IMF Bentham funds its first international commercial arbitration in Singapore

IMF Bentham funds first international arbitration

IMF Bentham Limited has agreed to finance its first international commercial arbitration in Singapore. It is one of the first known examples of funded international arbitration in Singapore since the city-state passed new laws facilitating the use of third-party funding last year.  

The funded proceedings are expected to begin in the coming months before the Singapore International Arbitration Centre (SIAC). Funds managed by IMF will provide finance for the arbitration to the claimants, who are advised by leading international firm, Dechert LLP, led by partner Mark Mangan, and Ictem Legal, led by partner Serkan Ictem. Further details of the dispute are confidential.   

In March 2017, Singapore amended its Civil Law Act to abolish the torts of maintenance and champerty in Singapore which have historically prevented third-party funding in many common-law jurisdictions. The accompanying regulations expressly permit the funding of international arbitration and related court proceedings in Singapore.

This news compliments other recent developments for IMF in Asia, including two completions in insolvency disputes in Hong Kong last year, as well as the recent appointment of Cheng-Yee Khong as Associate Investment Manager (Asia) for IMF Bentham in Hong Kong.

The full press release can be found here.