The Legal 500 has launched its 8th Edition of Country Comparative Guides. This year’s chapter for Mergers & Acquisitions (Singapore) is contributed by Leon Yee and Ramiro Rodriguez.
Continue reading “The Legal 500: Mergers & Acquisitions Comparative Guide”
SINGAPORE, 12 April 2024 — On 2 April 2024, MAS introduced amendments to the Payment Services Act 2019 of Singapore (PS Act) and its subsidiary legislation. Generally, these amendments seek to (1) expand the scope of payment services regulated by MAS which will take effect from 4 April 2024 and (2) impose user protection requirements on digital payment token (DPT) service providers which will take effect from 4 October 2024.
In a recent announcement, Asia Pacific Business revealed the winners of their Asia Pacific Business Awards 2023-2024. Gerard A. Hekker, Partner of Duane Morris & Selvam LLP and Dr Nguyen Thi Lang, Chairperson of Duane Morris Vietnam were both awarded Asia Pacific Legal Advisor of the Year. This recognition celebrates their exceptional contributions and commitment to the region’s business landscape. Continue reading “Asia Pacific Business Awards 2023-2024”
SINGAPORE, 4 March 2024 – Duane Morris & Selvam LLP is pleased to announce the appointment of director Clement Tan as the Head of its White Collar and Investigations practice.
Clement is a dispute resolution lawyer and he brings a wealth of experience to the role, having served as a distinguished District Judge in the State Courts of Singapore where he presided over an extensive range of civil and criminal cases. He has experience navigating high-stakes litigation, corporate commercial disputes, and has represented clients at all levels of the Singapore judicial system and arbitrations. His experience encompasses matters including white collar crime, employment disputes, minority oppression cases, contractual disputes, defamation claims and construction cases.
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.
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).
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.
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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”
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”
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”
