Global, sector-focused law firm HFW has partnered with Litigation Capital Management Limited (LCM) to secure the first funding for a domestic arbitration in Singapore, which is now permissible following changes in Singaporean regulations.
On 28 June 2021, Singapore’s Ministry of Law announced an expansion of third-party funding (TPF) to domestic arbitration, certain proceedings in the Singapore International Commercial Court and related mediation proceedings.
HFW’s leading Asia Pacific construction arbitration team is advising the claimant in the arbitration, Craft Façade Pte Ltd.
The agreement between Craft and LCM covers two separate arbitrations: one in Singapore and one in Hong Kong.
HFW partner, Nick Longley, who is leading the Singapore arbitration, said: “HFW is pleased to be partnering with LCM, one of the world’s most reputable litigation finance companies. Being a leader in international arbitration disputes across the region, we are delighted that our clients now have an alternative avenue to fund their claims.”
Roger Milburn, Investment Manager at LCM Singapore, added: “We are delighted to partner again with HFW for this project, which is the first time a domestic arbitration has been funded under Singapore’s expanded disputes financing framework. It’s also another funding arrangement for HFW and LCM that covers more than one case for an Asia-based client, demonstrating that our portfolio funding strategy is working well in this region and provides a flexible financing solution for clients and law firms.”