SIAC Sets a New Record in 2020admin2019
The Singapore International Arbitration Centre (SIAC) is pleased to announce the official release of its 2020 Annual Report.
2020 saw SIAC set a new record with 1,080 new case filings. This is the first time that SIAC’s caseload has crossed the 1000-case threshold. Of the 1,080 cases, 1,063 (98%) were cases administered by SIAC, which is also a record. The remaining 17 (2%) cases were ad hoc appointments.
SIAC’s total sum in dispute for 2020 was USD 8.49 billion (SGD 11.25 billion) which was a 4.9% increase from 2019.
Parties from 60 jurisdictions chose to arbitrate at SIAC in 2020. India, US and China topped the foreign user rankings. Other top foreign users encompassed a broad spectrum of civil and common law jurisdictions, including Switzerland, Thailand, Indonesia, Hong Kong SAR, Vietnam, Japan and Cayman Islands.
Mr Gary Born, President of the Court of Arbitration of SIAC, commented: “These numbers are exceptional and will spur us to work even harder on improving the quality and efficiency of SIAC’s case administration, to fulfil our goal of being the leading choice of users all over the world.”
Mr Davinder Singh, SC, Chairman of SIAC, said: “We are deeply grateful for this immense support which is a clear re-affirmation of the international community’s trust in SIAC’s neutrality, integrity, independence, and time and cost efficiency, and of the world’s regard for our best in class judiciary and a government which sets the legislative pace.”
Ms Lim Seok Hui, CEO of SIAC, said: “We reached new milestones in 2020 through careful planning and hard work. We greatly value and appreciate the trust of our users all around the world, which keeps us firmly motivated.”