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Singapore’s reputation as a major seat for international arbitration is well established. Increasingly popular among Korean clients, the Singapore International Arbitration Centre (SIAC) remains an attractive venue for Singaporean, Indian and South East Asian parties in particular. Looking to further cement itself as a venue for dispute resolution, the government has proposed to establish two new centres: the Singapore International Commercial Court (SICC) and the Singapore International Mediation Court (SIMC). The intention is that Singapore will provide a full range of forums for the resolution of cross-border disputes.
For transactional work, Singapore continues to be an important hub for the region; its ongoing popularity, however, is a double-edged sword. New entrants in the local market are sparking concerns among some of the more established firms about sustainability, with the ever-increasing competition bringing fee considerations to the fore.
On the flip side, a number of local firms are looking beyond the domestic legal market, establishing country desks from Singapore or launching offices elsewhere in South East Asia. Rajah & Tann LLP, one of the ‘big four’ law firms in Singapore, is particularly active in regional expansion.
Allen & Gledhill LLP, WongPartnership LLP and Drew & Napier LLC (the remaining three of the ‘big four’) held their dominant positions in the domestic legal market, although other local firms are notable for their size, history and expertise: Rodyk & Davidson LLP, Shook Lin & Bok LLP, TSMP Law Corporation and Stamford Law are all key players.
On the international firm front, 2013 saw the arrival of Simmons & Simmons and the return of Morrison & Foerster. Freshfields Bruckhaus Deringer has made significant strides since its 2012 relaunch, thanks in part to its large regional client base and well-established Hong Kong office.
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This update discusses the recent case of CKR Contract Services Pte Ltd v Asplenium Land Pte Ltd  SGCA 24 where the Singapore Court of Appeal was asked to consider whether a clause in a construction contract between the main contractor and developer was invalid and unenforceable on the basis that it was contrary to public policy as an ouster of the jurisdiction of the court.
This update relates to our series of legal updates issued over the 4th quarter of 2014 and earlier this year discussing the amendments to the Singapore Companies Act to be effected by the Companies (Amendment) Act 2014 (“Amendment Act ”). This update discusses the implementation timetable for the various amendments under the Amendment Act.
This legal update highlights some of the key provisions of the Companies (Amendment) Act 2014 which relate to the role and duties of a Chief Executive Officer. These amendments were gazetted in late 2014, and whilst not yet in force, are widely expected to come into force in the second quarter of 2015.
Singapore has been a trade bridge between the East and the West for close to 200 hundred years. It has one of the busiest ports and one of the best airports underlying its fantastic transportation links. For one of the most densely populated places on earth, the traffic flows smoothly, people get to places reliably on the metro network and there is a large number of taxis that gets you anywhere you need to be in about 10 minutes, or 20 if getting to or from the airport.
In this bumper issue, the Drew & Napier Competition & Regulatory Practice Group brings you the most notable events in the competition law world in the second half of 2014.
2014 has been an active year for the prosecution of corruption cases.
The Companies (Amendment) Bill No. 25 of 2014 ( Amendment Bill ) was passed by the Singapore Parliament on 8 October 2014. The Amendment Bill introduces the largest overhaul of the Singapore Companies Act (Cap. 50) ( Companies Act ) since it was enacted in 1967.
Singapore’s new International Commercial Court ( SICC ), which was launched at the beginning of the legal year, promises to offer a bold new method of resolving commercial disputes in South-East Asia and beyond. The establishment of the Court recognises that large, complex, commercial matters can be most effectively resolved by a bench of specialist judges according to bespoke procedures. This much is not new. Commercial courts have grown up around the world to meet the need for businesses to resolve disputes fairly and efficiently. This need has intensified as trade and commerce has grown increasingly international and parties have found themselves litigating in different quarters of the world. The launch of the SICC can be seen in that context as a response to the need for a dedicated commercial litigation forum in the region. But the ambitions for SICC are arguably higher than that. Informed by the current landscape for resolving commercial disputes, the Court ventures into unchartered waters in at least two respects. First, it offers parties a flexibility in procedure that is influenced by practices seen in international arbitration. Secondly, and arguably more importantly, the Court may cause the development of a jurisprudence that consolidates and harmonises the region’s commercial laws: a lex mercatoria for Asia.
The criminal sanctions for bribery and corruption are well known. So too is the fact that a principal may be liable for the payment of a bribe by one of its agents. What then happens when the bribe is paid by an intermediary who may have been acting for both parties? Further, what are the civil consequences of an intermediary’s bribe to close a deal?
The Singapore Exchange Limited ( SGX ) will reduce the standard board lot size of securities listed on SGX from 1,000 units currently to 100 units from 19 January 2015.
Stamford Law is pleased to announce Chuan Thye’s appointment as Senior Counsel. The elite S.C. scheme recognises outstanding advocates who have extensive knowledge of the law and the highest professional standing.
Stamford Law is advising UOB Kay Hian Private Limited on its role as the financial adviser to Ocean Sky International Limited ( Ocean Sky ) in relation to the proposed reverse takeover of Link (THM) Holdings Pte. Ltd by Ocean Sky at a consideration of approximately S$226 million. The consideration shall be satisfied by the issue and allotment of up to approximately 642.75 million new Ocean Sky shares to the vendors and the arranger, at an indicative issue price of S$0.352 per new share.
Stamford Law advised UG Healthcare, a Malaysia-based manufacturer and distributor of latex examination gloves, on its initial public listing and subsequent listing on the Catalist of the SGX-ST. The company ’s market capitalisation upon listing was approximately S$44. 2 million.
Stamford Law advised iFast Corporation on their initial public offering and listing on the SGX Mainboard. This is the first Mainboard listing for this quarter. The company raised S$49 million, and its market value on listing was approximately S$243.4 million.
Stamford Law advised Shaw Kwei & Partners Ltd ( SKP ) in its US$17 million investment in Amos International Holdings Pte Ltd. The Amos group provides marine and offshore procurement and logistics management solutions to vessels calling at major Asian ports including Singapore, Malaysia, China and Hong Kong. SKP is a private equity fund manager based in Hong Kong, specialising in investments in the Greater China region of the People’s Republic of China, Hong Kong, Singapore and Taiwan.
Stamford Law is advising Rothschild Global Financial Advisory in the pre-conditional voluntary offer by CITIC Limited (CITIC) and Kohlberg Kravis Roberts & Co. L.P. (KKR) to acquire United Envirotech Ltd.. Rothschild is the financial adviser to the Offeror, a consortium vehicle jointly owned by CITIC and KKR. The S$1.2 billion offer, when made, values United Envirotech at approximately S$1.9 billion.
Stamford Law is advising LionGold Corp Ltd on its proposed restructuring of US$20 million in principal amount of convertible bonds and its proposed fund raising activities, consisting of private placements, an issue of convertible bonds and a rights cum warrants issue, to raise an aggregate of approximately S$60 million.
Stamford Law is acting for Dian Xiao Er in a long-running dispute with its previous parent company, Soup Restaurant.
Stamford Law advised International Game Technology, a company listed on the New York Stock Exchange, on the gaming law aspects of the definitive merger agreement with GTECH S.p.A. for the acquisition of IGT by GTECH for US$6.4 billion, comprising of US$4.7 billion in cash and stock and the assumption of US$1.7 billion in net debt.
Stamford Law is advising the receivers and managers of Singapore Flyer Pte. Ltd. (in receivership) ( SFPL ) in the S$140 million sale to Straco Leisure Pte. Ltd of SFPL's business and assets, including the giant observation wheel known as the "Singapore Flyer".