TRUECOIN LLC v TECHTERYX, LTD
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Case Significance
TrueCoin LLC v Techteryx, Ltd [2024] SGHC 296 is a grounds of decision of the General Division of the High Court by Andre Maniam J, heard on 14 August 2024 and delivered on 29 November 2024 in Originating Action No 364 of 2024. The court granted an anti-suit injunction (ASI) restraining the respondent, Techteryx (a British Virgin Islands company), from continuing a court action in Hong Kong against the applicant, TrueCoin (a Delaware company). The court found that the claims asserted in the Hong Kong action were prima facie within arbitration agreements between the parties, and that there were no strong reasons not to grant the ASI.
TrueCoin developed digital currency products including stablecoins, while Techteryx held exclusive rights in the TrueUSD stablecoin (TUSD) and controlled its US dollar reserves. On 2 December 2020, the parties entered a Strategic Alliance Agreement and a Master Services Agreement, both expressly governed by Delaware law. Techteryx appealed against the decision. The judgment cited 15 authorities and referenced the Arbitration Act, the International Arbitration Act, and the Supreme Court of Judicature Act. TrueCoin was represented by WongPartnership LLP and Techteryx by Tan Kok Quan Partnership.
Summary
TrueCoin LLC, a Delaware company, sought an anti-suit injunction restraining Techteryx, Ltd, a British Virgin Islands company, from continuing a court action in Hong Kong concerning the TrueUSD stablecoin, on the basis that Techteryx's claims fell within arbitration agreements in a Strategic Alliance Agreement and a Master Services Agreement providing for Singapore International Arbitration Centre arbitration. The issue was whether the Hong Kong action was brought in breach of those arbitration agreements and whether there were strong reasons not to grant an anti-suit injunction. The General Division of the High Court found the claims were prima facie in breach of the arbitration agreements, which had not been superseded by a later joint written instruction, granted the injunction permanently restraining Techteryx from pursuing the Hong Kong action against TrueCoin, and awarded costs and disbursements to TrueCoin.
What did the court decide in TrueCoin LLC v Techteryx, Ltd [2024] SGHC 296?
In TrueCoin LLC v Techteryx, Ltd [2024] SGHC 296, Andre Maniam J granted an anti-suit injunction restraining Techteryx from continuing a Hong Kong court action against TrueCoin, finding the claims were prima facie within the parties' arbitration agreements and there were no strong reasons not to grant it.
When will a Singapore court grant an anti-suit injunction to protect arbitration agreements?
In TrueCoin LLC v Techteryx, Ltd [2024] SGHC 296, the High Court granted an anti-suit injunction because the foreign claims in Hong Kong were prima facie within the parties' arbitration agreements and there were no strong reasons against restraining the foreign proceedings.
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Judgment
Read the full judgment on the official Singapore Courts portal.
Read on eLitigationSource: eLitigation ([2024] SGHC 296)