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.
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Insurance Claims for Marine Collision: Court Examines Constructive Total Loss, Responsibilities of the Insured, and Notification
In PT Adidaya Energy Mandiri v MS First Capital Insurance Pte Ltd  SGHC(I) 14, the Singapore International Commercial Court ("SICC") was faced with a claim for constructive total loss ("CTL") under a marine insurance policy arising from collision damage. The SICC held that the insurer was not liable to the insured, and considered a number of issues relating to the insurance coverage for the claim, including the proving of CTL; late notice of abandonment; the responsibilities of the insured under certain warranties provided in the policy; and compliance with the policy's claim notification requirements.
The insurer was successfully represented by Jainil Bhandari, Aleksandar Georgiev, Kristin Ng and Nathaniel Loh of Rajah & Tann Singapore LLP.
In this Update, we provide a summary of the key points of the judgment and the SICC's consideration of the issues above. 30 Sep 2022 | Singapore
This process continues with amendments to the laws to provide that the SICC has jurisdiction over international restructuring and insolvency matters. These amendments come into effect on 1 October 2022. This development is expected to further enhance Singapore's capabilities and attractiveness as a forum of choice for cross-border insolvency. In this Update, we highlight the key amendments, and how they will affect the framework for cross-border restructuring and insolvency in Singapore.
29 Sep 2022 | Singapore
Launch of the Code of Practice on Chief Executives' and Board of Directors' Workplace Safety and Health Duties
The Code of Practice on Chief Executives' and Board of Directors' Workplace Safety and Health Duties ("COP") was launched on 19 September 2022, and is expected to be gazetted as an Approved COP by October 2022. Once gazetted, the COP will be relevant in the event of offences under the Workplace Safety and Health Act 2006, as the Courts can consider compliance to the COP in determining the liability of the organisation and its management team.
The COP sets out the principles that Company Directors should observe in improving workplace safety and health ("WSH") performance and management, as well as the practical measures that should be taken. It should be noted that WSH includes both physical health and mental well-being, and organisations should ensure that both aspects are addressed in their WSH policies. In this Update, we highlight the key principles and measures in the COP, and the effect of the COP being gazetted. 28 Sep 2022 | Singapore
As the fourth most populous country in the world and the largest economy in Southeast Asia, Indonesia’s energy demands are continuously growing. As of 2021, 87% of current energy are generated from fossil fuel, and only 13% are generated from renewable energy. This is still below the portion pledged by the government of 23% by the end of 2025 and 31% by end of 2050 under the 2007 Energy Law (Law No. 30 of 2007).
To fulfil the foregoing pledge, the government has issued, amended, and revoked several policies in the past 15 years to meet the renewable energy target. The latest of this measure is the issuance of Presidential Regulation No. 112 of 2022 on the Acceleration of Renewable Energy Development for Power Supply (“PR 112”), which the government hopes to be push that Indonesia requires to boost the development of renewable energy.
23 Sep 2022 | Indonesia
The Government of Malaysia Launches the National Energy Policy 2022 – 2040: What it Means for the Renewables Landscape
The National Energy Policy 2022 - 2040 ("NEP") was launched by the Prime Minister of Malaysia on 19 September 2022. The NEP details the government's priorities for the energy sector (encompassing electrical and thermal energy) for the coming two decades. It represents a concerted effort by the government in defining its approach for the energy sector with an aim of driving the country towards benefiting from and embracing the energy transition megatrend. The NEP covers all energy sources including both renewable and non-renewable sources, and also covers the use of energy across all sectors of the economy.
In this Update, we set out below a summary of some of the targets, action plans and initiatives under the NEP, relating mainly to the areas of renewable and alternative energy, grid systems, mobility trends and greenhouse gas reporting.
22 Sep 2022 | Malaysia
Business Trusts (Amendment) Bill Introduced to Align with Regulatory Regimes for Companies and REITs
On 12 September 2022, the Business Trusts (Amendment) Bill ("Bill") was tabled in Parliament for First Reading. The Bill seeks to amend the Business Trusts Act 2004 ("BTA") which governs the registration and regulation of business trusts ("BTs"). Introduced in 2004, a BT is a hybrid structure embodying the features of both a company and a trust. A key advantage of a BT is the ability to pay dividends to unitholders out of its cash profits, unlike a company which may only do so out of accounting profits. Given a BT's similarities with a company, many provisions of the BTA are based on the Companies Act 1967 ("CA"). From the time the BTA came into effect, there have been various amendments to the CA, as well as revisions to the real estate investment trusts ("REITs") regime.
In view thereof, the Monetary Authority of Singapore conducted a public consultation in November 2021 concerning proposed amendments to the BTA, mainly to align it with 2014 and 2017 amendments to the CA pursuant to the Companies (Amendment) Acts, "CAA", as well as the regulatory regime for REITs. The amendments to the BTA also seek to streamline and clarify regulatory requirements. The proposed Bill received general support from respondents.
In this Update, we outline certain key amendments to the BTA set out in the Bill. 19 Sep 2022 | Singapore