IFLR 1000 (2022)

R&T Sok & Heng Law Office

Financial and Corporate – Tier 1
Project development – Tier 2

Leading Lawyers:
Chhay Heng (Highly Regarded) – Banking, Energy and infrastructure, M&A, Project finance
Sok Khavan (Highly Regarded) – Banking, Energy and infrastructure, M&A, Project finance
Tiv Sophonnora (Notable Practitioner) - Banking, M&A

Founded in 2010, R&T Sok & Heng is a member of the Rajah & Tann Asia network and maintains an office in Phnom Penh.

Focusses / specialisms

The firm is a strong player in the Cambodian legal market and performs consistently well across the financial and corporate and project development areas.

The firm advises on banking and finance, capital markets, M&A, and project development transactions across a variety of industries, including energy, retail, banking and financial services, insurance, consumer products, technology and telecommunications, and healthcare.

Key clients

The firm’s impressive client list features names such as Airbnb, Amazon, Facebook, Visa, Starbucks, The Body Shop, and AXA.

Research period review: 31st edition (2020/2021)

The banking team took on several lender side roles and notably acted for a bank on a high-value acquisition financing deal.

The capital markets team acted for a confidential client on the issuance of bonds and also acted for an insurance company on a potential investment in corporate bonds issued by RMA.

The corporate team was busy with sell-side roles on acquisitions and also advised an international firm on its restructuring exercise.

The firm also advised international social media companies on their business operations in Cambodia and on regulatory compliance matters.

Projects highlights include advising on the development of the first commercial-scale mango export plant in Cambodia. The team was also active in the oil and gas, hospitality, real estate and healthcare sectors.

Deal highlights: 31st edition (2020/2021)

  • Acclime acquisition of a 100% stake in BSE Accounting
  • Kookmin Bank $630 million acquisition of a 70% stake in Prasac Microfinance
  • Donaco International $31 million loan refinancing
  • Huadian Sihanoukville Power Generation $600 million acquisition financing
  • Kampong Speu Mango Processing Facility


Assegaf Hamzah & Partners

Banking - Tier 1
Project finance - Tier 1
Capital markets : Debt - Tier 1
Mergers and acquisitions - Tier 1
Capital markets : Equity - Tier 1
Project development - Tier 2
Restructuring and insolvency - Tier 1

Leading lawyers:
Astrid Widyakartika Handaka (Rising Star) - Capital markets, M&A
Bono Daru Adji (Highly Regarded) - Banking, Capital markets, Energy and infrastructure, M&A
Fikri Assegaf (Market Leader) - Banking, Capital markets, Energy and infrastructure, M&A, Project finance
Ibrahim Sjarief Assegaf (Highly Regarded) - Banking, M&A
Kanya Satwika (Highly Regarded) - Islamic finance, Project development, Project finance
Mohammad Renaldi Zulkarnain (Highly Regarded) - Capital markets, Islamic finance
Tunggul Utomo (Notable Practitioner) - Banking, Capital markets, M&A, Project finance
Yanu Wiriasmoko (Notable practitioner) - Banking, Restructuring and insolvency

Founded in 2001, Assegaf Hamzah & Partners has established itself as one of the leading firms in the Indonesian legal market. The firm is headquartered in South Jakarta and has extended its presence throughout the region with its membership of the Rajah & Tann Asia network

Focusses / specialisms

The firm excels in banking and finance, capital markets, M&A, and restructuring and insolvency work and has a formidable projects practice. In addition to advising across a spectrum of traditional capital markets and banking and finance transactions, the firm has a special focus on the fintech sector and Shariah-compliant investment and financing transactions.

In M&A the firm has experience across banking and financial services, energy, resources, aviation, automotive, retail, media, and technology and telecommunication. The firm also has a strong track record in representing private equity investors.

The projects team has significant experience in matters such as PPPs, production sharing agreements, power purchase agreements, oil and gas supply agreements and oil and gas supply agreements.

Key clients

The firm’s extensive client list includes Asian Development Bank, DBS, ABN Amro, CIMB, MUFG Bank, IFC, Export-Import Bank of Korea, General Atlantic, XiaoMi and HSBC Bank.

Research period review: 31st edition (2020/2021)

A significant banking mandate saw the firm act for the project company in the financing of Indonesia’s first and Southeast Asia’s largest floating solar power plant.

The capital markets team notably advised the managers on the first-ever sovereign guaranteed global notes issue by an Indonesian SOE and also assisted the co-issuers on the first investment-grade green project bond issued by the private sector in the jurisdiction. On the equity front, the firm was busy with mandates such as rights issues, buybacks and IPOs.

The corporate team advised on Indonesia’s first merger between a conventional bank and a sharia bank.

Projects highlights include advising a state-owned enterprise on the high-value development of the Patimban Deep Sea Port.

An eye-catching restructuring mandate saw the firm act for a special mission vehicle in an investment under the National Economy Recovery Program.

Deal highlights: 31st edition (2020/2021)

  • Bank Interim Indonesia / Bank BCA Syariah merger
  • Bekasi – Cawang – Kampung Melayu toll road
  • Cirata 145MW floating solar photovoltaic power plant
  • Gojek acquisition of Moka Teknologi Indonesia
  • Nirvana Wastu Pratama $107.6 million acquisition of retail assets
  • Patimban Deep Sea Port
  • Satellite of Republic of Indonesia

Client feedback: 31st edition (2020/2021)

Capital markets
"AHP give assurance and clear explanation about the regulation, and guide the company to meet its future plan."

"The team provided a very hands-on and engaging service."

"Their understanding on capital market law and practice."

"They provide diversified services. We have engaged several services from M&A, litigation and capital market. We are happy with their services because they are knowledgeable in each area. The latest service for capital market, they have in-depth knowledge on the capital market regulation. They helped us prepare for listing. And we managed on-time listing, though it was an aggressive timetable."

"Responsiveness, diligence and expertise."

"Their advice has been very well-rounded. They also communicate very well, which is important. So often we get advice that is pure legal advice, but they deliver it well and include commercial aspects that could be taken by the management easily."

"They are really hands-on and very helpful in the whole process. Also giving the best legal advice on a win-win basis."

"Transaction documents were drafted in very good quality. In addition, due to the five simultaneous asset acquisitions, the firm ensured that they distributed more than enough lawyers for the said work, including their 'A' team. However, we had to specifically request this from the firm."

Bono Daru Adji
"He is really attentive to our needs, also tries to comes up with possible solutions that are win-win."

Eko Basyuni
"Eko provided the company with much-needed assistance on resolving our dispute settlement case. Prior to that, Eko and his team had assisted the company in providing our team with general legal corporate advice and contractual review."

Christofer Chandra Indra
"Fast response and give clear explanation. Helpful."

Mita Kartohadiprodjo
"We are very impressed with her ability to engage well both with us as client and with counterparts. She also delivers issues and advises very well."

Intan Paramita
"Fast response, innovative approach, understanding on regulatory framework."

Inda Nur Arifiani Ranadireksa
"Fast response and give clear explanation. Helpful."

Tunggul Purusa Utomo
"He knows capital market regulation well. Very responsive and has problem-solver attitude. "

"Tunggul is a very knowledgeable and customer-oriented lawyer who has helped and is continuing to help our company in navigating compliance requirements. He provided numerous innovative and business-friendly solutions to meet the needs of the company."

Indira Yustikania
"Problem-solving. Responsiveness."

Mohammad Renaldi Zulkarnain
"Client management."


Rajah & Tann (Laos) Co., Ltd

Financial and corporate  Tier 3
Project development – Tier 3


Christopher & Lee Ong

Banking and finance - Tier 2
Capital markets : Debt - Tier 3
Capital markets : Equity - Tier 3
Mergers and acquisitions - Tier 2
Project development : Energy - Tier 1
Project development : Infrastructure - Tier 1

Leading Lawyers:
Christopher Lee (Market Leader) - Banking, Energy and infrastructure, M&A, Project finance
Eileen Yeoh (Highly Regarded) - Project Development
Jack Chor (Highly Regarded) - Banking, Project development
Lee Hock Chye (Notable Practitioner) - Banking, Real estate acquisitions
Lim Siaw Wan (Rising Star) - Project development
Shemane Chan (Highly Regarded) - Energy and infrastructure, Project Development

Founded in 2013, Christopher & Lee Ong is a member of the Rajah & Tann Asia network and is located in Kuala Lumpur. Key figures include partners Christopher Lee, Chor Jack, Eileen Yeoh and Shemane Chan.

Focusses / specialisms

The firm is known for its market-leading projects practice and has strong offerings in banking and finance, capital markets and corporate and M&A.

The banking team is experienced in advising on a range of financing transactions such as acquisition financing, project financing, and real estate financing and also takes on financial services regulatory work.

The corporate team advises a diverse array of clients including domestic and multinational companies, government-linked corporations, private equity clients, and SMEs from various sectors such as energy, retail, logistics, construction, manufacturing, healthcare, pharmaceuticals, technology and telecommunications.

The firm has a track record of advising on landmark transactions in the projects space and is experienced in advising on matters including EPC contracts, power purchase agreements, OAM agreements, concession agreements and construction contracts.

Key clients

Key clients include BNP Paribas, HSBC, Hong Leong Healthcare, Maybank Investment, CIMB Investment Bank, Guoline Investments, SH Cogent Logistics, Johnson Control, and Air Liquide Malaysia.

Client feedback: 31st edition (2020/2021)

Banking and finance

"The firm understand the requirements of the client well."

"The subject law firm is very responsive, good understanding of the bank's requirements, and precise and thorough in their work."

"Highest level of competence coupled with strategic and commercial-driven outcomes. A very hands-on law firm that ensures goals and objectives are met. Partner was able to drive the outcome based on common goals agreed upfront, hence making it the favoured partner with respect to cross-jurisdictional requirements."


"Professional, approachable and meticulous."

"Reactivity, professionalism, cost-conscious."

Project development

"1) Good communications skills - ability to properly convey their opinion, advise in writing and orally in a clear and concise manner. 2) Analytical skills - ability to analyse the requirements, arguments put forth by the counterparty and provide a proper response. 3) Responsiveness - able to provide response promptly in relation to the negotiation of the project documents in order to ensure that they can be concluded in time. 4) Knowledge, especially in relation to the requirements of the LSS programme in Malaysia - when dealing with the regulators, off-takers, local authorities, lenders."

"Gives prompt legal advice on regulatory frameworks, complex corporate structuring, highly recommended for his work on M&A, energy project development - PPA, EPC, etc. Fees are also reasonable."

"The team show excellent knowledge with flexible and fast reaction time on all requested levels. Always available, serious and extremely professional in targeting solutions for all involved parties."

"Affordable, fast responses and good local knowledge and application of the law. Commercial and legally sound advice."

"Dynamic, knowledgeable on the power sector, good value, available, and timely."

"Professional, responsive, and knowledgeable. "

"Ability to deliver challenging tasks with short notice yet in high quality and timely manner."

"The firm has showed outstanding understanding on the subject matter as well as its constant effective communication with the clients in providing thorough advisory."

"They worked perfectly assisting in every matter. All the project's needs were covered including the financial closing for the project finance of the solar plant."


Rajah & Tann Myanmar Company Limited

Financial and corporate – Tier 2
Project development – Tier 2

Leading Lawyer:
Chester Toh (Highly Regarded) - Banking
Hiroyuki Ota (Highly Regarded) - M&A


Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law)

M&A - Tier 3
Project development - Tier 3
Project finance - Other notable

Leading Lawyer:
Jaime Renato Gatmaytan (Highly regarded) - Project finance, M&A


Rajah & Tann Singapore LLP

Banking and finance - Tier 2
Capital markets: Debt - Tier 2
Capital markets: Equity - Tier 2
Investment funds - Tier 2
Mergers and acquisitions - Tier 2
Project development - Tier 1
Restructuring and insolvency - Tier 1

Leading Lawyers:
Angela Lim (Highly regarded) - Banking, Energy and infrastructure, Project finance
Chia Kim Huat (Highly regarded) - Capital markets
Chua Beng Chye (Highly regarded) - Restructuring and insolvency
Danny Lim (Notable practitioner) - Capital markets : Equity, M&A
Danny Ong (Highly regarded) - Restructuring and insolvency
Evelyn Wee (Highly regarded) - Capital markets, M&A
Ho Mei Shi (Notable practitioner) - Banking and finance
Hoon Chi Tern (Notable practitioner) - Capital markets, M&A
Howard Cheam (Notable practitioner) - Capital markets : Debt, Capital markets : Equity, M&A
Lawrence Tan (Notable practitioner) - M&A
Lee Eng Beng, SC (Highly regarded) - Restructuring and insolvency
Lee Xin Mei (Highly regarded) - Capital markets
Lim Wee Hann (Highly regarded) - M&A
Mark Cheng (Highly regarded) - Restructuring and insolvency
Ng Kim Beng (Highly regarded) - Project development
Ng Sey Ming (Highly regarded) - Banking, Capital markets: Debt
Patrick Ang (Market leader) - Restructuring and insolvency
Raelene Pereira (Rising star) - Restructuring and insolvency
Raymond Tong (Highly regarded) - Capital markets, Corporate and M&A
Regina Liew (Highly regarded) - Banking and finance
Sandy Foo (Highly regarded) - Banking, Energy and infrastructure, M&A, Project development, Project finance
Shemane Chan (Highly regarded) - Project development
Sim Chee Siong (Highly regarded) - Project development
Sim Kwan Kiat (Highly regarded) - Restructuring and insolvency
Soh Lip San (Highly regarded) - Project development
Tan Chuan Thye, SC (Highly regarded) - Restructuring and insolvency
Tan Mui Hui (Notable practitioner) - Capital markets : Deb, Capital markets : Equity, M&A

Founded in 1976, Rajah & Tann Singapore is one of the largest full-service firms in Singapore and is regarded as one of the jurisdiction’s elite firms, dubbed the “big four”. The firm, led by Managing partner Patrick Ang and deputy managing partner Rebecca Chew, extends its presence throughout the region with the Rajah & Tann Asia, the largest Southeast Asian network of law firms.

Focusses / specialisms

The firm provides top quality advice in banking and finance, project development and restructuring and insolvency and has formidable capital markets and M&A practices.

The banking team acts for domestic and international banks, financial institutions, and corporates on a wide variety of instruments and cross border transactions such as real estate finance, project finance, acquisition finance, Islamic finance and structured finance transactions.

In capital markets work the firm has experience in acting for issuers, issue managers, underwriters, and originators on deals from across the spectrum of capital markets transactions.

The corporate team is experienced on in acting for both acquirers and sellers across a variety of sectors.

The firm’s restructuring team was the first dedicated restructuring and insolvency practice group in Singapore and has acted for a wide range of clients, including creditors, debtors, liquidators, judicial managers, receivers, and financial advisors.

Key clients

Key clients include Malayan Banking, H&C S Holdings, Shanghai Huaxin Group, One Bangkok, Resorts World Sentosa, Neste Singapore, Linde Gas Singapore, Singapore Press Holdings, Merrill Lynch, and OUE Hospitality REIT Management.

Research period review: 31st edition (2020/2021)

The banking team advised borrowers and lenders on a plethora of financings. An interesting deal saw the firm advise the borrowers on the largest bilateral sustainability linked loan in Singapore's real estate sector to date.

In capital markets, the firm often advised the issuers on debt and equity offerings. The firm notably advised on several IPOs on the HKSE.

An eye-catching corporate mandate saw the firm act for the financial adviser in a takeover offer for Tianjin Zhong Xin Pharmaceutical Group Corporation. Sectors of activity include real estate, utilities, education, manufacturing, and food and beverage.

The firm’s investment funds team advised on several confidential fund formation mandates involving hedge funds, close-ended funds, venture capital funds, and private equity funds.

In projects, the firm notably advised an international client on a first of its kind project in the energy sector.

Standout restructuring mandates saw the firm acting for Shanghai Huaxin Group and Hin Leong Group on their high-value dent restructurings.

The firm welcomed junior partner Carmen Lee from Dimensional Fund Advisors to its investment funds practice and partner Raymond Tong from Clifford Chance to its capital markets and corporate teams.

Deal highlights: 31st edition (2020/2021)

  • CapitaLand Treasury S$500 million sustainability-linked loan facility
  • Eagle Hospitality REIT debt restructuring
  • GHY Culture & Media Holding Co SGX IPO
  • Hin Leong Group insolvency
  • Hyflux debt restructuring
  • Hygieia Group HKSE IPO
  • Shanghai Huaxin Group debt restructuring
  • Wei Yuan Holdings HKSE IPO

Client feedback: 31st edition (2020/2021)

Bank lending : Lender side
"Good communication - responsive - clear and concise."

"Good solutioning. Responsive, diligent and prompt."

"Very prompt service and details and thorough advise. For legal queries that I raised, they provided very comprehensive advice from my perspective as a lender."

Banking and finance
"Client and solution-oriented. Prompt and responsive."

"We are satisfied with the legal and company secretarial services provided by the firm. They possess strong legal and commercial sense and awareness. "

Capital markets
"Raymond Tong has a great working relationship with the Singapore regulators and a deep understanding of the regulators' expectations and demands. He also has good commercial awareness and is able to balance achieving our commercial objectives without compromising on our risk thresholds. "

"Superb. Spot-on with advice and counsel. Brilliant with attitude. "

"Proactive, responsive, sound legal advice."

Capital markets : Debt
"Thorough and detailed expert analysis. Responsive and quick turnaround times."

Capital markets : Equity
"As the issuer's counsel, we had worked with them to bring the first ever approval by SGX for a VIE structure listing. This entails acquiring knowledge of other VIEs, ability to review the structure and safeguards, in the interest of investors. Generally quite versatile and responsive. "

"There have some very good partners who are very good in their area of work and expertise."

"R&T is responsive and prompt and takes a commercial approach on issues encountered, which helps to facilitate transactions. "

"They are able to both provide advice on risk from a legal standpoint and balance that against commercial costs involved in protecting against that risk."

"Very responsive. Prompt. Open to discussion. Self-starter and takes initiative. Provides meaningful and balanced advice."

"Practical, experienced, clear advice and good understanding of the regulatory framework."

Financial restructuring
"Competent and resourced partners. Strong supporting team. Responsive. "

"Quality - financial law expertise - understanding needs of the client - intellectual sounding board - polite - service-minded - billing and fee cost-effective."

"The firm's lawyers are knowledgeable and proactive and clearly driven for client success."

Investment funds
"Efficient, experienced."

"The team is very experienced and knowledgeable in respect of Singapore law and regulation for investment funds and managers. They are also very commercial and find solutions for their clients."

"1) Comprehensive and accurate legal advice, delivered cogently. 2) Attention to client's sensitivities."

"1. Client first, always. 2. Outstanding legal ability. 3. Results-oriented. 4. Flexible fee arrangements. 5. Top rate talent at all levels."

"Familiarity with local law. Ability to advise on complex structures."

"Strong team, personalised service, very quick turnaround time."

"The firm is friendly, client-centric, knowledgeable, innovative, sector-focused and has a strong network across SEA."

"The team has given practical advice and valuable inputs to assist in our negotiation with the counterparts."

"1. Cross-border M&A that required inputs on issues across different jurisdictions - R&T had the network and resources to support. 2. Extremely responsive and practical in their approach to structuring and bringing the deal to a close."

Private equity
"1. Multi-jurisdiction resources and know-how. 2.Practical solutions to bring the deal to a close."

Project development
"Efficient, quick response, knowledgeable. "

Project development : Energy
"R&T team handling our matters (led by partner Ng Kim Beng) has been very helpful in providing strategic feedback and tactical solutions. They are experienced in construction disputes and their expertise on this aspect (including their familiarity with contentious points which can be rather technical) is valuable to us. Their advice is on-point, addressing the actual issues at hand and always taking into account our interests in the more commercial aspects of things."

Restructuring and insolvency
"Quick response and quite involved in the advisory and execution stage. Friendly and approachable."

Adzfar Alami
"Clear; communicative."

Clement Chan
"Clement is the lawyer that we have been working with the most. He is experienced and competent in advising us on general legal and regulatory work. He is always very responsive, capable and professional."

Jasmine Chew
"Jasmine is very experienced and works well with clients."

Mark Cheng
"Mark Cheng is a knowledgeable, energetic and proactive lawyer; clearly driven by client success."

Beng Chye Chua
"Quick response and appropriate advice relevant to the matter."

Sandy Foo
"1. Intelligent and comprehensive in her advice, delivered in a timely fashion. 2. Very hardworking on her cases, yet patient with her clients."

Danny Lim
"Very responsive and knowledgeable. Look at how they can value add to their clients through their experience."

Lee Xin Mei
"Prompt and responsive, solution and client oriented."

Sey Ming
"Providing good solution-based advice."

Brian Ng
"Approachable. Ability to solve complex issues."

Terence Quek
"Very in depth understanding of subject matter, provides solutions and a different perspective to solving issues."

Arnold Tann
"Very experienced. Works well with clients."

Raymond Tong
"Raymond is prompt in response, which is especially important for fast-moving equity capital market transactions."

Evelyn Wee
"Very responsive and knowledgeable. Look at how they can value add to their clients through their experience."

Anne Yeo
"Open to feedback; experienced."

"Works very well with clients. Very knowledgeable and experienced."


R&T Asia (Thailand) Limited

Banking and finance - Tier 4
Capital markets : Equity - Other notable
Mergers and acquisitions - Other notable
Project development - Tier 2
Restructuring and insolvency - Tier 3

Rajah & Tann’s Thailand office is located in Bangkok and houses nearly 60 lawyers under the leadership of managing partner Surasak Vajasit. Membership of the Rajah & Tann Asia network allows the firm to act on multi-jurisdictional deals.

Focusses / specialisms

R&T Asia in Thailand has a strong projects practice, primarily focusing on the infrastructure and transport sectors. The firm also boasts well-established banking and finance and restructuring practices.

Key clients

Clients include State Railway of Thailand, Krung Thai Bank, and KPMG Services.

Research period review: 31st edition (2020/2021)

The banking team was active for a mix of clients, including borrowers, lenders, pledgees and security agents on a range of confidential transactions.

On the capital markets side, the firm advised a tollway operator on its IPO on the SET.

The corporate team recently took on roles for joint venture parties and buyers in sectors, including hospitality, manufacturing, technology and real estate.

An eye-catching projects deal saw the firm assist a railway operator in the development of the first high-speed rail project in Thailand.

On the restructuring front, the firm impressed with roles for creditors in some of the most high profile insolvency transactions in Thailand.

Deal highlights: 31st edition (2020/2021)

  • Bangkok – Nong Khai high speed railway
  • Don Muang TollWay SET IPO

Client feedback: 31st edition (2020/2021)

Restructuring and insolvency
"Very responsive, providing an efficient link between us and the (Thai language) formal proceedings, anticipate what could be important to us."

Kittikun Soontarerat
"Clearly always thinking about things from the client's perspective - commercially minded; practical; provides context to assist support our understanding of the local context."


Rajah & Tann LCT Lawyers

Banking and finance – Tier 3
Project development – Tier 3
Mergers and acquisitions – Tier 3

Leading Lawyers:
Brian Ng (Highly regarded) - Banking, M&A
Huy Quang Chau (Highly regarded) - Energy and infrastructure: Disputes
Vu Thi Que (Highly regarded) - Energy and infrastructure, Project development, M&A

Full-service law firm Rajah & Tann LCT Lawyers has offices in Ho Chi Minh City and Hanoi and is a member of the Rajah & Tann Asia network.

Focusses / specialisms

The firm is a consistent performer in banking and finance, M&A and project development.

The banking team is experienced advising both lenders and borrowers and often acts for financial institutions. The corporate team acts on M&A matters and is also experienced advising venture capital funds and seed companies

Key clients

Notable clients include CMX Sunseap, Hong Leong, RBC Water, Givaudan and VinaCapital.

Client feedback: 31st edition (2020/2021)


"They provide professional and usable advice. Also speak good English. They understand what an international client is looking for. "

"Expertise from the industry. Fast response to questions. Good counsel in areas of conflict. Solution-focused."