Singapore: Tom Glasgow, Investment Manager (Asia) | +65 6622 5397 | [email protected]
Singapore: Mark Mangan, Partner, Dechert LLP | +65 6730 6983 | [email protected]
IMF Bentham funds its first international arbitration under the new regime in Singapore
SINGAPORE (27 February 2018) – IMF Bentham Limited (ASX:IMF) (IMF Bentham) has agreed to finance its first international commercial arbitration in Singapore. It is one of the first known examples of funded international arbitration in Singapore since the city-state passed new laws facilitating the use of third-party funding last year.
The funded proceedings are expected to begin in the coming months before the Singapore International Arbitration Centre (SIAC). Funds managed by IMF will provide finance for the arbitration to the claimants, who are advised by leading international firm, Dechert LLP, led by partner Mark Mangan, and Ictem Legal, led by partner Serkan Ictem. Further details of the dispute are confidential.
In March 2017, Singapore amended its Civil Law Act to abolish the torts of maintenance and champerty in Singapore which have historically prevented third-party funding in many common-law jurisdictions. The accompanying regulations expressly permit the funding of international arbitration and related court proceedings in Singapore.
“Since the legislative reforms and our office opening in April 2017, we have experienced increasingly strong demand for dispute finance in Asia, particularly in the arbitration and insolvency sectors. As Singapore is a leading global hub for international commercial arbitration, this demand has come from a range of jurisdictions including India, China, Europe, Malaysia, Japan, Korea, Vietnam, Thailand and Hong Kong, as well as local Singaporean parties,” said Tom Glasgow, head of IMF Bentham’s Asia office.
Oliver Gayner, IMF Bentham’s Australian-based Investment Manager, said, “IMF Bentham is one of the first third-party funders to finance an arbitration matter in Singapore. We are delighted to achieve this landmark so quickly, and with a leading firm such as Dechert, and we anticipate a number of further investments in Singapore arbitration in the months ahead.”
Mark Mangan said, “Dechert is delighted to be working with IMF Bentham on this ground-breaking case.”
This news complements other recent developments for IMF in Asia, including two completions in insolvency disputes in Hong Kong last year, as well as the recent appointment of Cheng-Yee Khong as Associate Investment Manager (Asia) for IMF Bentham in Hong Kong.
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IMF Bentham (ASX:IMF) is one of the leading global litigation funders, headquartered in Australia and with offices in the US, Singapore, Canada, Hong Kong and the UK. IMF has built its reputation as a trusted provider of innovative litigation funding solutions and has established an increasingly diverse portfolio of litigation funding assets.
IMF has a highly experienced litigation funding team overseeing its investments. We have a 90% success rate over 166 completed investments and have recovered over A$1.3 billion for clients since 2001.
IMF Bentham is one of the world’s most experienced and successful litigation funders.