TKQP has secured victory in a first of its kind case in the common law world involving the legal consequences of certain SWIFT messages. SWIFT is commonly used as a means of communication between financial institutions around the world.
The case, which was heard by Sir Jeremy Cooke in the Singapore International Commercial Court (“SICC”), involved issues relating to the allocation of risk/liability between a sending bank and a beneficiary bank, in a cross-border transfer of funds where the payment information and the settlement instructions are sent in two separate message flows. The SICC’s decision will have ramifications on the jurisprudence and practice of bank payments around the world.
The team was led by Joint Managing Partner and Co-Head of Disputes, Mr Eddee Ng and assisted by Mr Siew Guo Wei and Ms Vinna Yip, both Senior Associates of TKQP. TKQP was very pleased to have worked alongside Mr Raymond Cox QC in its first matter before the SICC.