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Successful Defence Against a Claim of Specific Performance (claim worth US$175 million) in an International Commercial Arbitration

A team led by Francis Xavier SC and Muthu Arusu from the International Arbitration Practice successfully resisted a claim for specific performance (alternatively for damages worth US$175 million) in an ad hoc international commercial arbitration proceedings governed by Indian law. Our client, an Indian subsidiary of a major Australian mining company, is the mine developer and operator of a coal mine in the east Indian state of Jharkhand. The Claimant, an Indian company in the business of mine subcontracting works, alleged that a Memorandum of Understanding made between the parties constituted a valid and binding subcontract for the removal of overburden from the mine site; contesting issues of Indian contract law relating to the formation, validity, and enforceability of contracts. Evidential hearings took place in Singapore over the course of 2013 and 2014, and eventually the Tribunal's majority award dismissed the Claimant's claims in their entirety.

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Assessing the Degree of Knowledge for Dishonestly Receiving Stolen Property

Singaporeans have been hit by an increasing number of scams where they are convinced by third parties to help process and transfer stolen or illegal funds. In Public Prosecutor v Hergobind s/o Arjandas Goklani [2014] SGDC 398, the Court examined the degree of knowledge necessary for the commission of this offence.

Hamidul Haq, Yusfiyanto Yatiman, and Wong Shi Yun from the Commercial Litigation Practice successfully represented the Defendant in this matter.

The Defendant in this case had helped to transfer funds through his account for a woman he had met in an online chat room. The funds later turned out to have been stolen from an American account. The Defendant was thus charged with the dishonest receipt of stolen property, as well as removal of the property from the jurisdiction.

Although the Prosecution alleged that the Defendant had ignored the red flags in the transaction, the Court did not see sufficient evidence that the circumstances were so suspicious that the Defendant ought to have reason to believe that he may be dealing with proceeds of a crime. The chat logs played an important part in the decision, as they were taken to show that the Defendant was at most guilty of being careless in not noticing the alleged red flags.

Importantly, the Court clarified that the offence required the establishment of a "reason to believe" that the property was stolen. While actual certainty of mind is not required, it is not enough to have a mere suspicion or to be careless in enquiry.

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Malaysia: Bankruptcy Act Does not have Provisions Allowing Deceased Bankrupt to be Discharged

Ong Chee Kwan and Chew Pei Ying from Christopher & Lee Ong represented TA Securities Holdings Berhad and TA Centre Berhad ("Supporting Creditors") in opposing Lim Chee Wah's (representing the deceased, Lim Tee Keong) ("Appellant") appeal to discharge a deceased bankrupt under Section 33 of the Malaysian Bankruptcy Act 1967 ("Bankruptcy Act"). The Malaysian Court of Appeal held in favour of the Supporting Creditors by dismissing the appeal based on, inter alia, the ground that the Bankruptcy Act does not provide any provisions allowing a deceased bankrupt to be discharged.

The grounds of judgment of the appeal is yet to be made available. Christopher & Lee Ong will continue to represent the Supporting Creditors in the Appellant's application for leave to appeal to the Federal Court.

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Voluntary Conditional Cash Offer for CH Offshore Ltd

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Reverse Takeover of EpiCentre Holdings Limited

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S$1.9 Billion Pre-conditional Voluntary Offer for United Envirotech Ltd

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Listing of ISEC Healthcare Ltd

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Cambodia: Acquisition of Advanced Bank of Asia Ltd

Heng Chhay, Hout Sotheary and Yean Somany from R&T Sok & Heng Law Office acted for and advised the National Bank of Canada ("National Bank") in its successful acquisition of 30% of the total shares in Advanced Bank of Asia Ltd ("ABA Bank"). The acquisition makes National Bank the first major North American institution to set its footprint in Cambodia's banking sector.

ABA Bank is one of Cambodia's premier banking institutions with multi-branch network universal commercial bank.

National Bank is the sixth largest commercial bank in Canada and one of the country’s leading integrated financial groups.

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Myanmar: KFC Franchise

Chester Toh, the co-head of the firm's Myanmar Practice, advised Yum! Brands Inc in awarding the franchise to a Singapore listed company Yoma Strategic Holdings to operate fast-food restaurant KFC in Myanmar.

Yum! Brands Inc is a US company that owns a number of global fast-food restaurant chains, such as KFC, Pizza Hut and Taco Bell.

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Myanmar: OCBC's Application for Foreign Bank Licence

Chester Toh, the co-head of the firm's Myanmar Practice, advised OCBC in its successful application for a foreign bank licence in Myanmar. OCBC is one of the nine foreign banks that received preliminary approval from the Central Bank in Myanmar to prepare for the start of banking operations in the country. The licence will allow OCBC to offer wholesale banking products and services to foreign companies, joint ventures and domestic banks in Myanmar.

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Myanmar: Colgate-Palmolive's Acquisition of a Toothpaste and Household Goods Business

Chester Toh, the co-head of the firm's Myanmar Practice, was special counsel to Colgate-Palmolive Co in its acquisition of the Laser brand of toothpaste and household goods from Shwe Ayar Nadi Co Ltd, a privately-held business group in Myanmar. The acquisition is one of the largest investments from a US company since economic sanctions against Myanmar were first eased in 2012, when military rule in the country ended.

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Myanmar: Launch of Disney Live! Three Classic Fairy Tales

Chester Toh, the co-head of the firm's Myanmar Practice, advised Feld Entertainment on the launch of Disney Live! Three Classic Fairy Tales in Myanmar, the first time the play has been performed in the history of country. It also signaled the type of change that one is witnessing in the country which would have been unimaginable as recent as two years ago. Chester was supported by Adriana Lezcano, a Consultant in our Yangon office and associate Daryl Sim from our Singapore office.

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