17 March, 2016
Statistics reflect positive start to SIMC’s operations and growth of Singapore as international dispute resolution hub
At its inaugural appreciation event, SIMC announced the official release of its 2014/2015 Annual Report, covering the period from commencement of operations in November 2014 to December 2015.
SIMC saw its first case filed in December 2014, about a month after its formal launch in November 2014. In 2015, SIMC received 5 new cases, 3 of which were Arb-Med-Arb cases jointly administered with SIAC.
The sums in dispute in these cases ranged from SGD 5 million to more than SGD 600 million. The industry sectors represented in these cases were aviation, construction, joint venture/partnership, oil and gas, shipping, and the sale/supply of goods and services.
All the cases that went to mediation at SIMC were successfully settled.
Global user confidence in Singapore as an international dispute resolution hub is reflected in the international nature of all 6 cases filed with SIMC, with all 6 cases involving at least one foreign party, and 3 of these cases involving only foreign parties with no connection to Singapore.
Mr Edwin Glasgow QC, Co-Chair of SIMC, commented, “SIMC's caseload in such a short space of time since its launch just over a year ago, is a testament to the need for a world class provider of international mediation services in Asia and underscores the commitment of the SIMC team to developing and promoting mediation to parties from all over the world as a cost-effective and efficient means of resolving complex cross-border commercial disputes.”
