Only sexy in the way that it’s going to be profitable for Singapore…



A report in Singapore’s? Today says? few gory or sensational details will emerge from this courtroom. Indeed, it’s a largely “invisible” legal arena – no public notices list the cases being heard, disputants are rarely identified and all hearings are behind closed doors.

But while it may never capture the public’s attention the way criminal cases do, international arbitration is fast becoming “the sexy story”, in Law Minister K Shanmugam’s words, for legal eagles here.

The report goes on to say…

The number of cases handled by the Singapore International Arbitration Centre (SIAC) grew from 86 in 2007 to 99 last year.


SIAC is close to surpassing those figures this year: It has handled some 92 cases with claims totalling close to $700 million in the first eight months. Last year, the value of claims handled at the SIAC soared to almost $1.6 billion, slightly more than three times that seen in 2007.


And going ahead, the increase in cross-border disputes heard here could spell big bucks for Singapore, according to SIAC board chairman Michael Pryles.


Take one international arbitration case heard here in March. Around 40 lawyers and 35 witnesses flew in and a large hotel ballroom was rented for three weeks for the hearing. The two sides hired local lawyers to assist too.


“If one totals it all up, the amount brought into the economy must be rather substantial,” Prof Pryles, a leading arbitrator in the Asia-Pacific region, told Today.


Full report at? http://www.singaporelawwatch.sg/remweb/legal/ln2/rss/legalnews/63843.html?utm_source=email%20subscription&utm_medium=email&title=Making%20legal%20waves%3A%20The%20’sexy%20story’%20is%20where%20the%20big%20bucks%20are&notShowClose=y