In the annals of multinational investment, SCC Arbitration V (061/2007) will be remembered as a 294-page case study in how not to do business in China.

Technically, the “partial award” judgement handed down by a Swedish arbitration tribunal on September 30 was a victory for Danone over Zong Qinghou, the French food group’s Chinese joint venture partner since 1996 and founder of beverage maker Wahaha Group.