Secretariat experts have been recognized in the 2026 Lexology Index Client Choice Report, earning accolades across four key categories: Arbitration, Construction, Investigations Digital Forensics, and Intellectual Property. 

The distinguished Client Choice Report celebrates outstanding professionals who consistently deliver exceptional client care and quality. Nominations come exclusively from clients and peers, underscoring the quality, professionalism, and uncompromising standards our experts uphold in the world’s most complex disputes. 

Read more here.

Highly Recommended 

Arbitration Expert Witnesses 

  • Clients note that Drew Baiter’s “written work is thorough, persuasive and to the point.” 
  • Harshal Doshi is recognized as having “a strong analytical mind and great presentation skills.” 
  • Paul Marcus is regarded as “smart, responsive, practical, [with] tremendous integrity.” 

Construction Experts 

  • Jonathan Brown is lauded as being “remarkably patient, clear and positive throughout the construction dispute.” 
  • Georges Bader is a trusted expert, with one client noting, “George was exceptional in all facets.” 
  • Jeffrey Wong “demonstrates a deep understanding of the subject matter and communicates his insights effectively, ensuring well-founded conclusions.” 
  • John Lancaster is consistently seen as “one of the top delay experts in the Asia-Pacific region.” 
  • Sources note that Ian Greenhough “is not only an absolute pleasure to work with but also has the technical skills to back up his strong reputation.” 
  • Tom Gaines possesses an “impressive” ability to “fully digest and assess materials in a contentious context.” 

Investigations Digital Forensic Experts 

  • Daniel Wang is recognized as a highly regarded expert in this category. 

Intellectual Property Experts 

  • Clients say Matt Farber is “extremely well-known for his expertise in IP damages.” 

Managing Director Ryan Marsh, PhD provided an expert report and testimony in a high-stakes case involving real estate investment fraud. A Houston jury found in favor of the plaintiff, based in part on Dr. Marsh’s testimony.  

Dr. Marsh was retained by McCathern, Shokouhi, Evans to provide expert testimony and quantify damages on behalf of their client. The complex dispute centered around a real estate investment transaction in which the defendant, the general partner and attorney, was alleged to have defrauded the plaintiff. 

Dr. Marsh conducted rigorous analysis to assess the damages arising from defendant’s conduct and the at-issue real estate transaction. He issued an expert report in April 2024, testified at deposition in June 2024, and delivered trial testimony before a jury in the 295th District Court of Harris County, Texas in September 2025. At trial, Dr. Marsh delivered clear, compelling insights, offering a supported range of reasonable values that quantified the plaintiff’s losses and helped the jury better understand the financial impact of the defendant’s conduct. 

Following an intense eight-day trial in October 2025, the jury ruled in favor of the plaintiff on all six counts of fraud presented to them and delivered a $1.71 million verdict, within the range Dr. Marsh identified. 

In a complex federal court case in Delaware with far-reaching geopolitical significance, Managing Director Gary Kleinrichert’s expert financial valuation helped secure approval of a landmark $5.89 billion Citgo sale opinion that could help resolve billions of dollars in unpaid judgments against Venezuela and certain of its instrumentalities. 

Citgo, the fifth-largest oil refiner in the United States, is owned indirectly by Venezuela’s state-owned oil company Petróleos de Venezuela SA (PDVSA) through PDV Holding Company (PDVH), a Delaware corporation. On November 25, 2025, U.S. Circuit Judge Leonard P. Stark approved the sale of PDVH shares to Amber Energy, an affiliate of the hedge fund Elliott Investment Management. The court agreed with Special Master Robert Pincus that Amber Energy’s bid offered the best combination of “price and certainty of closing” of any bid submitted. 

Mr. Kleinrichert, a nationally-recognized and highly-credentialed forensic accounting expert with more than 30 years of business valuation experience, was retained as the valuation expert on behalf of one of the judgment creditors/bidders in support of the Special Master’s Updated Final Recommendation that the court approve the sale of PDVH shares to Amber Energy.  

Mr. Kleinrichert’s valuation relied on both a discounted cash flow (DCF) analysis and a market multiples analysis to establish a fair market value range for the PDVH shares between $8.4 and $8.6 billion, before accounting for contingent liabilities (such as the claims associated with the 2020 Bondholders).1

Amber Energy’s winning bid offered $5.892 billion, plus a $2.125 billion Transaction Support Agreement (TSA) with 2020 Bondholders who hold a security interest in 50.1% of CITGO Holding. Judge Stark found Mr. Kleinrichert’s valuation to be “credible and persuasive”, citing, “Mr. Kleinrichert’s fulsome analysis, which is the product of multiple calculations and reasoned, well-supported, and standard methodological choices.”2 The court relied heavily on Mr. Kleinrichert’s analysis in approving the highly significant sale to Amber. 

The Secretariat team supporting Mr. Kleinrichert included Chris Robinson, Jesse Ivory, Abby Williams, David Sastre, and Patrick Sorensen. 

Appeals of the ruling have been filed. 

Read the opinion in full here, and see Law360 coverage of the matter here (subscription may be required).

  1. Crystallex International Corp v. Bolivarian Republic of Venezuela, 17-151-LPS, U.S. District Court for the District of Delaware. 2025. P. 89.  ↩︎
  2. Crystallex International Corp v. Bolivarian Republic of Venezuela. P. 129.   ↩︎

Secretariat is delighted to announce that we were named as the Arbitration Expert Firm of the Year at the prestigious 2025 Lexology Index Awards Ceremony, held at Merchant Taylors’ Hall in London. We are honored to be recognized by clients and peers as the foremost experts leading and shaping the global arbitration community.

The Lexology Awards celebrate excellence across the legal and expert witness community, showcasing firms and individuals who deliver outstanding impact in high-stakes litigation, prosecution, and transactional work.

“Our firm’s unique ability to bring clarity to complexity and deliver trusted expertise when it’s all on the line sets us apart globally,” said Don Harvey, Managing Director. “We are proud to lead the way and will continue to create value for our clients and raise the standards of our industry.”

Secretariat’s recognition as Arbitration Expert Firm of the Year reflects our experts’ tremendous technical expertise, global impact, and ability to deliver clear, defensible testimony in the most complex disputes. With integrated teams across the world’s key financial and arbitration centers, we remain committed to providing rigorous analysis and compelling insights to help clients navigate high-stakes matters with clarity and confidence.

Read more here.

Tamika Tremaglio and Sonia Chase joined Winsidr Founder and Editor-in-Chief Aryeh Schwartz on the Winsidr WNBA Show this week to break down the ongoing collective bargaining agreement negotiations between the league and its players union. They took a look at the evolution of the league since its beginnings, when Sonia had a chance to get a first-hand look at the WNBA’s first CBA, and also shed light on the complexities involved in the discussions and the significant obstacles players are currently facing.

Listen to Tamika and Sonia on the Winsidr WNBA Show podcast here.  

Secretariat has earned significant recognition in the 2026 Lexology Index Arbitration Report, with 52 experts named in the prestigious listing, including the most combined Thought Leaders (7) and Global Elite Thought Leaders (10). 

Nominated by peers and clients, these accolades reflect our professionals’ commitment to exceptional client service, world-class capabilities, and the deep technical knowledge we bring to high-stakes arbitration engagements across the globe. 

Read what peers and clients say about our experts in the full Lexology Index: Arbitration 2026 report. 

Global Elite Thought Leaders 

  • Howard Rosen is widely regarded as bringing “an incredible bank of knowledge and experience to the table.” 
  • Liam Holder is praised for being “an excellent and very meticulous expert.” 
  • Alexander Demuth is considered “the star expert when it comes to M&A-related quantum issues.” 
  • Mike Allen earns recognition as “a smart, practical and overall wonderful expert.” 
  • Chaitanya Arora is described as “an extremely persuasive financial and damages expert who knows how to explain complicated issues to non-experts.”
  • Amit Garg is acknowledged for his “exceptional technical capability and analytical insight.” 
  • John Lancaster is commended for being “prompt and responsive to queries from clients and peers.” 
  • Mike Saulsbury is known as “one of the best delay experts in the region.” 
  • Kiran P Sequeira is valued for being “very thorough and exercising sound judgment.” 
  • Ian Greenhough is also included in the Global Elite Thought Leaders category. 

Thought Leaders 

  • Christopher Larkin is recognized for being “hard-working, diligent and producing well-written and sourced reports.” 
  • Terry Hawkins is admired as “measured, reasonable and razor-sharp in cross-examination.” 
  • Mehmet Karakoc is said to “get to the truth of the matter and enable accurate claim assessment and presentation.” 
  • George Taft is described as “a seasoned quantum expert who always seeks to do the best for his clients.” 
  • Alexandre Rivière is noted as “an effective damages expert.” 
  • Ben Burley is praised for his “extensive knowledge in programming and strong understanding of methodologies for evaluating claims.” 
  • Ted Scott is regarded as someone who “does excellent technical evaluations and is always well prepared.” 

Highly Recommended 

  • Paul Roberts is recognized for producing “reports of a high quality.” 
  • Julius Koo is described as “a diligent and level-headed practitioner.” 
  • Chris Milburn is considered “a highly experienced expert.” 
  • Eddie Tobis is admired for being “incredibly knowledgeable and [presenting] well as an expert witness.” 
  • Amit Arora demonstrates “a strong grasp of relevant case law on damages to reinforce his point.” 
  • Oliver Barnes is valued for possessing “both theoretical and practical knowledge and being strong when testifying.” 
  • Joe Skilton is praised for being “quick on his feet in the stand and able to respond rapidly during cross-examination.” 
  • Mark Taylor is recognized as “a top-tier expert.” 
  • Travis Taylor is described as “working very effectively and is impressive.” 
  • Neil Gaudion is noted for his “impressive ability to distil large-scale and complex issues into digestible items.” 
  • Paul Marcus is commended for being “very responsive and working hard until the last minute to offer his expertise.” 
  • Garrett Rush is regarded as “a highly knowledgeable and experienced expert.” 
  • Meera Wagman is admired as “an outstanding witness with composure and articulate presentation of her opinions.” 
  • Mrinal Jain, Matthew Wills, Taoufik Lachheb, and Don Harvey are also included in the Highly Recommended category. 

Recommended 

  • Abigail Harris is described as “hugely talented, with exceptional work.” 
  • Jeffrey Wong is recognized as “one of the best quantum experts in Hong Kong.” 
  • Miao Gu is praised for remaining “composed and organised under cross-examination and responding deftly to challenging questions.” 
  • Kagan Aktas is noted for speaking “objectively and authoritatively about complex delay claims involving multiple sub-critical paths and concurrent delays.” 
  • Stuart Dekker impresses by “combining an in-depth understanding of case details with business-oriented strategic analysis.” 
  • Mike Kling and Sveta Ksenofontova are also included in the Recommended category. 

Future Leaders 

  • Charmy Patel is regarded as “a detailed analyst focused on quality, translating to a thorough understanding of projects.” 
  • Michael Pogue is applauded for his “clear communication even in the most complex disputes.”
  • Björn Brand is praised for being “very clear and well versed in all aspects of claim quantification.” 
  • Paul Baez is described as “a collaborative and competent expert.” 
  • Bryan D’Aguiar earns recognition for his “impressive scope of knowledge and ability to communicate expertise clearly to lay audiences.” 
  • Gregory Johnson is valued for showing “efficiency, speed and accuracy.” 
  • Alexander Messmer is considered “a very reliable and thoughtful expert witness.” 
  • Gareth McDermott, Stuart Allan, Tom Gaines, and Shane Kennett are also included in the Future Leaders category.