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 eOASIS
Application of Discounts in Valuing Shares for a Buy-Out Order Where There is No Finding of Oppression
The Rajah & Tann team comprising Patrick Ang, Jared Kok, Derek On and Torsten Cheong has secured a significant victory before the Court of Appeal in the long-running dispute between the shareholders of the Samwoh Group. In Liew Kit Fah and others v Koh Keng Chew and others  SGCA 78, the Court of Appeal, reversing the High Court’s decision, held that shares which are ordered to be purchased following a compromised oppression suit where liability was not admitted are liable to be discounted to reflect their fair market value. The Court of Appeal’s judgment contains important and authoritative guidance on the proper approach to valuing shares ordered to be sold in this context, when the sale would be treated as one between a willing buyer and a willing seller, and consequently the kind of discounts which would be applicable for the purposes of determining the fair market value of the shares.
09 Dec 2019 | Singapore
framework for payment service providers and a designation regime for payment systems.
06 Dec 2019 | Singapore
In MAN Diesel & Turbo SE and anor v IM Skaugen SE and anor  SGCA 80, the Singapore Court of Appeal reversed the decision of the High Court and ordered the service of writ on the MAN entities outside jurisdiction to be set aside, effectively spelling the end of the Singapore chapter of this long-running litigation.
The case is of both practical and academic importance, as it contains authoritative guidance on the role of an appellate court in the review of decisions on jurisdictional issues, the relevance of subsequent events in an application to set aside service out of jurisdiction, how multiple inter-related claims are to be treated in the jurisdiction inquiry, how the availability of the Singapore International Commercial Court (SICC) features in the forum non conveniens analysis, and the test to be applied when assessing where a tortious cause of action arises for purposes of the jurisdiction gateway analysis. 06 Dec 2019 | Singapore
The Basel Convention sets out Prior Informed Consent ("PIC") procedure for the transboundary movement of hazardous waste and other controlled wastes. Presently, solid plastic wastes are not considered as hazardous waste unless they contain hazardous substances. Certain plastic waste will eventually be subjected to the PIC procedure.
This will mean that domestically, companies involved in the transboundary movement of such plastic waste will be required to adhere to the PIC procedure, obtain a Basel Permit from NEA, as well as obtain a Bank Guarantee. These new control measures will tentatively come into effect on 1 October 2020. 06 Dec 2019 | Singapore
Further to AHP’s previous client alert on the new Komisi Pengawas Persaingan Usaha (“KPPU”) merger regulation (“New Merger Control Regulation: Asset Acquisitions are now subject to KPPU Notification”, October 2019), it now sets out further details on asset acquisitions that are subject to KPPU’s notification based on several discussions with the KPPU. This update discusses the following;
(b) Notification Thresholds
(c) Pre-Closing Procedure
KPPU has stated that it intends to publish an implementing guideline of the new merger regulation. As such, the discussion here is subject to this upcoming guideline.
05 Dec 2019 | Indonesia first time that the CCCS formally sought a court order against an errant retailer for engaging in an unfair practice under the CPFTA since it took over the enforcement of the CPFTA in April 2018. 03 Dec 2019 | Singapore
SGX Consults on Removal of Minimum Trading Price Framework and Criteria for Exiting Financial Watch-List
On 28 November 2019, the Singapore Exchange Regulation issued a consultation paper titled "Review of the Tools Used to Deal with Market Manipulation Risk" seeking feedback on its proposal to remove the minimum trading price framework and the expectations of the Singapore Exchange Limited in relation to companies applying to exit from the financial watch-list. The consultation closes on 27 December 2019.
02 Dec 2019 | Singapore
decision clarifies the court’s scope of authority with regard to the management of charges which have been stood down.
29 Nov 2019 | Singapore
This update sets out the recent legal developments in Vietnam.29 Nov 2019 | Vietnam
As part of the implementation of President Joko Widodo's statement on the need to attract more investment into the country and his promise to make Indonesia more investment-friendly, the government will finally take a step to realise this promise by abandoning the Negative Investment List by January 2020.28 Nov 2019 | Indonesia enforcement of the arbitration award. 27 Nov 2019 | Singapore