22 March, 2016
The Singapore International Arbitration Centre (SIAC) recorded its highest ever number of cases filed last year, along with its highest ever number of administered cases and highest total sum in dispute, it said this week.29 Feb 2016
In 2015, the centre received 271 new cases from parties from 55 jurisdictions. This was a 22% increase from the 222 new cases filed in 2014 and an increase of nearly 5% from the previous record of 259 new cases filed in 2013, it said.
The total sum in dispute reached S$6.23 billion (US$4.44 billion), an increase of 24% from 2014. The highest claim amount was S$2.03bn, SIAC said.
SIAC began operation in 1991. Its case filings have increased by over 300% over the past ten years, it said.
Lim Seok Hui, chief executive of SIAC said "We are very pleased with SIAC’s strong performance in 2015. SIAC’s administered caseload has grown steadily over the years, and reflects user confidence globally in the quality and efficiency of the case management services provided by the SIAC Secretariat working closely with the SIAC Court of Arbitration.”
SIAC recently opened an office in Shanghai, in the China (Shanghai) Pilot Free Trade Zone. SIAC is increasingly popular with Chinese parties and the new office will help the centre to develop closer ties with companies and lawyers in mainland China, it said.
Chinese parties have consistently ranked among the top five foreign users of SIAC in the past five years, and were the top foreign users in 2012 and 2014, SIAC said.
For further information please contact:
Jon Howes, Partner, Pinsent Masons MPillay
jon.howes@pinsentmasons.com
