Finaport Pte. Ltd. v Techteryx Ltd.
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Case Significance
Finaport Pte Ltd v Techteryx Ltd [2024] SGHC 329 is a Grounds of Decision of the General Division of the High Court (Originating Application No 474 of 2024) delivered by Vinodh Coomaraswamy J on 27 December 2024, following a hearing on 30 July 2024. The applicant, Finaport Pte Ltd, a Singapore-incorporated company providing investment advice and regulated by the Monetary Authority of Singapore, sought an anti-suit injunction to restrain the respondent, Techteryx Ltd, from pursuing litigation pending in Hong Kong in which the respondent was the claimant and the applicant the second defendant. Vinodh Coomaraswamy J dismissed the application with costs, holding that he did not accept that the Hong Kong Suit was vexatious or oppressive, or that the respondent had commenced or was pursuing it in breach of any obligation.
Summary
Finaport Pte Ltd, a Singapore-incorporated investment adviser, sought an anti-suit injunction to restrain Techteryx Ltd, the owner and administrator of the TrueUSD stablecoin, from pursuing litigation pending in Hong Kong in which Finaport was the second defendant. The proceeding raised issues of natural forum and the restraint of foreign proceedings on grounds of comity, breach of agreement, and vexatious and oppressive conduct. The court dismissed the application, finding that it was not persuaded the Hong Kong suit was vexatious or oppressive or pursued in breach of any obligation, and ordered Finaport to pay the respondent's costs fixed at $9,000 including disbursements and GST.
What did the court decide in Finaport v Techteryx [2024] SGHC 329?
Vinodh Coomaraswamy J dismissed Finaport Pte Ltd's application for an anti-suit injunction with costs on 27 December 2024, finding the Hong Kong Suit brought by Techteryx Ltd was neither vexatious nor oppressive, and was not pursued in breach of any obligation owed to Finaport.
When will Singapore courts refuse an anti-suit injunction restraining foreign proceedings?
In Finaport v Techteryx [2024] SGHC 329, Vinodh Coomaraswamy J declined an anti-suit injunction where the foreign Hong Kong proceedings were not shown to be vexatious or oppressive to the applicant, nor commenced or pursued in breach of any agreement or obligation.
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Judgment
Read the full judgment on the official Singapore Courts portal.
Read on eLitigationSource: eLitigation ([2024] SGHC 329)