The Singapore International Arbitration Centre (SIAC) will publish its 2012 Annual Report today. The Centre celebrated its 21st year and handled 235 new cases in 2012, a 25% increase on the previous year, cementing its position as the world's fastest growing major international arbitration centre. Total sums in dispute for 2012 amounted to SGD 3.61 billion, more than double that handled by the Centre in previous years. Disputes came from diverse sectors including telecommunications, infrastructure, financial derivatives, energy and insurance. 2012 also saw larger, more complex disputes being filed at the SIAC. The increase in the quantum of claims and the rise in the number of complex disputes is testament to SIAC’s status as one of the world’s leading arbitration service providers.
In 2012, parties from 39 jurisdictions were involved in cases at SIAC with mainland Chinese and Indian parties featuring as the most frequent users. For the first time since 2007, parties from mainland China were the number one source of cases filed with India a very close second. Success in these key Asian markets is a significant achievement for SIAC. The other significant contributors were Indonesia and the USA.
These results will be announced at a Thank You reception on 19 February 2013 attended by SMS for Law, Ms Indranee Rajah, and 200 guests from the arbitration and business communities.
2013 heralds another successful year for SIAC. We have started the year with a flurry of new cases filed in the first month and are well poised to build on our position as a leader in dispute resolution.
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