S'pore gaining popularity as investment arbitration seat

[SINGAPORE] Singapore is starting to give established investment arbitration seats such as London a run for their money - if the closely watched multi-billion-dollar Philip Morris Asia dispute with Australia is anything to go by.

The case involves Australia's Tobacco Plain Packaging Act 2011 which, the company alleges, "bars the use of intellectual property on tobacco products and packaging . . . with the consequential effect of substantially diminishing the value of (its) investments in Australia".

In arguing for Singapore to be the place for investment arbitration over London, Philip Morris Asia said in court papers that Singapore's judiciary is highly regarded, and has "demonstrated minimal intervention and a supportive attitude towards arbitration."