In CBX & Anor v CBZ and Anors [2020] SGHC(1)
17, Justice Reyes dismissed an application to set aside an
arbitral award because the Tribunal erred in applying the relevant
substantive law, and because the effect of enforcing the award
would be unlawful in the place of the substantive law.
Background
On 19 June 2015, the Plaintiffs and Defendants entered into two
Sale and Purchase Agreements (SPAs) for the sale
of shares of a company. The SPAs were governed by Thai Law and
provided for ICC arbitration seated in Singapore.
On 26 January 2016, the Plaintiffs commenced arbitration
proceedings against the Defendants. The Defendants'
counterclaimed that the Plaintiffs had failed to pay an instalment
in accordance with Schedule 5 of the SPAs (Remaining
Amounts). The Tribunal heard the arbitration in two
phases, Phase I on liability and Phase II on damages, and issued a
partial awards for each phase.
