Fraud & Asset Recovery
Providence Law frequently acts as local enforcement counsel for international or foreign firms seeking to register a foreign arbitral award or judgment in Singapore in support of multi-jurisdictional enforcement efforts. Our asset tracing and recovery specialisation is complemented by our expertise in insolvency and restructuring, which allows us to provide end-to-end solutions for the identification, preservation, and ultimate recovery of assets for our clients.
We routinely advise multinational clients, insolvency professionals and asset tracing firms on complex, and high value matters. Working together with industry experts, we regularly assist and advise victims of high-profile cryptocurrency, cyber and accounting fraud involving dissipation or concealment of assets.
In line with our expertise in asset tracing and recovery, our team has significant experience applying for and resisting freezing injunctions, interim injunctions, disclosure orders, tracing orders, Anton Piller orders, and other ancillary relief for the identification and protection of assets
Our team also has significant experience working with forensic accountants, computer experts, insolvency office holders and litigation funders such as IMF Bentham Asia, Omni Bridgeway, and Burford Litigation Funding to develop cross-border investigation and enforcement strategies for complex, high-value, cross-border fraud and asset tracing matters.
Our representative engagements include:
- Representing a multinational automotive manufacturing company in legal proceedings for the disclosure of bank account statements to trace proceeds from a multi-jurisdictional fraud involving more than US$1.9 billion, which were transferred across Switzerland, Liechtenstein, Italy, Singapore, Japan, Cayman Islands and Luxembourg.
- Representing the liquidators of a Singapore company in recovery actions against former directors / affiliated entities involving fraud of over US$140 million and assisting in the criminal investigations with the Singapore Commercial Affairs Department.
- Representing the successful intervention and registration of a foreign confiscation order under the Mutual Assistance in Criminal Matters Act in respect of stolen proceeds amounting to approximately US$3 million which had been traced to a bank account in Singapore.
- Representing a decentralised web foundation in a contractual claim for the recovery of cryptocurrencies loaned to a service provider, in claims totaling more than US$40 million, leading to a successful settlement.
- Representing an asset management company in the obtaining of an Anton Piller order and the successful recovery of documents misappropriated from the company by its former employee.
- Representing a Belgian company in resisting an anti-suit injunction commenced by the scheme administrators of an insolvent Singapore company.
- Setting aside an ex parte mareva injunction against an Indonesian tin conglomerate in respect of suspected asset dissipation activities across South East Asia and setting aside statutory demands brought against the patriarchs of the company.
- Representing an Indian state-owned newsprint provider to set aside an injunction obtained in the Singapore High Court that restrained a large local bank from making payment to the newsprint provider on a performance guarantee.
- Representing a Thai construction company in resisting urgent injunctive relief against the unconscionable call of a US$740,000 performance bond by a Myanmar government-linked company.
- Obtaining worldwide mareva injunctions against a US national and his nominees, in support of a Singapore action for the enforcement of judgments obtained in the Korean and US Courts in the sum of over US$16 million.
- Obtaining a proprietary injunction against a Singapore financial institution which was the appointed custodian for shares held in an Indonesian listed company.
- Representing a US director and shareholder of a Singapore company in applying for disclosure of the company’s financial statements and records.
- Representing the Singapore arm of the second-largest electronics manufacturer in Taiwan in obtaining a freezing injunction against an errant employee in the sum of over US$5 million, flowing from the employee’s misappropriation of the company’s properties.
- Representing the liquidators of a Singapore joint venture in the recovery of judgment debts owed by its errant directors in the sum of over S$30 million, including the obtaining of freezing injunctions and commencing actions in knowing receipt against third-parties.
- Representing the promoters and directors of a billion-dollar global conglomerate headquartered in Mumbai to resist enforcement actions against guarantees entered into by the promoters and directors in the sum of over US$80 million.
- Representing a US incorporated special purpose vehicle in resisting the enforcement of judgments obtained in the Mauritius Supreme Court in the sum of over US$90 million.
- Representing a Singapore software solutions company in applying for a banker’s trust order in connection with suspected fraudulent payments.
- Representing a BVI investment fund in the cross-border enforcement of corporate guarantees and personal guarantees against entities / persons based in the BVI, HK and the US, for the recovery of debts amounting to over US$7 million.
- Representing the beneficiaries of a Labuan trust in obtaining an interlocutory status quo injunction to prevent the dissipation of assets by the trustees from a bank account situated in Singapore holding proceeds of over S$10 million.
