News & Insights

[Private Banking Disputes – Bank’s exercise of discretion to reduce value of client’s collateral]

In Deutsche Bank AG Singapore Branch v ARJ Holding Ltd and another [2025] SGHC 163, the Singapore High Court affirmed the claimant bank’s entitlement to reduce the value of the collateral in the portfolio of its client (the 1st defendant), resulting in a shortfall in the 1st defendant’s accounts. When the shortfall was not regularized, the claimant bank terminated the 1st defendant’s loan facilities and demanded full repayment of the 1st defendant’s loans.

Amongst other findings on the factual disputes, the Singapore High Court affirmed that there was an implied term of good faith in law to the bank’s exercise of its absolute discretion as contractually provided for, in that the claimant bank had to exercise its contractual discretion in a manner that is not arbitrary, capricious or perverse. On the facts, the Singapore High Court was satisfied that this implied term of good faith had not been breached by the claimant bank.

In Envy Asset Management Pte Ltd (in liquidation) and others v. Lau Lee Sheng and others [2025] SGHC 144 (the “Envy Employee Suit”), the General Division of the Singapore High Court delivered another pivotal judgment in the ongoing saga surrounding Singapore’s largest Ponzi scheme to date.

In the largest monetary judgment arising from the Envy Companies’ fraudulent nickel trading scheme to-date, the Court in Envy Asset Management Pte Ltd (in liquidation) and others v. Ng Yu Zhi and others [2025] SGHC 143 (the “Envy Main Suit”), amongst others, ordered two of the Envy Companies’ former directors to pay more than S$ 900 million in aggregate damages as compensation for, amongst others, breach of their directors’ duties.

UMS Integration Limited’s (“UMS Integration”) secondary listing on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) marks the first secondary listing of a Singapore-listed company on the Main Market of Bursa Securities. For Singapore-incorporated entities maintaining a primary listing on the Singapore Exchange Securities Trading (“SGX-ST”), pursuing a secondary listing on the Main Market of Bursa Securities invites an opportunity to tap into Malaysia’s investor base.

On 23 July 2025, the International Court of Justice (“ICJ”) issued its Advisory Opinion (“AO”) in respect of two questions on the obligations of States under international law to ensure the protection of the climate system and other parts of the environment from anthropogenic emissions of greenhouse gases; and the legal consequences under these obligations for States where they, by their acts and omissions, have caused significant harm to the climate system and other parts of the environment. The AO impacts Singapore businesses and will likely raise their regulatory risk.

On 15 May 2025, the Singapore Exchange Regulation (“SGX RegCo”) issued a consultation paper outlining amendments to certain areas of the regulatory framework, including a shift towards a more disclosure-based regime. This article examines the key reforms proposed by SGX RegCo to enhance the development of Singapore's equity capital markets, and the underlying rationales driving some of the key reforms. Finally, the article outlines what investors, listing applicants and issuers can expect from the SGX RegCo’s proposed reforms in the coming years before concluding.

Click here to view the article.

The intersection of generative artificial intelligence ("GenAI") and copyright law presents complex legal challenges in Singapore's evolving digital landscape. This article examines how Singapore's Copyright Act 2021 applies to GenAI technologies, potential infringement scenarios, and available exceptions that developers and users may potentially rely upon. As recent developments through April 2025 have demonstrated, there is a growing need for clarity in this rapidly changing field.

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We are delighted to be a contributing firm to the Singapore chapter of the 3rd edition of the Legal 500: Environmental, Social and Governance Comparative GuideThe chapter was authored by our Partners Dr. Joseph Chun, Teo Mae Shaan, Ian Chew and Joseph Tay.

The aim of this guide is to provide its readers with a pragmatic overview of the law and practice of environmental, social and governance law across a variety of jurisdictions.

Each chapter of this guide addresses topics such as climate, biodiversity, water, EDI and statutory responsibility, as well as insight and opinion on the most common issues in their respective country.

Click here to read the Singapore chapter.

The recent Food (Amendment) Regulations 2025 aims to align food labelling requirements in Singapore with international standards, particularly those of the Codex Alimentarius. Key updates include new rules for gluten-related claims, expanded use of generic terms in ingredient lists, and clearer label ling requirements. Introduction The Food (Amendment) Regulations 2025 was officially gazetted on 31 January 2025, with […]