Legal Bulletin January 2019

30 January 2019

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Capital Markets

MAS to launch new S$75 million grant to enhance Singapore’s role as an enterprise financing hub

Competition

CCCS clears merger in highly watched food and beverage retail sector

Dispute Resolution

Singapore Court of Appeal upholds decision setting aside investor-State award

Intellectual Property

Singapore Court of Appeal provides guidance on jurisdiction of High Court to revoke patents

Public Policy

Analysing the commercial impact of public policy measures: MOH proposals to reduce Singaporeans’ sugar intake from sweetened beverages

Real Estate

Upcoming new anti-money laundering and countering of terrorism financing responsibilities for developers

Restructuring & Insolvency

Singapore High Court confirms permissibility of litigation funding for insolvency claw-back claims in context of bankruptcy

Tax

Changes to Goods and Services Tax Act to extend GST to overseas services from 1 January 2020 and enhance IRAS investigation powers from 1 January 2019

General

Carbon Pricing Act 2018 imposing carbon tax in force from 1 January 2019

Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) enters into force on 30 December 2018

Vulnerable Adults Act 2018 allowing intervention to protect vulnerable adults in force from 19 December 2018

Regional News

Malaysia

Federal Court finds bank cannot rely on exclusion clause restraining legal proceedings

Bank Negara Malaysia issues policy document on outsourcing

Income Tax (Amendment) Act 2018 gazetted, widens applicability of breach of confidence offence

Finance Act 2018 gazetted and amends seven Acts

Myanmar

Entities registered under previous Myanmar companies regime must re-register by 31 January 2019

Central Bank of Myanmar amends lending rates

Insurance market liberalised for foreign entities in Myanmar

2018 in Review: Myanmar

Publications

International Comparative Legal Guide to Corporate Investigations 2019: Singapore chapter

Practical Law - Legal privilege, confidentiality and professional secrecy 2018: Singapore Q&A

GCR E-Commerce Competition Enforcement Guide 2019: Singapore chapter

The Global Damages Review 2019: Singapore chapter

SAL Practitioner: Restrictive covenants in employment law - When are they enforceable?

Deals

Acquisition of portfolio of 38 select-service Hyatt Hotels by ARA Asset Management Limited in its first foray into the United States of America

MYR8.4 billion acquisition of the enlarged share capital of IHH Healthcare Berhad by Mitsui & Co., Ltd.

US$800 million term loan facility to Raffles City China Fund Limited

Acquisition of 100% of the shares in Ixom HoldCo Pty Ltd at an enterprise value of S$1.1 billion by Keppel Infrastructure Fund Management Pte. Ltd., in its capacity as trustee-manager of Keppel Infrastructure Trust

Establishment of S$750 million multicurrency debt issuance programme by HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of AIMS AMP Capital Industrial REIT

S$537.3 million divestment by Keppel Real Estate Investment Trust of a 20% stake in Ocean Financial Centre to Allianz Real Estate

Acquisition of Kopitiam Investment Pte Ltd and its subsidiaries by NTUC Enterprise Co-operative Limited

News

Strategic Alliance between Allen & Gledhill and Soemadipradja & Taher

Four Allen & Gledhill lawyers recognised as accredited specialists under the Singapore Academy of Law’s Specialist Accreditation Scheme

Allen & Gledhill announces admission of new Partners

Awards & Rankings

Allen & Gledhill is a leading law firm in South-east Asia in The Legal 500 Asia Pacific 2019

Allen & Gledhill Partner, Gina Lee-Wan, named top female maritime lawyer globally

Allen & Gledhill voted Asian-mena Counsel In-House Community Firm of the Year 2018