S'pore Ranked No. 6 Globally As Arbitration Centre

Source : The Straits Times, Sep 20, 2007

Centre to resolve commercial disputes is also top in Asia

IT WAS an upbeat report card on Singapore's emergence as a top arbitration centre. And it is set to enhance its image as an impartial arbiter in commercial disputes.
Singapore International Arbitration Centre (SIAC) chairman Goh Joon Seng said the SIAC is currently ranked sixth globally, and that it is top in Asia.

The top five most frequently selected centres worldwide - Paris, Geneva, London, Zurich and New York - are all outside Asia. Such centres are found in 85 cities in 50 different countries.

After citing these figures, from the International Chamber of Commerce (ICC) which tracks all ICC-administered disputes, Mr Goh said the achievement was 'not bad, for a little red dot'.

He added that Singapore was also the leading Asian country in having the highest number of arbitrators nominated to the ICC's arbitration panel.

Mr Goh was speaking to The Straits Times yesterday to mark the launch of the book Confidentiality In Arbitration: How Far Does It Extend?

One of the main draws of arbitration - with parties free to appoint their own arbitrators to resolve disputes - as the preferred choice for settling disputes as compared to going to court, is that it is conducted away from the glare of the media and the public.

Such disputes arise within the construction, maritime and international trade sectors, among others.

The book, written by Senior Counsel Quentin Loh and lawyer Edwin Lee, and published by Academy Publishing, also explores how the confidentiality issue is dealt with in different countries.

Citing confidentiality as a reason for declining to illustrate from cases resolved, Mr Goh said the nature of cases here involved total sums that averaged about $1 billion a year and involved both local and foreign parties.

He recalled there was one international case dealt by the SIAC some years ago that involved a claim of more than US$6 billion (S$9 billion).

'We started in 1991 with two cases in our first year and today we handle 150 cases at any one time with seven out of every 10 cases being international as compared to domestic disputes.'

And the case numbers are set to boom, given the burgeoning China market.

Among others things, the SIAC has set up a joint venture with the giant American Arbitrators Association - the biggest in the world, with an 80-year history - to operate an International Centre for Dispute Resolution here.

The move makes Singapore even better positioned as an impartial location of choice for commercial disputes arising from growing United States-China trade and investments.

'Singapore is the financial and commercial hub for this part of the world. Arbitration is part of the infrastructure for a quick and fair resolution so that the party that is wronged can get redress,' Mr Goh said.

Legal observers too sounded upbeat about the future, adding that for every case handled by the SIAC , two are handled by ad hoc, privately appointed arbitrators.

They point to the presence of seasoned arbitrators here who are in demand, like retired judges L.P. Thean and G.P. Selvam.

Major law firm KhattarWong, which inked a cooperation deal with major Vietnam law firm PBC Partners yesterday, sees arbitration as a key growth area in its latest venture outside Singapore.

Said its deputy managing partner, Mr K. Anparasan: 'The tie-up makes arbitration just right for the picking.'