YUANTA ASSET MANAGEMENT INTERNATIONAL LIMITED & Anor v TELEMEDIA PACIFIC GROUP LIMITED & Anor

YUANTA ASSET MANAGEMENT INTERNATIONAL LIMITED & Anor v TELEMEDIA PACIFIC GROUP LIMITED & Anor

Additional security of $20,000 was ordered (raising total security to $50,000) because there was credible evidence of likely delay and expense in enforcing any costs order (difficulty obtaining release of solicitors' undertaking and prompt stay application) and no reciprocal enforcement of Singapore judgments in the...

Source-derived case information.

Citation
[2017] SGCA(I) 02
Parties
Applicant in Ca/sum 9/2017; Respondent in Ca/ca 189/2016: Telemedia Pacific Group Limited; Applicant in Ca/sum 9/2017; Respondent in Ca/ca 189/2016: Hady Hartanto; Respondent in Ca/sum 9/2017; Appellant in Ca/ca 189/2016: Yuanta Asset Management International Limited; Respondent in Ca/sum 9/2017; Appellant in Ca/ca 189/2016: Yeh Mao-Yuan
Court
Court of Appeal
Jurisdiction
Singapore
Judgment Date
10 February 2017
Case Number
CA/CA 189/2016 ( CA/SUM 9/2017 )
Procedural Posture
Civil Appeal With Interlocutory Summons for Further Security for Costs Under O 57 R 3(4) Rules of Court / Interlocutory Application (summons No 9 of 2017)
Outcome
Application allowed in part.
Legal Topics
Security for Costs, Order 57 R 3(4) Rules of Court, Foreign Residency and Asset Location, Solicitor's Undertaking, Timeliness of Application
Source Language
english
Civil Procedure Costs Enforcement of Judgments Appeal Security for Costs Order 57 R 3(4) Rules of Court Foreign Residency and Asset Location Solicitor's Undertaking +1 more

Source-derived case record

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 7 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Telemedia Pacific Group Limited

Applicant in Ca/sum 9/2017; Respondent in Ca/ca 189/2016

Hady Hartanto

Applicant in Ca/sum 9/2017; Respondent in Ca/ca 189/2016

Yuanta Asset Management International Limited

Respondent in Ca/sum 9/2017; Appellant in Ca/ca 189/2016

Yeh Mao-Yuan

Respondent in Ca/sum 9/2017; Appellant in Ca/ca 189/2016

Procedural Posture

Civil Appeal With Interlocutory Summons for Further Security for Costs Under O 57 R 3(4) Rules of Court / Interlocutory Application (summons No 9 of 2017)

Legal Issues

  1. 1 Whether the quantum of security for costs should be increased under O 57 r 3(4)
  2. 2 Whether appellants' foreign residency and lack of Singapore assets justify increased security
  3. 3 Whether appellants' conduct indicates likely resistance to enforcement of costs orders

Ratio Decidendi

Additional security of $20,000 was ordered (raising total security to $50,000) because there was credible evidence of likely delay and expense in enforcing any costs order (difficulty obtaining release of solicitors' undertaking and prompt stay application) and no reciprocal enforcement of Singapore judgments in the jurisdictions where appellants may hold assets; these factors made it just to increase security, balanced against considerations of trial length and complexity.

Court Disposition

Application allowed in part.

Orders

  • Appellants to furnish additional security for costs of $20,000 by a solicitor's undertaking within 14 days of the date of the court's order, failing which the appeal will be deemed withdrawn or stayed pending provision of the additional security.
  • Parties to be heard on costs of this application.