Six years after its inception, the Belt and Road Initiative (BRI) launched by Chinese President Xi Jinping has entered a new, more mature stage. Now based on a more inclusive, transparent and sustainable approach, the global development strategy has been gaining more traction in the 130+ collaborating countries. However, there are two sides to this particular coin: as the opportunities grow, so do the risks. Risk mitigation and compliance for BRI projects have become top…
In the recent Court of Appeal decision in Bi Xiaoqiong (in her personal capacity and as trustee of the Xiao Qiong Bi Trust and the Alisa Wu Irrevocable Trust) v China Medical Technologies, Inc (in liquidation) and another [2019] SGCA 50, the Court of Appeal dismissed an appeal against the grant of a Mareva injunction in support of foreign court proceedings. Background The second respondent, CMED Technologies (“CMED”) was the wholly owned subsidiary of the…
On October 3, 2019, the Reciprocal Enforcement of Foreign Judgments (Amendment) Act (“Act”) came into force. It consolidates and expands Singapore’s regime for statutory recognition and enforcement of foreign judgments by repealing the Reciprocal Enforcement of Commonwealth Judgments Act and amending the Reciprocal Enforcement of Foreign Judgments Act. The Act enables a broader range of judgments to be enforced in Singapore. Previously, the scope of judgments receiving recognition and enforcement was limited to final money…