SIMC shows growth a year after opening
23 March 2016
Asian Legal Business Online (www.legalbusinessonline.com)
The Singapore International Mediation Centre (SIMC) has grown since it officially opened in November 2014, according to data from its recently released 2014/2015 annual report.
SIMC received its first case in December 2014 and took in five new cases in 2015, three of which were arb-med-arb cases jointly administered with the Singapore International Arbitration Centre (SIAC).The sums in dispute in all six cases, which were international in nature, ranged from S$5 million ($3.66 million) to more than S$600 million. The cases were from various industries and sectors such as aviation, construction, shipping, oil and gas, joint ventures and partnerships, and the sale and supply of goods and services.
SIMC successfully settled all cases that went to mediation. All six cases involved at least one foreign party, and three of them involved only foreign parties with no ties to Singapore.
SIMC’s robust caseload shows how Singapore is developing into an international mediation hub and “underscores the commitment of the SIMC team to developing and promoting mediation to parties from all over the world as a cost-effective and efficient means of resolving complex cross-border commercial disputes,” said Edwin Glasgow QC, SIMC’s co-chair, in a statement.