First Global Funds Ltd v PT Bank JTrust: Striking Out Pleadings & Amendment Application

In a suit before the High Court of Singapore, First Global Funds Ltd PCC, Weston International Asset Recovery Company Limited, and Weston International Asset Recovery Corporation, Inc. (Plaintiffs) sued PT Bank JTrust Indonesia, TBK, J Trust Co, Ltd, and Weston Capital Advisors, Inc. (Defendants) concerning a guarantee claim, WestLB enforcement claim, WCAI-related claims, and penalty interest claims. The court dismissed the plaintiffs' appeals against the Assistant Registrar's decision to strike out certain claims and deny an amendment application, and reserved the decision on costs to the trial judge. The court also dismissed the application for leave to appeal.

1. Case Overview

1.1 Court

High Court of the Republic of Singapore

1.2 Outcome

Plaintiffs' appeals dismissed; costs reserved to the trial judge; application for leave to appeal dismissed.

1.3 Case Type

Civil

1.4 Judgment Type

Judgment

1.5 Jurisdiction

Singapore

1.6 Description

Singapore High Court judgment regarding striking out a guarantee claim, WestLB enforcement claim, WCAI-related claims, and penalty interest claims.

1.7 Decision Date

2. Parties and Outcomes

Party NameRoleTypeOutcomeOutcome TypeCounsels
First Global Funds Limited PCCPlaintiffCorporationAppeal DismissedLost
Weston International Asset Recovery Company LimitedPlaintiffCorporationAppeal DismissedLost
Weston International Asset Recovery Corporation, IncPlaintiffCorporationAppeal DismissedLost
PT Bank JTrust Indonesia, TBK (formerly known as PT Bank Mutiara TBK)DefendantCorporationSuccessful in Striking Out ApplicationWon
J Trust Co, LtdDefendantCorporationSuccessful in Striking Out ApplicationWon
Weston Capital Advisors, IncDefendantCorporationMentioningNeutral

3. Judges

Judge NameTitleDelivered Judgment
Choo Han TeckJudgeYes

4. Counsels

Counsel NameOrganization
Suang WijayaEugene Thuraisingam LLP
Hamza MalikEugene Thuraisingam LLP
Lock Zhi YongEugene Thuraisingam LLP
Ong Tun Wei DannyRajah & Tann Singapore LLP
Yam Wern-JhienRajah & Tann Singapore LLP
Bethel ChanRajah & Tann Singapore LLP

4. Facts

  1. FGF, WIAR Limited, and WIAR Corporation are companies established in Mauritius.
  2. PT Bank is a bank incorporated and doing business in Indonesia.
  3. J Trust is a company listed on the Tokyo Stock Exchange and owns 96.185% of PT Bank shares.
  4. WCAI was originally a plaintiff but was joined as the third defendant.
  5. Plaintiffs sought to enforce Mauritian judgments against PT Bank and J Trust.
  6. PT Bank and J Trust applied to strike out the Guarantee Claim, WestLB Enforcement Claim, WCAI-related Claims, and Penalty Interest Claims.
  7. An Indonesian judgment was issued in favor of PT Bank against WestLB AG and its successors.

5. Formal Citations

  1. First Global Funds Ltd PCC and othersvPT Bank JTrust Indonesia, TBK and others, Suit No 1060 of 2015, [2020] SGHC 32

6. Timeline

DateEvent
2015 Mauritian Judgment issued by the Supreme Court of Mauritius
Judgment issued by the Supreme Court of Mauritius
Suit No 1060 of 2015 filed
Statement of claim dated
Plaintiffs filed Summons No 3017 of 2019 (the “Amendment Application”)
PT Bank and J Trust countered with Summons No 4229 of 2019 (the “Striking Out Application”)
Hearing of appeals arising from the AR’s decisions
2014 Indonesian Judgment issued by the Supreme Court of Indonesia
Judgment reserved
Judgment date

7. Legal Issues

  1. Striking Out of Guarantee Claim
    • Outcome: The court upheld the striking out of the Guarantee Claim, finding it legally unsustainable.
    • Category: Substantive
  2. Striking Out of WestLB Enforcement Claim
    • Outcome: The court upheld the striking out of the WestLB Enforcement Claim due to conflict with an earlier Indonesian judgment.
    • Category: Substantive
  3. Striking Out of WCAI-related Claims
    • Outcome: The court upheld the striking out of the WCAI-related Claims, finding the Plaintiffs lacked locus standi.
    • Category: Substantive
  4. Striking Out of Penalty Interest Claims
    • Outcome: The court upheld the striking out of the Penalty Interest Claims due to lack of legal basis.
    • Category: Substantive
  5. Amendment Application
    • Outcome: The court dismissed the Plaintiffs' appeal against the AR's decision in the Amendment Application.
    • Category: Procedural

8. Remedies Sought

  1. Monetary damages
  2. Interest

9. Cause of Actions

  • Enforcement of foreign judgment
  • Breach of guarantee

10. Practice Areas

  • Litigation

11. Industries

  • Banking
  • Finance

12. Cited Cases

Case NameCourtAffirmedCitationJurisdictionSignificance
Humpuss Sea Transport Pte Ltd (in compulsory liquidation) v PT Humpuss Intermoda Transportasi TBK and anotherHigh CourtYes[2016] 5 SLR 1322SingaporeCited for the principle that a foreign judgment will not be given effect if it conflicts with an earlier foreign judgment recognized under the private international law of the forum.

13. Applicable Rules

Rule Name
No applicable rules

14. Applicable Statutes

Statute NameJurisdiction
Lembaga Penjamin Simpanan Regulation No. 1/LPS/2014Indonesia
Otoritas Jasa Keuangan Regulation No. 56/POJK.03/2016Indonesia
Law No. 24 of 2004 of the Republic of IndonesiaIndonesia
Law No. 40 of 2007 of the Republic of IndonesiaIndonesia
Otoritas Jasa Keuangan Regulation No. 27/POJK.03/2016Indonesia

15. Key Terms and Keywords

15.1 Key Terms

  • Guarantee Claim
  • WestLB Enforcement Claim
  • WCAI-related Claims
  • Penalty Interest Claims
  • Striking Out Application
  • Amendment Application
  • Mauritian Judgment
  • Indonesian Judgment
  • Locus standi
  • Res judicata

15.2 Keywords

  • striking out
  • amendment
  • guarantee
  • foreign judgment
  • civil procedure
  • pleadings

17. Areas of Law

Area NameRelevance Score
Civil Procedure80
Civil Practice75
Costs60
Judgments and Orders60
Appeal50
Appellate Practice50
Litigation40
Contract Law30
Corporate Litigation25
Corporate Law25
Conflict of Laws20

16. Subjects

  • Civil Procedure
  • International Law
  • Banking Law