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- Significant cases & deals featuring our lawyers
The dispute arises from the Republic of Indonesia's ("Republic") bail-out of Bank Century, a major Indonesian Bank, in which the British national Rafat Ali Rizvi ("Rizvi") allegedly held shares. Following the bail-out, Rizvi was convicted by an Indonesian criminal court for his role in the bank's collapse which necessitated a bail-out of around US$700 million. Rizvi commenced proceedings against the Republic pursuant to the UK-Indonesia Bilateral Investment Treaty ("BIT"), seeking damages in the amount of US$75 million for losses arising from the bail-out and his subsequent conviction by the Indonesian courts. The International Centre for Settlement of Investment Disputes ("ICSID") Tribunal found that Rizvi's investment in Bank Century did not fall within the scope of the UK-Indonesia BIT and dismissed the claim for lack of jurisdiction. Rizvi has now filed an application to annul the Tribunal's decision. Francis Xavier SC, the Head of the Firm's Disputes Practices, Paul Tan from the International Arbitration Practice, Hamidul Haq, the Head of the Firm's Indonesian Practice and Consultant Muthu Arusu are representing the Republic in the ICSID arbitration proceedings.
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The case of Columbia Asia Healthcare Sdn Bhd v Hong Hin Kit Edward and another [2014] SGHC 65 involved the sale and purchase of a hospital in Indonesia. There were 3 related suits that were heard together. Harish Kumar and Jonathan Toh from the Commercial Litigation Practice (initially instructed by Troy Yeo of Troy Yeo & Co) successfully represented the Purchaser in its claims against the Vendors for the breach of certain warranties in the sale and purchase agreement ("SPA").
The Purchaser succeeded in proving liability for most of its claims. The High Court held that:
- The Vendors had breached the warranty to deliver the hospital and the land on which it was located free from encumbrances due to the registration of a charge that remained on the land register and the Purchaser was entitled to damages to be assessed.
- The Vendors were liable to indemnify the Purchaser against any claims by a third party ("DVI") relating to the purchased shares. The Vendors had appropriated certain shares belonging to DVI that were then sold to the Purchaser, exposing the Purchaser to a claim from DVI. DVI had in fact brought a claim against both the Vendors and the Purchaser, but the claim was discontinued without prejudice to it being brought in the future.
- The Vendors had breached a number of tax warranties in the SPA by under-declaring and under-paying tax while in control of the hospital. Accordingly, the Vendors were liable to indemnify the Purchaser for all tax assessments (including potential tax assessments), as well as penalties and costs for tax authority investigations regarding the hospital's taxes for the period before the sale.
- The Vendors were liable to indemnify the Purchaser against a claim made against the hospital by one of the companies owned and controlled by one of the Vendors.
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Lee Hock Chye, Shemane Chan and Goh Yau Jun from Rajah & Tann's Malaysia affiliate firm Christopher & Lee Ong advised the State Government of Penang on the preliminary agreement of the development of highways and undersea tunnel / highway in Penang, which will lead to a concession to design, build, finance, own, operate and transfer the same (with an estimated value of RM 8 billion). The project is based on a land swap by which reclaimed land will be given to the contractor in stages based on the progress of the project and a 30-year concession on the tunnel.
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Shemane Chan, Jason Chin and Jane Tan from Rajah & Tann's Malaysia affiliate firm Christopher & Lee Ong are advising 1MDB Real Estate as the master developer on the development of Tun Razak Exchange ("TRX"). TRX is conceived as Malaysia's first international financial district with a gross development value of RM 26 billion in respect of specialist infrastructure projects (i.e. electricity distribution, district cooling, recycled water treatment and waste water treatment plants and potable water distribution network). The project is particularly challenging given its novelty – it is the first master development which aims to develop a recycled water plant to serve the non-potable water needs of the development, and it is also one of the few master developments in Malaysia to have a dedicated electricity distribution facility, district cooling facility and potable water system serving the master development to be designed, constructed, owned and operated by different players from the private sector. The firm's role includes drafting the request for proposal documents, concession agreements, direct agreements, lease agreements, license agreements and other relevant project documents, advising on regulatory issues and evaluating the submitted bids and negotiating with selected bid partners for each package of these infrastructure projects.
1MDB Real Estate is a strategic development company focusing on the area of real estate. Its parent company is 1Malaysia Development Berhad, which is wholly owned by the government of Malaysia. Back to Top Print
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