http://www.bloomberg.com/apps/news?pid=20601087&sid=ahCVZh1pBhKo
Singapore to Make Billions Handling Cross-Border Arbitrations
Aug. 31 (Bloomberg) -- When Matthew Gearing represents Deutsche Bank AG in its oil hedging dispute against Sri Lanka’s government, some 20 lawyers, arbitrators and witnesses from the U.K., Belgium, New Zealand and Pakistan will be enlisted, too.
“When there’s an international case in Singapore like this, you attract a cast from all over the world,” said Gearing, a Hong Kong-based partner at Allen & Overy LLP.
That sort of influx could produce a “multibillion-dollar industry” for Singapore as cross-border disputes increase in the region, Law Minister K. Shanmugam said. To spur growth, the city-state has opened its legal market to foreign firms, offered tax incentives and developed a complex with 14 hearing rooms.
That’s a direct challenge to nearby Hong Kong, host of six times as many arbitration cases last year. Given a projected spike in arbitration, there may be enough new business for both cities to enjoy a rise in dispute revenue.
“There’s a very, very serious need for arbitration in this region,” Shanmugam said, citing the abundance of foreign investments in a region with less-developed institutions.
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Singapore to Make Billions Handling Cross-Border Arbitrations
Aug. 31 (Bloomberg) -- When Matthew Gearing represents Deutsche Bank AG in its oil hedging dispute against Sri Lanka’s government, some 20 lawyers, arbitrators and witnesses from the U.K., Belgium, New Zealand and Pakistan will be enlisted, too.
“When there’s an international case in Singapore like this, you attract a cast from all over the world,” said Gearing, a Hong Kong-based partner at Allen & Overy LLP.
That sort of influx could produce a “multibillion-dollar industry” for Singapore as cross-border disputes increase in the region, Law Minister K. Shanmugam said. To spur growth, the city-state has opened its legal market to foreign firms, offered tax incentives and developed a complex with 14 hearing rooms.
That’s a direct challenge to nearby Hong Kong, host of six times as many arbitration cases last year. Given a projected spike in arbitration, there may be enough new business for both cities to enjoy a rise in dispute revenue.
“There’s a very, very serious need for arbitration in this region,” Shanmugam said, citing the abundance of foreign investments in a region with less-developed institutions.
Click Here To Read More
