EFG Bank AG v Surewin Worldwide: Costs Allocation After Security Interest Ruling

In EFG Bank AG, Singapore Branch v Surewin Worldwide Ltd and others, the High Court of Singapore addressed the allocation of costs following a judgment upholding EFG Bank's security interest in a fund. The court ordered the second defendant, Singfor Life Insurance Co Ltd, to pay the plaintiff, EFG Bank AG, Singapore Branch, its costs and a portion of its disbursements, while denying the third defendant, EFG Wealth Solutions (Singapore) Ltd, recovery of its costs from the second defendant. The first defendant, Surewin Worldwide Ltd, was defunct and did not participate in the proceedings.

1. Case Overview

1.1 Court

General Division of the High Court

1.2 Outcome

Costs awarded to Plaintiff against the Second Defendant; Third Defendant not entitled to costs.

1.3 Case Type

Civil

1.4 Judgment Type

Judgment

1.5 Jurisdiction

Singapore

1.6 Description

Costs allocation after EFG Bank AG's security interest upheld. The court determined the costs payable by the second defendant to the plaintiff.

1.7 Decision Date

2. Parties and Outcomes

Party NameRoleTypeOutcomeOutcome TypeCounsels
EFG Bank AG, Singapore BranchPlaintiffCorporationCosts awardedWon
Surewin Worldwide LtdDefendantCorporationNo outcome specifiedNeutral
Singfor Life Insurance Co LtdDefendantCorporationCosts to be paid to PlaintiffLost
EFG Wealth Solutions (Singapore) LtdDefendantCorporationNot entitled to recover costsNeutral

3. Judges

Judge NameTitleDelivered Judgment
Vinodh CoomaraswamyJudge of the High CourtYes

4. Counsels

Counsel NameOrganization
Lionel LeoWongPartnership LLP
Chou Sean YuWongPartnership LLP
Alvin Yeo SCWongPartnership LLP
Yu KanghaoWongPartnership LLP
Alvin TanWongPartnership LLP
Dennis SawWongPartnership LLP
Daryl KwokWongPartnership LLP
Wong Pei TingAllen & Gledhill LLP
William OngAllen & Gledhill LLP
Dion LoyAllen & Gledhill LLP
Melissa MakAllen & Gledhill LLP
Fay FongAllen & Gledhill LLP
Chew Kei-JinAscendant Legal LLC
Lee Ji EnAscendant Legal LLC
Stephanie TanAscendant Legal LLC

4. Facts

  1. The plaintiff, EFG Bank AG, Singapore Branch, sought costs from the defendants after a judgment in its favor.
  2. The first defendant, Surewin Worldwide Ltd, is defunct and did not participate in the action.
  3. The second defendant, Singfor Life Insurance Co Ltd, contested the plaintiff's claim for costs.
  4. The third defendant, EFG Wealth Solutions (Singapore) Ltd, sought to recover its costs from the second defendant.
  5. The amount at stake in the action was US$194 million.
  6. The plaintiff claimed $588,500 for costs and just over $1.7 million in disbursements.
  7. The third defendant claimed $380,000 for costs and just under $300,000 for disbursements.

5. Formal Citations

  1. EFG Bank AG, Singapore Branch v Surewin Worldwide Ltd and others, Suit No 732 of 2016, [2022] SGHC 26

6. Timeline

DateEvent
Judgment reserved
Judgment issued

7. Legal Issues

  1. Allocation of Costs
    • Outcome: The court determined the allocation of costs, ordering the second defendant to pay the plaintiff's costs and a portion of disbursements, while denying the third defendant recovery of its costs.
    • Category: Procedural
  2. Issue Estoppel
    • Outcome: The court found in favor of the plaintiff on the issue of whether the Taiwanese Award gave rise to an issue estoppel.
    • Category: Substantive
  3. Validity of Security Interest
    • Outcome: The court upheld the plaintiff's security interest in the fund.
    • Category: Substantive
  4. Enforceability of Pledge
    • Outcome: The court found in favor of the plaintiff on the issue of whether the SFIP-1 Pledge was illegal and therefore unenforceable under Taiwanese law.
    • Category: Substantive

8. Remedies Sought

  1. Costs
  2. Disbursements

9. Cause of Actions

  • No cause of actions

10. Practice Areas

  • Litigation

11. Industries

  • Banking
  • Insurance

12. Cited Cases

Case NameCourtAffirmedCitationJurisdictionSignificance
EFG Bank AG, Singapore Branch v Surewin WorldwideHigh CourtYes[2021] SGHC 227SingaporeThe current judgment addresses the costs of the action in this cited case, where the plaintiff's security interest was upheld.
Teng Wen-Chung v EFGN/AYes[2018] 2 SLR 1145SingaporeCited in relation to the issue of foreign illegality.
Tullio Planeta v Maoro Andrea GN/AYes[1994] 2 SLR(R) 501SingaporeCited for the principle that the touchstone continues to be the successful party’s reasonableness in taking the position it did on the subsidiary issue.
Element Six Technologies Ltd v IIa Technologies Pte LtdHigh CourtYes[2020] SGHC 140SingaporeCited for the principle that the touchstone continues to be the successful party’s reasonableness in taking the position it did on the subsidiary issue.

13. Applicable Rules

Rule Name
Order 59 r 6A of the Rules of Court

14. Applicable Statutes

Statute NameJurisdiction
Rules of CourtSingapore

15. Key Terms and Keywords

15.1 Key Terms

  • Costs
  • Disbursements
  • Security interest
  • SFIP-1 Pledge
  • Taiwanese Award
  • Expert witness fees
  • Interlocutory matters
  • Standard basis
  • Indemnity basis

15.2 Keywords

  • costs
  • disbursements
  • security interest
  • Taiwanese law
  • Jersey law
  • Singapore law
  • issue estoppel

17. Areas of Law

Area NameRelevance Score
Costs95
Civil Practice75
Trust Law30
Contract Law20
Company Law20
Commercial Disputes15
Arbitration10

16. Subjects

  • Civil Procedure
  • Costs
  • Trusts
  • Equity