Issue #54: Let’s Work This Out
Welcome to the 54th edition of OIA!
You may have noticed that we now have a new logo and newsletter layout. It’s all thanks to a little rebranding exercise that we’ve been doing internally which includes… *drumrolls*
A fancy new OIA website!
Complete with all the past OIA newsletters, Spotlight features, events calendar (so you’ll never miss another important arbitration/disputes gathering) and of course, food recommendations.
Do check it out HERE & let us know what you think of it!
Now let’s get back to our regular scheduling with latest 🌶 headlines in APAC:
Ling Yah
P/S: Know of any interesting seminars happening? Drop us a note at team@overheard.asia!
P/P/S: Scroll to the bottom of this newsletter to find out where you can find the food featured above!
A 4-month Lifeline
Singapore's High Court has thrown a four-month lifeline to Indian crypto exchange WazirX, proving that sometimes, the most volatile thing in crypto isn't the price - it's the drama.
🍿 What Happened?
Once the darling of India's digital currency scene, WazirX went from trading billions to trading legal briefs after a July hack emptied $234 million from its digital coffers - a "minor" 45% of customer funds.
In a move faster than a Bitcoin price drop, the exchange scurried to Singapore's courts seeking protection faster than you can say "blockchain reorganisation."
The Singapore High Court, playing the role of a strict parent, said "okay, but..." and attached more conditions than a smart contract:
Show us your wallets via court affidavit
Open your books faster than you can mine a block (6 weeks)
Address users queries & grievances
Let the grown-ups handle the voting (independent platforms only)
Meanwhile, the hacker has been playing a game of digital hot potato, laundering the last ETH crumbs through Tornado Cash faster than you can say "Know Your Customer."
👀 Hmm…
While WazirX's founder Nischal Shetty optimistically calls this "the fastest, fairest, creditor-approved, legally binding path to resolution," we can't help but wonder - in the world of crypto, is anything ever truly "binding"?
Stay tuned for the next episode of "As The Blockchain Turns."
A $3.5 billion tab
In a plot twist worthy of a Netflix drama, Singapore's former oil magnate OK Lim has agreed to foot a whopping $3.5 billion bill - though his wallet seems to have conveniently gone missing.
🍿 What Happened?
Once the toast of Singapore's oil trading scene, Lim Oon Kuin (otherwise known as OK Lim) built Hin Leong Trading from scratch in 1973 into the city-state's largest independent oil empire. But in 2020, his house of cards came tumbling down faster than a rookie lawyer's first cross-examination.
The company collapsed amid allegations of $800 million in hidden losses, leaving more than 20 banks, including HSBC (holding the short end of a $600 million stick), wondering where all their money went.
👀 Before you ask...
No, the Lim family isn't admitting liability. They're just conveniently filing for bankruptcy while agreeing to pay $3.5 billion.
Also, the real question remains: how much of this monopoly money will actually materialize?
As the worldwide freeze on the Lim family's assets continues, OK Lim still faces sentencing in a separate criminal trial.
Consider this a reminder that even the mightiest can fall - and when they do, they take a lot of other people's money with them
$45 million win
In a dispute that proves breaking up is hard to do (especially when you're still using your ex's stuff), GNC just bench-pressed a whopping $45 million arbitration award against its former franchisee in Asia.
🍿 What Happened?
GNC, the supplement giant that's been helping gym bros achieve their dreams since before protein shakes were cool, took on ONI/LAC Global in a franchise dispute that spanned Singapore and the Philippines.
The battle royale ended with ONI/LAC Global being ordered to pay $39.39M for Singapore breaches, $5.28M for Philippines violations, and a cherry on top - $8.73M in legal fees.
Oh, and they need to hand back the keys to 54 stores they'd sneakily converted to their own brand.
Talk about a costly workout!
👀 Hmm
This case is a masterclass in franchise agreement enforcement that would make any contracts professor misty-eyed.
The Tribunal effectively told ONI/LAC Global that their creative interpretation of franchise agreements (like switching brands without approval and selling unapproved products) was about as welcome as kale at a burger joint.
For Asia-based franchise lawyers, this serves as a reminder that even if your client has beef with their franchisor, going rogue isn't the whey to go. GNC's victory underscores that when it comes to protecting their brand, they're not just flexing - they're ready to go the full 12 rounds.
Spotlight: Tan Shang Neng
My current primary role is father to a 3.5-year-old little girl.
I also moonlight as a civil litigation lawyer. I currently lead my humble civil disputes resolution practice at Tan Shang Neng Advocates & Solicitors. The practice manages a variety of…
Food Reveal
For some of the best sushi in Tokyo.
Want to get involved in helping to run Overheard? Meet senior practitioners? Do legal research with real world impact?
We're always looking for bright, young talent like yourself so if you're interested, give us a holler at team@overheard.asia!
Are you a student or young lawyer?
Special thanks to Overheard in Asia’s sponsor:
David Grief was described as "the Law's Middleman" (Business Times, 2021). You can reach out to him at dg@davidgrief.com if you need help identifying the right lawyer, arbitrator or expert for your matters, or even if you just want to grab a drink 🍵🍺 with someone who has managed and mentored lawyers for almost 5️⃣0️⃣ years!