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On 8 May 2018, President Trump announced the end of the US’s participation in the Joint Comprehensive Plan of Action commonly known as the Iran nuclear deal, and further announced that the US would be re-imposing sanctions against Iran which had been suspended since 16 January 2016.
On June 12 2018, Singapore played host to the highly publicized North Korea – US summit between US President Trump and North Korean Supreme Leader Kim Jong-un. While much has been said in the weeks following the summit about its significance, and its impact on US-North Korea relations – and the existing US sanctions against North Korea, we pause here to consider the position of “neutral” countries, such as Singapore, on trade sanctions, that are neither protagonists nor antagonists on the world stage and that are primarily interested in international trade.
In this briefing we consider some recent UK and overseas court decisions addressing issues including: appointing arbitrators out of time; whether an arbitrator had acted ‘fairly’; claims dismissed for inordinate or inexcusable delay; the scope of a charterparty lien in Singapore; the application of war risks insurance; what ‘management of the ship’ includes; and apportionment of liability between owners and charterers.
Case review 21/06/2018
Singapore Court of Appeal considers whether a charterparty lien on sub-freight is a registerable charge
The Singapore Court of Appeal has affirmed the earlier High Court’s decision that, under Singapore law, a charterparty lien on sub-freight is a floating charge that is registrable under s131(3)(g) of the Companies Act.
Case review 16/03/2018
In The Eurohope, the Singapore High Court was asked to consider whether a ship can be arrested in Singapore for the purpose of obtaining security in aid of foreign court proceedings.
In this briefing we consider some recent decisions that have been handed down in the UK and overseas courts, that include: the meaning of “unit” under the Hague Rules; the right of owners to abandon a vessel arguably late and claim a CTL; and ‘whaling’ in Singapore, which is a cyber attack case, where payments are made by a bank on the instructions of an impostor.
Case review 15/03/2018
Major Shipping & Trading Inc v Standard Chartered Bank (Singapore) Ltd, is the first reported decision by the Singapore High Court regarding a social engineering scam known as ‘whaling’ or ‘spoofing’.
Last year, the Singapore listed company CSE Global Limited (CSE Global) and its wholly-owned Singaporean subsidiary CSE TransTel Pte. Ltd. (CSE TransTel) (collectively referred to as “CSE”) entered into a settlement agreement with the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) requiring CSE to pay a settlement of US$12 million.
As we start the new year, we examine some of the lessons to be learnt from the ZTE sanctions violations settlement which was the largest such settlement with the US regulators in 2017.
The United States currently has in place economic and trade sanctions applicable to various foreign countries and regimes, and other persons considered threats to U.S. national and economic security.