KIRI INDUSTRIES LIMITED v SENDA INTERNATIONAL CAPITAL LIMITED & Anor

Case Significance

Kiri Industries Ltd v Senda International Capital Ltd and another [2024] SGHC(I) 25 was a decision of the Singapore International Commercial Court, with Kannan Ramesh JAD delivering the judgment of the court, sitting with Anselmo Reyes IJ and Roger Giles IJ, heard on 3 June 2024 and decided on 29 August 2024, in Suit No 4 of 2017 (Summons No 24 of 2023). The judgment addressed the costs of SIC/SUM 24 of 2023. In SUM 24, the court had ordered an en bloc sale of the shareholdings of Kiri Industries Ltd and Senda International Capital Ltd in DyStar Global Holdings (Singapore) Pte Ltd, to be managed by court-appointed receivers, with Kiri to receive US$603.8m in priority out of the proceeds after deducting the receivers' remuneration and sale expenses, and Senda receiving the balance, in substitution of the previous order for Senda to buy out Kiri's shareholding for US$603.8m.

The full grounds of the underlying decision had been issued in Kiri Industries Ltd v Senda International Capital Ltd and another [2024] SGHC(I) 14. In this costs judgment, the court noted that each of Kiri, Senda and DyStar was represented and had made substantive submissions, that none contested the general rule that costs should follow the event, but that each contended to have been the successful party entitled to costs, making it necessary for the court to determine who was the successful party in SUM 24. Kiri was represented by counsel from Allen & Gledhill LLP including Dhillon Dinesh Singh, Lim Dao Kai and Loong Tse Chuan, while the defendants Senda and DyStar were represented by counsel from Drew & Napier LLC and Rajah & Tann Singapore LLP, including Jimmy Yim Wing Kuen, Toh Kian Sing and Cheng Wai Yuen Mark.