According to the SIAC, the number of new cases filed last year was up by almost a quarter. The record-making round of 271 new cases hailed from 55 different jurisdictions and represented a 22 per cent increase on the 222 cases recorded in 2014.
The total sum in dispute also hit an unprecedented high in 2015, weighing in at around S$6.2bn (£3.2bn). This was a jump of 24 per cent from the S$5bn recorded in 2014 and a 3 per cent increase on the S$6bn disputed in 2013.
The Singapore International Mediation Centre (SIMC) has also released its first annual report since launching in November 2014. The centre received its first case a month later and racked up five more new cases over the course of 2015, three of which were Arb-Med-Arb cases jointly administered with the SIAC.
Every case filed with the SIMC involved at least one foreign party, and all were successfully settled. The sums in dispute ranged from S$5m to more than S$600m.
Source: The Lawyer
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