While commodity finance players have been rocked by the effects of Covid-19, the oil price crash and fraud cases in Singapore, business is reportedly booming for blockchain platforms that target the sector. But to what extent can these technology solutions combat fraud, and will the decision by key banks to limit their exposure, or even exit commodity finance altogether, limit their potential to reform the industry?
Felix Thompson reports.
From the large banks left exposed to fraud in Singapore to the smaller traders left struggling to access financing, various players felt the pinch in the commodity finance sector last year.
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Singapore allows e-documents for cross-border trade
Out-Law News | 04 Feb 2021 | 5:40 am |
Singapore will allow cross-border trade documents with international ports to be digitised.
Singapore’s parliament passed the Electronic Transactions Amendment Bill this Monday 1 February 2021. Under the Bill, Singapore will allow cross-border trade documents to be digitised as long as they meet certain requirements.
It is hoped that this will reduce paperwork and costs for cross-border trade.
Trade and technology expert Bryan Tan of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: ”Singapore is an open, trade-dependent economy. The feeling is that the pandemic offers a chance to implement such innovative changes so that the economy is better placed after the pandemic than it was before it.”
Introduction
In the ongoing dispute between Ecuador and US energy multinational Chevron Corporation, The Hague District Court was again called upon to consider whether an award issued pursuant to the US-Ecuador bilateral investment treaty could be set aside. In 2006 and 2013 Ecuador had also attempted to set aside US-Ecuador investment treaty awards. Both proceedings were conducted up to the Supreme Court and resulted in the awards being upheld.(1)
At first glance, the award rendered is quite remarkable as the tribunal did not award any damages. Instead, it ordered Ecuador to immediately suspend the enforceability of a fraudulent national judgment. An award of remedies other than monetary damages, although permitted, is unusual in investment arbitration, to the extent that questions have arisen as to whether it is actually possible.
Introduction
France is an arbitration-friendly jurisdiction with a positive attitude towards enforcement of international arbitral awards. The enactment of Decree 2011-48 of 13 January 2011, which reformed French arbitration law, reinforced this positive approach.
One of the major innovations of Decree 2011-48 was Article 1526 of the Civil Procedure Code (CPC). Pursuant to said article, a motion to set aside an international arbitral award or an appeal against an order granting such award s enforcement (
exequatur) no longer leads to an automatic stay of execution of the international arbitral award.
However, this innovation is accompanied by an important safeguard: if the international award s enforcement is likely to severely harm the rights of one of the parties, the first president of the court of appeal ruling in expedite proceedings or the pre-trial judge overseeing the case, once appointed, may stay or amend the award s enforcement (Article 1526(2)).(1)