DBO & 3 Ors v DBP & 4 Ors

Case Significance

DBO and others v DBP and others [2024] SGCA(I) 4 was a decision of the Court of Appeal delivered by David Neuberger IJ, sitting with Sundaresh Menon CJ and Steven Chong JCA, in Civil Appeal No 9 of 2023. At the close of oral argument on 25 March 2024 the Chief Justice announced that the appeal would be dismissed, with reasons given on 24 June 2024. The appeal challenged a decision of the Singapore International Commercial Court (DBO and others v DBP and others [2023] SGHC(I) 21) which had dismissed the appellants' application to set aside a Partial Arbitration Award dated 30 January 2023, by which an arbitral tribunal had dismissed a claim brought under Rule 29.1 of the Rules of the Singapore International Arbitration Centre.

As set out in the judgment, the underlying dispute arose from a Facility Agreement made on 26 February 2020 under which the lenders (DBR, DBT and DBV) granted a loan facility of US$200m to the borrowers (DBO and DBQ), with DBP as the Security Agent. The appellants were represented by counsel from Dentons Rodyk & Davidson LLP, including Zhulkarnain Bin Abdul Rahim, while the respondents were represented by counsel from Setia Law LLC, Providence Law Asia LLC and Linklaters Singapore Pte Ltd.