eOasis is Rajah & Tann Asia’s legal publications portal, where you can view updates on the latest key legal and regulatory developments in Asia, prepared from a practitioner's viewpoint.
What's New on eOASISan offer to settle a claim in full could entail serious consequences. Here, the Court found the Appellant's refusal of the Respondents' offer to make payment of the entire amount claimed to be abuse of process, and thus struck out the Appellant's claim. The Respondents were successfully represented by Kelvin Poon, Derek On and Ang Tze Phern of Rajah & Tann Singapore LLP. 20 Nov 2019 | Singapore
The Ministry of Commerce ("MOC") has issued Notification No. 4228 MOC.EID dated 30 October 2019 to alert all exporters who intend to export all kinds of goods to the European Union under the Everything But Arms (EBA) initiative and Generalised System of Preferences (GSP) of Norway, Switzerland and Turkey, to register on the Registered Exporter System ("REX System") with MOC latest by 31 December 2019.19 Nov 2019 | Cambodia Update, we provide a summary of the key features of the Human Tissue Framework in safeguarding the safety and welfare of tissue donors. 13 Nov 2019 | Singapore
The Supreme Court recently issued a decision cancelling a settlement agreement despite creditors' approval. PT Bank CIMB Niaga Tbk. ("CIMB") had filed an application to the Supreme Court to cancel the settlement agreement of PT Arpeni Pratama Ocean Line Tbk. ("APOL"), despite approval from the majority of APOL's creditors to amend such agreement.
In the first instance, CIMB's application to cancel the court-approved settlement agreement was rejected by the Commercial Court, which found the amendment to be valid and binding on all parties. The Supreme Court subsequently overturned the Commercial Court's decision based on the following considerations:
(i) a court-approved settlement agreement must be treated in the same manner as a final and binding court decision, and therefore it cannot be amended privately by the parties; and
(ii) amendment to the court-approved settlement agreement contradicts the fairness and equity principle in bankruptcy law as it nullifies the assurance of debtor's performance under the settlement agreement.12 Nov 2019 | Indonesia
The Indonesian Government has enacted a new law on water resources, Law No. 17 of 2019 on Water Resources("2019 Law"), which replaced the previous Law No. 11 of 1974 on Irrigation. The 2019 Law explicitly states that water resources must be controlled by the state and used for the utmost prosperity of the community. Therefore, individuals, community groups or business entities cannot possess or control water resources, and control remains with the central and regional governments. It further emphasises that society's right to water as guaranteed by the state is not to be interpreted as a title over water resources, but rather a right to receive and use water.08 Nov 2019 | Indonesia