Alternative Streitbeilegung / Mediation

Aktuelle eAlerts

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  24.08.2023

  Singapore, UK

  Is cryp­to­cur­ren­cy property capable of being held on trust?

  This article is produced by CMS Holborn Asia, a Formal Law Alliance between CMS Singapore and Holborn Law LLC.Recently, the Singapore High Court in ByBit Fintech Limited v Ho Kai Xin [2023] SGHC 199 (“ByBit”) was presented with this issue and held that Tether, also known as USDT, a fiat backed stablecoin pegged to the US Dollar is property, and more specifically classified as a chose in action/ thing in action. Accordingly, a constructive trust can be imposed over any misappropriated USDT. The decision of the Singapore High Court comes amidst similar developments in other common law...

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  25.07.2023

  United Kingdom

  Enforcement of arbitral award refused in cryp­to-re­la­ted dispute

  The English High Court has refused to enforce a foreign arbitral award in a crypto-asset related dispute, as to do so would be contrary to public policy.Background:As set out in our previous Law-Now on this case, Mr. Chechetkin, a lawyer by profession, undertook a series of trades on Payward’s crypto-asset exchange, Kraken, which resulted in him losing more than £600,000. These trades were entered into pursuant to Payward’s contractual terms and conditions, which Mr. Chechetkin accepted was binding on him. Importantly for the present claim, the terms and conditions contained an...

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  13.06.2023

  Middle East

  UAE Corporate Tax Law: When does a non-resident juridical person have a UAE Nexus?

  BackgroundThe UAE enacted its Corporate Tax Law (the “CTL”) in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The CTL came into force on 1 June 2023. The main corporate tax rate of 9% applies on income exceeding AED 375,000 (roughly USD 102,000). The CLT provides that the rate of corporate tax which applies to “Qualifying Free Zone Persons” is 0% with respect to qualifying income and 9% on non-qualifying revenue.Under Article 11 of the CTL, a taxable person includes a non-resident person which has a UAE nexus.Cabinet Decision...

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  05.06.2023

  Middle East

  UAE Corporate Tax Law: What Constitutes Qualifying Income for Free Zone Persons?

  BackgroundThe UAE enacted its Corporate Tax Law (the “CTL”) in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The CTL came into force on 1 June 2023. The main corporate tax rate of 9% applies on income exceeding AED 375,000 (roughly USD 102,000). The CLT provides that the rate of corporate tax which applies to “Qualifying Free Zone Persons” (“QFZP”) is 0% with respect to qualifying income (“Qualifying Income”) and 9% on non-qualifying revenue (“Non-Qualifying Revenue”).After much anticipation,...

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  25.05.2023

  Singapore, UK

  Pre-award ar­bi­t­ra­bi­li­ty: the seat, the governing law and the composite approach

  In the event a party challenges arbitrability of a dispute, a threshold question arises: should the issue of arbitrability be considered under the law governing the arbitration agreement or the law of the seat of the arbitration? This issue was most recently considered by the Singapore Court of Appeal in the case of Anupam Mittal v Westbridge Ventures II Investment Holdings [2023] SGCA 1 (“Mittal”).(1) The Singapore Position (A) Brief Facts of MittalThe Appellant was one of the founder-shareholders of a company incorporated in India that owns and operates a well-known matrimonial service...

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  24.05.2023

  Deutschland

  Who watches the watchers? – German court grants an an­ti-an­ti-an­ti-su­it injunction in respect of a dispute over en­forcea­bi­li­ty of an ICSID award

  In a 2 May 2023 judgment, the Higher Regional Court of Hamm issued an injunction enjoining the German investors, RWE Innogy GmbH and RWE Innogy Aersa SAU, from pursuing court proceedings outside the EU aimed at enjoining pending court proceedings in Germany, in which Spain is seeking an order to prohibit German investors from applying for enforcement of an arbitral award that would order Spain to pay compensation and damages in the amount of EUR 31 million.BackgroundThe origin of this cascade of injunctions is an investor-state arbitration under the Energy Charter Treaty (ECT): RWE Innogy GmbH...

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