Singapore | Governing law of transaction in the context of a Ponzi scheme

The recent decision of Tamar Perry and another v Jacques Henri Georges Esculier and another [2023] SGCA(I) 2 concerned a Ponzi scheme. In this decision, the Court of Appeal held that even though the company to which the Appellants had transferred moneys was not a party to certain agreements, Swiss law (which was the express choice of law of the agreements in question) was the governing law for the transfers. This was because the Appellants’ transfers of moneys were made pursuant to the agreements.
 
Director Adam Maniam discusses the Court of Appeal’s decision in this update.
 
Please click here to read the update.