IMF Bentham Limited 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.
This news compliments 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.
The full press release can be found here. For more information on IMF Bentham Asia, visit our website.
ABOUT IMF BENTHAM
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.