ESR Group and others v HSBC Institutional Trust Services (Singapore) Ltd and another [2024] SGHC(A) 25

The Appellate Division of the High Court of Singapore recently ruled in ESR Group and others v HSBC Institutional Trust Services (Singapore) Ltd and another [2024] SGHC(A) 25, dismissing an appeal regarding the interpretation of the trust deed constituting the Sabana Industrial Real Estate Investment Trust (“Sabana REIT”). The Court held that the conflict-of-interest provision in Sabana REIT’s trust deed should be interpreted purposively. Specifically, it construed “matter” as both the “subject” and “object” of a meeting, and “material interest” as an interest “extraneous” to a unitholder’s interest held in its capacity as a unitholder that may influence the unitholder’s vote in the matter. Quarz Capital Asia (Singapore) Pte Ltd, the 2nd Respondent, was successfully represented by our director, Jiaxiang Zhuo and counsel, Wei Shing Ngo and Timothy Hew.

The Court’s decision can be found here: https://lnkd.in/g7-hvrZf

Find out more about our Corporate & Commercial Litigation Practice Area here: https://lnkd.in/gQKHqKcW