A cautionary tale for joint venture parties – why arbitration works

The New South Wales Supreme Court recently determined an application by a joint venture party to set aside an order registering a judgment of the Singapore High Court in New South Wales.

The application was made by Mr Nyunt. Mr Nyunt, a national of Myanmar and citizen and resident of Australia, had entered into a joint venture agreement with First Property Holdings Pte Ltd (First Property), a Singaporean company, in 1998. Mr Nyuent's brother was also a party. Two further documents were executed in relation to the joint venture: a loan agreement and a convertible debenture. The joint venture involved the development of property projects in Myanmar (intended to occur through a Myanmar incorporated company).