Singapore – Duane Morris and Selvam

December 4, 2023 by Duane Morris & Selvam

Significant Investments Review Bill: What It Means for Business and Investments in Singapore

By Ramiro Rodriguez and Lucy Megarry

A draft of the new Significant Investments Review Bill was introduced to Parliament on 6 November 2023. The bill is now due for a second reading in January 2024. If enacted, the bill will commence the first industrywide regime restricting investments in Singapore.

The bill applies to all local and foreign, incorporated and unincorporated entities in Singapore that meet the following criteria:

a. Are incorporated, formed or established in Singapore; and
b. Carry out any activity in Singapore; or
c. Provide any goods or services to any person in Singapore.

Continue reading “Significant Investments Review Bill: What It Means for Business and Investments in Singapore”

October 22, 2023December 3, 2023 by Duane Morris & Selvam

Duane Morris & Selvam Advises Book Running Lead Managers in IDFC FIRST Bank’s INR 30 Billion (US$361 Million) Qualified Institutions Placement of Equity Shares

SINGAPORE, 23 October 2023 — Duane Morris & Selvam LLP acted as the international legal counsel to ICICI Securities Limited, Jefferies India Private Limited, J.P. Morgan India Private Limited and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) in their role as the book running lead managers for the qualified institutions placement of equity shares by IDFC FIRST Bank Limited, for an aggregate amount of INR 30 billion (US$361 million).

Continue reading “Duane Morris & Selvam Advises Book Running Lead Managers in IDFC FIRST Bank’s INR 30 Billion (US$361 Million) Qualified Institutions Placement of Equity Shares”

September 19, 2023September 19, 2023 by Duane Morris & Selvam

Duane Morris & Selvam LLP Promotes Wang Bei to Special Counsel

SINGAPORE, September 20, 2023 – Duane Morris & Selvam LLP is pleased to announce the promotion of Wang Bei to special counsel. With her unique qualifications and experience, Wang Bei will continue to play a pivotal role in the firm’s efforts in the Asia-Pacific region, particularly in Myanmar, China and Singapore.

Continue reading “Duane Morris & Selvam LLP Promotes Wang Bei to Special Counsel”

July 14, 2023 by Duane Morris & Selvam

Multi-Year Modelling for Quantification of Delay Claims

Case Commentary

Crescendas Bionics Pte Ltd v Jurong Primewide Pte Ltd and other appeals [2023] SGHC(A) 9

By Leonard Loh (Selvam LLC)

Takeaway: The issues of remoteness and what is in the reasonable contemplation of parties is a fact-sensitive exercise. Employers are thus encouraged to share with their main contractors (or main contractors with their sub-contractors) on the nature of the project and the potential knock-on effects of delay.

On 9 February 2023, the Appellate Division of the Singapore High Court issued its decision in Crescendas Bionics Pte Ltd v Jurong Primewide Pte Ltd and other appeals [2023] SGHC(A) 9. While multiple issues relating to causation, remoteness, quantification and apportionment were discussed, one significant finding was the adoption of the multi-year model by the Appellate Division in quantifying the amount of damages payable by the main contractor to the employer for delay.

The dispute arose over delays in the construction of Biopolis 3, a seven-storey multi-tenanted business park development in One-North envisaged as a research and development hub for biomedical sciences institutes and organisations, offering specialised facilities such as wet laboratories, chemistry laboratories and an animal facility (at [3]). Following a trial and appeal on issues of liability, it was adjudged that the construction of Biopolis 3 was deemed to be delayed, with the Employer being responsible for 173 days of delay and the Main Contractor being responsible for 161 days of delay. One of the delay claims asserted by the Employer against the Main Contractor was for post-completion net rental revenue loss sustained even after Biopolis 3 was completed. Continue reading “Multi-Year Modelling for Quantification of Delay Claims”

July 12, 2023July 12, 2023 by Duane Morris & Selvam

Monetary Authority of Singapore’s Proposed Measures to Regulate DPTSPs and Enhance Customer Protection

I. Introduction

The Monetary Authority of Singapore (“MAS”) published the “Response to Feedback Received on Proposed Regulatory Measures for Digital Payment Token Services (Part 1)” (“MAS’ Response to the October 2022 Consultation Paper”) on 3 July 2023, announcing new measures for Digital Payment Token service providers (“DPTSPs”) with regards to the safekeeping of customers’ digital assets. The lack of protection and segregation of customer deposits appear to be the chief concern that MAS intends to tackle with their new slate of measures. It is hoped that with the stricter rules in place, it will reduce the risk of loss or misuse of customers’ assets by DPTSPs and facilitate customer’s fund recovery in the event of a DPTSP’s insolvency. This proactive approach demonstrates Singapore’s commitment to creating a more secure environment – taking lessons from the past experiences of renowned crypto exchanges like Voyager and Celsius. These developments lay the foundation for a resilient and trusted crypto space in Singapore. Continue reading “Monetary Authority of Singapore’s Proposed Measures to Regulate DPTSPs and Enhance Customer Protection”

July 11, 2023July 12, 2023 by Duane Morris & Selvam

Duane Morris & Selvam Appoints Ramiro Rodriguez Head of Mergers and Acquisitions Department and Funds Industry Practice

SINGAPORE, 12 July 2023 ― Duane Morris & Selvam LLP is pleased to announce the appointment of director Ramiro Rodriguez as the head of its mergers and acquisitions (M&A) department and its funds industry practice. With this strategic appointment, Duane Morris & Selvam reinforces its commitment to delivering exceptional legal services and further strengthening its position as a trusted advisor in the industry. Continue reading “Duane Morris & Selvam Appoints Ramiro Rodriguez Head of Mergers and Acquisitions Department and Funds Industry Practice”

June 26, 2023July 13, 2023 by Duane Morris & Selvam

New Incentives for Family Offices

New Incentives for Family Offices

At the 50^th anniversary of the Association of Banks in Singapore (“ABS”) last Friday, Senior Minister and Monetary Authority of Singapore (“MAS”) chairman Mr. Tharman Shanmugaratnam announced that improvements will be made to the tax incentive scheme for single family offices (“SFO”) in Singapore. These include providing tax privileges, incentives or grants for contributions to charity, channelling capital towards blended finance and investing in the mitigation of global climate change. Further details of these will be announced by the MAS in July.

Continue reading “New Incentives for Family Offices”

June 26, 2023June 28, 2023 by Duane Morris & Selvam

GAR Know How Litigation: Singapore

OVERVIEW
Describe the general organisation of the court system for civil litigation.
The Supreme Court of Singapore and the State Courts of Singapore have jurisdiction to hear civil cases.

The Supreme Court comprises the Court of Appeal and the High Court (which itself is made up of the General Division, the Appellate Division and the Singapore International Commercial Court). The State Courts consist of the district courts, magistrates’ courts, coroners’ courts, small claims tribunals, community disputes resolution tribunals and employment claims tribunals.

Civil cases, where the value of the claim exceeds S$250,000, will be heard in the General Division of the High Court whereas civil cases where the value of the claim falls below S$250,000 will be heard in the district courts (S$60,000–S$250,000), magistrates’ courts (under S$60,000) or small claims tribunals (S$20,000 and under).

Civil cases are heard at first instance before a judge or magistrate and appeals may be brought up from the state courts to the High Court and ultimately to the Court of Appeal. Continue reading “GAR Know How Litigation: Singapore”

May 16, 2023May 16, 2023 by Duane Morris & Selvam

Asia Super 50 TMT Lawyers 2023

Gerard A. Hekker, partner in Duane Morris LLP, director in the Singapore-based joint law venture Duane Morris & Selvam LLP, and a co-leader of the firm’s Technology, Media and Telecom Industry Group, has been named to the Asia Super 50 TMT Lawyers 2023 announced in the April 2023 issue of Asian Legal Business (ALB). Asian Legal Business annually showcases the leading lawyers in the region’s technology, media, and telecommunications practices who have won wide acclaim from clients. The lawyers were selected based on client feedback by survey, and this year ALB received over 400 nominations from in-house counsel and partners across 11 jurisdictions in Asia.

View the full list on the ALB website.

May 15, 2023May 16, 2023 by Duane Morris & Selvam

Selvam LLC Secures Discharge Not Amounting to an Acquittal for Singaporean Director

SINGAPORE, 15 May 2023―Selvam LLC achieved a significant outcome in the case of Goh Toh Heng, an elderly director charged with acquiring ill-gotten gains totaling over $405,000. Goh has been granted a discharge not amounting to an acquittal, while the possibility of future prosecution remains if new evidence emerges. Continue reading “Selvam LLC Secures Discharge Not Amounting to an Acquittal for Singaporean Director”