eOASIS is Rajah & Tann Singapore LLPs legal information website for clients, containing business and legal information prepared from a practitioners viewpoint. It has four different modules, updated regularly, and materials range from commentaries on the latest legal developments to key legal and business information.
What's new on eOASIS
Bills of exchange are a vital part of financing in international trade, and are commonly issued to guarantee payment under commercial contracts. They provide a form of security in that they bind a party to payment at a future date, and can also be monetised in the present by transfer to a third party. In Rals International Pte Ltd v Cassa di Risparmio di Parma e Piacenza SpA  SGCA 53, the Singapore Court of Appeal examined the nature of bills of exchange with respect to arbitration agreements – in this case, whether the indorsee of a promissory note is bound by an arbitration agreement in the underlying contract. The Respondent in this matter was successfully represented by Elaine Tay and Wong Jun Ming from Rajah & Tann Singapore LLP.
The Listings Advisory Committee ("LAC"), established by the Singapore Exchange ("SGX") to supplement its listings regulatory process in reviewing Mainboard listing applications and formulating listing policies, has voted in favour of permitting dual-class share ("DCS") structures to list on SGX. Such listings will be subject to appropriate safeguards to ensure quality listings, and to mitigate entrenchment and expropriation risks associated with DCS structures. SGX's CEO Loh Boon Chye has said that SGX would consider the LAC's advice and seek feedback via a public consultation before any amendment to the Listing Rules is made to allow DCS structures.
The financial troubles of container-shipping giant Hanjin Shipping Co Ltd ("Hanjin") have shaken the maritime industry, leading to several claims by concerned creditors across numerous jurisdictions against Hanjin, its subsidiaries and its fleet. In light of its rehabilitation proceedings in the Republic of Korea, Hanjin has been seeking to halt the deluge of actions against it. In Re Taisoo Suk (as foreign representative of Hanjin Shipping Co Ltd)  SGHC 195, the Singapore High Court granted Hanjin's application, approving a temporary stay on all present proceedings and restraint of fresh proceedings against Hanjin. This Update provides a summary of the High Court's decision and what it means for Hanjin and its potential creditors.
Recent statements by the Monetary Authority of Singapore have cast the spotlight on the need for banks to file a Suspicious Transaction Report ("STR") in respect of clients who participate in the Indonesia tax amnesty programme. In this Update, we examine the proposition that an STR is required whenever a client takes part in a tax amnesty scheme.