Highest dispute sum handled by Singapore arbitration centre in 2021 more than double year before’s

SINGAPORE – High-value instances have continued to land on the Singapore International Arbitration Centre (SIAC), with the biggest sum in dispute in a single case final year being US$1.95 billion (S$2.64 billion), more than double the very best dispute case worth it noticed in 2020.

The non-profit establishment, which supplies arbitration providers to the worldwide enterprise neighborhood, has additionally seen the variety of instances doubling in the previous decade.

Last year, SIAC noticed its third-highest caseload in its 30 years with 469 new instances, with the full sum in dispute totalling US$6.54 billion (S$ 8.85 billion).

These figures have been launched by the SIAC in its 2021 annual report launched on Tuesday (April 12).

Speaking on the SIAC’s annual appreciation occasion held at Maxwell Chambers on Tuesday, SIAC’s chairman, Senior Counsel Davinder Singh, stated Singapore is understood for its adherence to the rule of legislation in addition to the significance it locations on integrity.

“Our executive understands the importance of international arbitration and makes sure that policies and laws are constantly changed and updated so that we are ahead of the game,” stated Mr Singh.

Ms Lucy Reed, president of the courtroom of arbitration of SIAC, stated final year’s outcomes are heartening and the standard of SIAC’s providers will proceed to be improved.

Last year, 86 per cent of the brand new instances filed at SIAC have been worldwide instances, with India, China, and the United States topping the international person rankings.

SIAC additionally noticed a rise in the variety of events from Hong Kong, Malaysia, South Korea, United Arab Emirates, Ukraine, and Vietnam in comparison with 2020.

Singapore is an more and more standard alternative for resolving cross-border disputes, given its neutrality, stated Mr Shaun Leong, a associate in the worldwide arbitration and litigation crew at Withers KhattarWong LLP.

Mr Leong stated: “This complements the rising trend of selecting Singapore law as the governing law for cross-border contracts, given the certainty of our laws.”

The SIAC additionally supplies a transparent schedule of charges for top worth disputes, which is vital for budgeting, stated Mr Nandakumar Renganathan, associate and deputy head of RHTLaw Asia’s litigation and dispute decision apply.

He stated: “The arbitrators who are appointed by parties who conduct the arbitration in Singapore tend to possess the ability to understand the business environment in different jurisdictions. The ability of the arbitrator to understand cultural subtleties go a long way in determining the dispute between the parties with fairness.”

Senior counsel Siraj Omar, director of dispute decision at Drew & Napier, stated Singapore is internationally recognised for the integrity and effectivity of its judiciary and different establishments.

“This in turn engenders confidence in international parties that they will have their disputes resolved fairly and efficiently,” he stated.

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