Summary

Introduction

This is an application by the defendants, KBP Biosciences Pte Ltd ("KBP") and Huang Zhenhua ("Dr Huang"), to set aside a worldwide freezing order against them that I granted in Novo Nordisk A/S v KBP Biosciences Pte Ltd and another and another matter [2025] 3 SLR 1511 ("Novo Nordisk 1"). The worldwide freezing order was granted on an ex parte basis without notice, preventing KBP and Dr Huang from removing any of their assets that are in Singapore up to the value of US$730m. The worldwide freezing order was granted in support of a New York-seated arbitration that the claimant, Novo Nordisk A/S ("Novo"), then intended to commence. It has since been commenced against KBP and Dr Huang and alleges fraud on their part in relation to KBP's sale to Novo of a drug that KBP had developed.

KBP and Dr Huang contend that there is no good arguable case nor a real risk of dissipation. They also allege breaches of the duty to make full and frank disclosure. Lastly, they contend that the legal requirements for a court to grant interim relief under s 12A of the International Arbitration Act 1994 (2020 Rev Ed) ("IAA") are not satisfied. Having considered parties' submissions, I dismiss the application. These are my reasons.

Injunctions - Mareva injunction - Setting aside - Arbitration - Court's powers under section 12A of the International Arbitration Act 1994 (2020 Rev Ed)