Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Rajah & Tann remains one of the top firms in the market for having consistently highly regarded capital markets and restructuring teams.

In a highlight banking transaction this year, partner Angela Lim advised Resorts World at Sentosa on secured credit facilities of S$4.2 billion for the refinancing of facilities constructed on Sentosa Island by Resorts World at Sentosa.

The firm’s restructuring and insolvency practice head, Lee Eng Beng, also continued to make an impression, representing lenders and creditors in several large restructuring and rehabilitation cases this year.

Together with partners Sim Kwan Kiat and Ryan Loh, Lee acted for bank lenders regarding the insolvency of Korea Line. The company’s Singapore subsidiary alone owes US$100 million, but was placed under bankruptcy protection by Korean courts. Lee also advised creditors regarding the insolvency of Drydocks World Group, which carried US$100 million in debt.

Clients particularly value the depth of industry knowledge within the firm’s restructuring and insolvency team, and the quick turnaround time of deals. “The lawyers there are good, easily accessible and very innovative,” says one.

This year, the firm also started the first integrated regulatory practice dedicated to compliance in Singapore.

Led by well regarded partners Chia Kim Huat and Goh Kian Hwee, Rajah & Tann’s 35 partner M&A team is respected for its experience in cross border transactions.

This year saw the firm, led by Hwee and partner Lawrence Tan, handle the exit of OCBC from Map Technology, an integrated data storage service provider. Map Technology voted to delist from the SGX-S, and OCBC offered S$74 million in shares for its exit offer.

Hwee also headed up a team of advisers to Gallant Venture on its acquisition of a strategic interest of US$1.3 billion of property in Lao Xi Men (LXM) Shanghai Property. The multi-jurisdictional deal involved counterparties across Singapore, China, Hong Kong, Indonesia and the British Virgin Islands. It was also a multi-tiered acquisition, involving the injection of intermediate holding companies of the LXM Shanghai Property into a special purpose vehicle, the acquisition of the stake in the SPV, and the acquisition of restructured loans.

With partners Chong Yee Leong and Soh Lip San at the helm, Rajah & Tann has built up a strong construction and projects practice with a particularly respectable reputation for resolving complex, high end disputes.

The 16 member team advises on all aspect of the construction industry, including pre-construction phases, and engages in a broad range of projects from roads and airports to thermal power stations and marine engineering.

In a highlight transaction this year, a firm team led by San advised Jurong Aromatics on its development and construction of an integrated petrochemical complex on Jurong Island, Singapore with estimated total development costs of US$2.4 billion.

In the real estate space, the firm focuses on lease agreements, joint ventures, securitisations, project financing and conveyancing. Lay See Lee, Choo Hock Soon and Hiang Chye Gan are notable contributors in this department.

Rajah & Tann’s 19 partner commercial litigation practice group remains one of the more sought after in the region.

Led by the “knowledgeable” Francis Xavier, the team has earned a reputation for resolving national and cross border disputes across an array of topics including corporate and capital markets, international arbitration and shipping.

A highlight this year saw partners Andre Yeap and Danny Ong represent Lehman Brothers Singapore in the defence of an action by a group of investors alleging fraudulent and negligent misrepresentation in the prospectus for a S$10 billion notes programme issued by Minibond.

Partner Adrain Wong successfully defended OCBC in a widely publicised claim for breach of banker’s duty. The landmark case involved a wealthy 89 year old OCBC customer suffering from dementia, who OCBC deemed mentally incapable of operating accounts totaling around S$9 million. The High Court decision, which was the first Singapore banking case involving suspected fraud on the elderly, was subsequently upheld by the Court of Appeal.

Gregory Vijayendran is described by one client as a “committed and diligent professional”, while Simon Goh and Lai Yew Fei are also regular contributors in the group.

Housing a broad range of expertise covering all areas of projects from start to finish as well as dispute resolution, Rajah & Tann’s 16 member construction and projects practice continues to earn its tier one ranking.

Led by partners Chong Yee Leong and Soh Lip San, the group assists lenders such as export agencies and multilaterals on project funding arrangements as well as advising on contracts. A highlight this year saw the firm, led by San, advise an Indonesian engineering and construction company on the drafting of the EPCC contract, technical services and supply agreements and other project documents in relation to its two power plant projects in Timor Leste worth about US$365 million.

Peers speak highly of Chong’s “good professional working relationship”, while Chee Siong Sim and Chye Hoon Ho are also key contacts in the group.

Led by well respected industry veteran Rajesh Sreenivasan, Rajah & Tann’s technology and telecommunications practice has established itself as a leading player in the market.

With clients ranging from state governments and statutory boards to multinationals in the telecommunications, computer hardware and software sectors, the group has been involved in many of the largest and most complex IT and telecommunications projects of recent years.

In the telecommunications competition and regulatory space, the firm advised the ASEAN Secretariat to facilitate a pan-ASEAN forum on legislative and regulatory reforms to collectively address convergence of IT, telecoms and broadcasting across all ASEAN member countries. The team, together with competition practice head Kala Anandaraja, also helped the telecoms regulator in Brunei formulate a new telecoms licensing regime, including a regulator’s handbook, telecoms licences and a competition regime.

In telecommunications infrastructure, the firm has structured complex telecoms infrastructure procurement agreements based on traditional and PPP models.

The firm’s broad experience and in depth knowledge in terms of IT procurement has also enabled the team to help numerous state level IT organisations in Malaysia and Indonesia in drafting and negotiating complex IT procurement contracts based on shared services, outsourcing and PPP models.

Steve Tan is another key partner in the team. Peers note his extensive experience on IT projects and in media related matters including exploitation and commercialisation issues across multiple technological platforms.

It has been an active year for Rajah & Tann’s shipping practice. Under the leadership of Toh Kian Sing, the nine partner group has made significant inroads in the offshore oil and gas sector. For example, it acted for Transocean in a US$100 million rig supply contract dispute with a Philippines exploration company, and advised Daxin Petroleum in a claim brought by First Ship Lease arising out of a sale and leaseback transaction with related actions in Japan, China and Singapore.

In the financing space, the firm benefited from the increasing popularity of offshore bond issues, securing various appointments to act for bond issuers or investors. Most notably, the team advised the placement agents for the PetroSaudi Group in a US$250 million private bonds placement for oil rigs to be deployed in Venezuela.

On the jurisprudence front, the team was involved in 11 out of 16 written shipping/admiralty judgments delivered by Singapore’s High Court in the past year.

Peers expect an equally strong year ahead for the firm, as the addition of six shipping lawyers has bolstered its group to 27 fee earners.

Leong Kah Wah, Jainil Bhandari, Winston Kwek and Ian Teo all come recommended for their contributions in the sector.

Following a string of departures, Rajah & Tann’s tax team slips a tier this year with no full time members remaining in the department. Nonetheless, supported by partner Choo Hock Soon and tax consultant Stephen Phua, the department continues to offer the full spectrum of tax services. It has particular expertise in GST, complex corporate transactions, planning and documentation, as well as the resolution of tax controversies.