things that take the most time in courts are the processes leading up to a judgement.
clifford chance did this in record time, outstanding work by Xstate and of course the legal firm
opportunity to appeal the judgement was not taken, which is staggering? why would you not delay things a further 90 days? in this case the risk they ran would be what master sanderson said in his notes,
But in this case there was no gap in the reasoning leading to calculation of the loss. All that can be said is that if the matter had gone to trial it seems likely damages would have been assessed in an amount far greater than the amount for which judgment was entered. That being so, the suggestion (and it was really no more than a suggestion) by the defendants that it was not appropriate to assess damages in the summary judgment application was without merit.
So they ran a massive risk of any appeal making the damages claim far higher, as xstate ran the damages on proved reserves only
An update of the initial report was provided by the consultants on 29 November 2017. It appears as attachment CD-40 to Mr Damiano's second affidavit. If anything it shows that the initial estimates were on the low side. The reserves proved to be more extensive than anticipated. Nonetheless the plaintiff took the step of reducing its claim for damages to concentrate just on the proven reserves. There is no doubt the plaintiff made good its claim.
so without any appeal the application to the singapore courts to have this judgement validated and enforceable in the singapore jurisdiction is could not be hindered or delayed.
as for how long things take? enforcement processes are not able to be delayed in most jurisdictions including the singapore one. any attempt to delay to evade court orders are seen as offences and heavy penalties apply which carry severe consequences including jail sentences for disobeying a final court order
can you simply sell assets or move assets in times like these, i imagine you could, but you would not want to set foot on singapore soil again in your entire life, as the consequences would be an conviction.
HONG HUNG THIAM and TANZIL HIDAYAT have very close connections in singapore, vast business networks, companies and businesses are driven from that jurisdiction, and if you know of what singapore offers businesses with wealth in asia you would well understand why they would not risk bankruptcy and the business collapse over something like this, so they have only a very small envelope of time imho to operate in before having to face the consequence of clifford chance fully implementing the rapid enforcement processes available to them . not years, imho not months, imho weeks are all that this gets down to and each day they delay the more damage these enforcement proceedings can effect.. reputations are key in asia, and these businessmen are facing potential damage to that, if it has not already happened.
(20min delay)
