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On 24 December 2011, the People's Republic of China's National Development and Reform Commission and the State Administration of Commerce jointly promulgated the latest version of the Foreign Investment Industrial Guidance Catalogue which took effect on 30 January 2012. It supersedes the earlier 2007 version. This Update provides the key amendments in the 2012 Catalogue.
Through the years, arbitration as a mode of dispute resolution has gained prominence because it promotes party autonomy with minimal court intervention, amongst others. This Update sets out the important legal developments in the area of arbitration law in the international scene as well as in Singapore that have occurred in 2011.
Welcome to our latest Competition Highlights - ASEAN & Beyond which presents an overview of recent competition news from ASEAN and beyond. This issue covers developments which have occurred in the last few months or so that we thought might be of interest to you. Each of the cases, decisions and studies highlighted are intended to give you a flavour of the issues in the competition and anti-trust scene so that, when you review your business activities, structure new deals or make acquisitions, you have these issues at the back of your mind and provide for them.
This update concerns the issue of whether a principal holds beneficial ownership over a bribe received by a fiduciary. There has been judicial inconsistency across various jurisdictions on this issue of whether a fiduciary holds the bribe as constructive trustee for the principal (as held in Singapore), or merely as debtor to the principal (as held in English courts). This issue has recently been revisited by the English Court of Appeal in Sinclair Investments (UK) Ltd v. Versailles Trade Finance Ltd [2011] EWCA Civ 347, which looks at the different positions taken and provides us an opportunity to assess this area of law.
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