11 March, 2017
The Singapore International Arbitration Centre (SIAC) is pleased to announce the official release of its 2016 Annual Report.
2016 saw SIAC receiving the highest number of administered cases and administering the largest aggregate sum in dispute of USD11.72 billion (SGD16.95 billion). SIAC’s caseload continues to increase year on year, and has nearly quadrupled in the last decade.
In 2016, SIAC received 343 new cases from parties from 56 jurisdictions. This was a 27% increase from the 271 cases filed in 2015 and a 55% increase from the 222 cases filed in 2014.
90% or 307 of the cases filed in 2016 were administered by SIAC. The aggregate sum in dispute for all new case filings amounted to USD11.85 billion (SGD17.13 billion).
Further details of SIAC’s case numbers are available in the 2016 Annual Report.
Mr Gary Born, President of the Court of Arbitration of SIAC, said, “These numbers show that users are increasingly entrusting SIAC with the administration of complex and high-value disputes in arbitration. The increasing administered caseload testifies to its standing as one of the premier arbitration institutions in the world."
Mr Davinder Singh, SC, Chairman of SIAC, commented: “SIAC will stay firmly focused on the things that matter to its users. These include regular reviews of its rules, enhancing the range, quality and speed of its services and offerings, and increasing the opportunities for arbitrators, both experienced and young.”
Ms Lim Seok Hui, CEO of SIAC, said: “We are pleased with the increasing caseload and will continue to do our best to ensure that SIAC remains committed to the needs of our users. My team and I would like to thank the members of the local and international legal and business communities for their invaluable support.”
