Law Watch: June 2026

DEALS

WongPartnership LLP Is Acting For …

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KKR in the S$6.6 billion acquisition of STT GDC

Pte. Ltd. from STT Communications Ltd

DIGESTS

Resulting Trusts

The “Modern Approach” to Resulting Trusts and the 99:1 Arrangement 4

Arbitration

Enforcement of Arbitral Awards: Procedural

Fraud, Impermissible Hedging and the Duty of

Fair Intimation 4

Breach of Confidence

A Clean Break: Court Draws the Line on

Employee Duties Post-termination 5

OTHER RECENT UPDATES

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RECENT AUTHORSHIPS

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DISCLAIMER: This update is intended for your general information only. It is not intended to be, nor should it be, regarded as or relied upon as legal advice. Court decisions referred to herein may be subject to further appeal at the time of publication, and subsequent developments in the law, including new legislation, amendments, court decisions or practice directions, may affect the accuracy or relevance of the matters discussed.

We are under no duty to update this publication to reflect any such changes in the law. You should consult a qualified legal professional before taking any action or omitting to take action in relation to matters discussed herein.

WongPartnership LLP (UEN: T08LL0003B) is a limited liability law partnership registered in Singapore under the Limited Liability Partnerships Act 2005.

DEALS

WONGPARTNERSHIP LLP IS ACTING FOR …

KKR in the S$6.6 billion acquisition of STT GDC Pte. Ltd. from STT Communications Ltd

WongPartnership is acting as Singapore counsel to KKR, in connection with the acquisition by a KKR-led consortium comprising Singtel Group, of STT GDC Pte. Ltd. (STT GDC) from STT Communications Ltd., for

S$6.6 billion, representing an implied enterprise value of approximately S$13.8 billion.

This transaction ranks among Singapore’s largest M&A deals in the past four years and is one of the most significant digital infrastructure transactions in Southeast Asia to date.

We advised on the Singapore law aspects of the transaction, including structuring, financing, antitrust and competition, regulatory, employment, and management equity plan matters. The scope and cross-border nature of the deal required close coordination across practices and with advisers in multiple jurisdictions to support the consortium’s commercial objectives within a compressed timeline.

KKR is a leading global investment firm that manages alternative asset investments across private equity, credit and real assets such as infrastructure and real estate.

STT GDC, headquartered in Singapore, is one of the world’s fastest-growing and most diversified data centre platforms. With a design capacity of 2.3 gigawatts across 12 major markets in Asia-Pacific, the United Kingdom, and Europe, STT GDC provides high-quality colocation, connectivity, and round-the-clock support services.

Our Partners in our Mergers & Acquisitions practice, Audrey Chng and Soong Wen E, and our Co-Head of our

Employment practice, Vivien Yui, led the Firm’s team in this transaction, supported by partners from our

Antitrust & Competition, Asset Management & Funds, Banking & Finance, Commercial & Corporate Disputes,

Corporate Real Estate, Debt Capital Markets, Energy, Projects & Construction, Financial Services Regulatory,

Intellectual Property, Technology & Data, and Tax practices.

Audrey CHNG

Deputy Head – Mergers & Acquisitions

Vivien YUI

Co-Head – Employment

Partner – Mergers & Acquisitions

SOONG Wen E

Partner – Mergers & Acquisitions

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DISCLAIMER: This update is intended for your general information only. It is not intended to be, nor should it be, regarded as or relied upon as legal advice. Court decisions referred to herein may be subject to further appeal at the time of publication, and subsequent developments in the law, including new legislation, amendments, court decisions or practice directions, may affect the accuracy or relevance of the matters discussed. We are under no duty to update this publication to reflect any such changes in the law. You should consult a qualified legal professional before taking any action or omitting to take action in relation to matters discussed herein.

WongPartnership LLP (UEN: T08LL0003B) is a limited liability law partnership registered in Singapore under the Limited Liability

Partnerships Act 2005.

Other recent matters that WongPartnership was involved in:

DESCRIPTION

PRACTICE AREAS

Acting in connection with Seatrium Financial Services Pte. Ltd.’s

S$400 million fixed rate notes issuance under its S$3 billion multicurrency debt issuance programme. Seatrium Financial

Services Pte. Ltd. is a wholly owned subsidiary of Seatrium Limited.

Debt Capital Markets

Acting in relation to City Developments Limited’s establishment of a

S$2 billion multicurrency perpetual securities issuance programme, pursuant to which perpetual securities may be issued from time to time, with United Overseas Bank Limited as arranger and dealer,

CSCGlobal Trust (Singapore) Ltd. as trustee, and CSCGlobal

Capital Markets (Singapore) Pte. Ltd. and Banque Internationale à

Luxembourg S.A. as agents.

Debt Capital Markets

Advised a leading Singapore bank on its payment services agreements in connection with a national beverage container return scheme to enable frictionless, real-time refunds of container deposits to consumers through reverse vending machines deployed islandwide.

Intellectual Property, Technology

& Data

Acted as transaction counsel in the establishment by Granite Asia

Capital of Asia’s first artificial intelligence (AI)-focused initial public offering (IPO) fund managed by Singapore-based Granite Asia

Capital and distributed exclusively to DBS Bank Ltd’s wealth clients.

The fund offers investors a rare opportunity to partner with one of

Asia’s most experienced technology investors, Granite Asia Capital, at a time when the IPO market is rebounding, AI adoption is accelerating, especially in China, and the Hong Kong Stock

Exchange is seeing exceptional performance in core technology sectors.

Asset Management & Funds

Acting in the acquisition by Lendlease Global Commercial REIT

(Lendlease REIT) of the remaining 30% stake in PLQ Mall at an agreed property value of S$885 million (2.2% below valuation), taking full ownership of the asset and increasing its portfolio to

S$4.2 billion with 90% in Singapore. The acquisition will be funded through a S$196.6 million underwritten non-renounceable preferential offering at S$0.558 per unit. The transaction is expected to increase Distribution per Unit (DPU) by 0.2% on a standalone basis, and be 2.1% DPU accretive when combined with the earlier 70% acquisition completed in November 2025.

Asset Management & Funds

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DISCLAIMER: This update is intended for your general information only. It is not intended to be, nor should it be, regarded as or relied upon as legal advice. Court decisions referred to herein may be subject to further appeal at the time of publication, and subsequent developments in the law, including new legislation, amendments, court decisions or practice directions, may affect the accuracy or relevance of the matters discussed. We are under no duty to update this publication to reflect any such changes in the law. You should consult a qualified legal professional before taking any action or omitting to take action in relation to matters discussed herein.

WongPartnership LLP (UEN: T08LL0003B) is a limited liability law partnership registered in Singapore under the Limited Liability

Partnerships Act 2005.

DESCRIPTION

PRACTICE AREAS

Acted in the issue by United Overseas Bank Limited of S$850

million in aggregate principal amount of 3.00 per cent perpetual capital securities first callable in 2033 under its US$30 billion Global

Medium Term Note Programme. This is the first Additional Tier 1

(AT1) issue by a Singapore bank since 2024.

Debt Capital Markets

Acted in the issue by United Overseas Bank Limited (UOB) of: (a)

A$750 million in aggregate principal amount of senior unsecured floating rate notes due 2031; and (b) A$1.25 billion in aggregate principal amount of senior unsecured fixed rate notes due 2031, in each case, through its Sydney branch under UOB’s US$30 billion

Global Medium Term Note Programme.

Debt Capital Markets

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DISCLAIMER: This update is intended for your general information only. It is not intended to be, nor should it be, regarded as or relied upon as legal advice. Court decisions referred to herein may be subject to further appeal at the time of publication, and subsequent developments in the law, including new legislation, amendments, court decisions or practice directions, may affect the accuracy or relevance of the matters discussed. We are under no duty to update this publication to reflect any such changes in the law. You should consult a qualified legal professional before taking any action or omitting to take action in relation to matters discussed herein.

WongPartnership LLP (UEN: T08LL0003B) is a limited liability law partnership registered in Singapore under the Limited Liability

Partnerships Act 2005.

DIGESTS

RESULTING TRUSTS

The “Modern Approach” to Resulting Trusts and the 99:1 Arrangement

The Court of Appeal (CA) has articulated a “modern approach” to resulting trusts in Wong Mei Lee

Millie v Ngor Shing Rong Jake [2026] SGCA 27, reiterating that the available evidence of the transferor’s intention must first be analysed before any recourse is had to presumptions. The CA observed that, in an age of comprehensive digital records (including e-mails, text messages, and other contemporaneous documentation), such evidence will rarely be unavailable, relegating the presumptions of resulting trust and advancement to tools of last resort.

The CA also addressed, in obiter comments, the legal consequences of co-owners buying property in a 99:1 ratio. It expressed the tentative observation that such arrangements may, in certain circumstances, give rise to tax evasion. Where this is the case, denying a resulting trust claim would not, in the CA’s view, be a disproportionate response to the illegality.

To view our update on the decision, please click here.

If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:

ARBITRATION

Enforcement of Arbitral Awards: Procedural Fraud, Impermissible Hedging and the Duty of Fair Intimation

In ONI Global Pte Ltd & Anor v GNC Holdings LLC & Anor Appeal [2026] SGCA(I) 3, the Court of

Appeal affirmed that the court should exercise the “greatest caution possible” before reopening and re-litigating questions of alleged procedural fraud already dealt with by the tribunal. Absent further evidence not before the tribunal, or an impermissible flaw in its process, the court will typically not substitute its own conclusions for the tribunal’s findings on the materiality of concealed information.

On impermissible hedging in challenges to arbitral awards, the apex court clarified that a party raising due process objections to a new argument, while still addressing the argument on the merits, must

Josephine CHOO

Head – Specialist & Private Client

Disputes

Vincent HO

Partner – Specialist & Private Client

Disputes and Private Wealth

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DISCLAIMER: This update is intended for your general information only. It is not intended to be, nor should it be, regarded as or relied upon as legal advice. Court decisions referred to herein may be subject to further appeal at the time of publication, and subsequent developments in the law, including new legislation, amendments, court decisions or practice directions, may affect the accuracy or relevance of the matters discussed. We are under no duty to update this publication to reflect any such changes in the law. You should consult a qualified legal professional before taking any action or omitting to take action in relation to matters discussed herein.

WongPartnership LLP (UEN: T08LL0003B) is a limited liability law partnership registered in Singapore under the Limited Liability

Partnerships Act 2005.

make clear to the tribunal that it is doing so under protest, and that proceeding to the merits is necessarily on the basis of a continuing and unfairly prejudicial or irremediable breach of its due process rights. Failure to do so would be fatal to any subsequent challenge.

To view our update on the decision, please click here.

If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or the following Partner:

LIN Chunlong

Partner – International Arbitration, Commercial &

Corporate Disputes and Shipping, International

Trade & Commodities Disputes

BREACH OF CONFIDENCE

A Clean Break: Court Draws the Line on Employee Duties Post-termination

In GTL Agencies (S) Pte Ltd v Neo Boon Huat [2026] SGHC(A) 6, the Appellate Division of the High

Court of Singapore dismissed an employer’s appeal on the grounds that there was no breach of confidence by its former employee, noting that the former employee had neither been a fiduciary nor engaged in any actual competitive activity during his employment with the firm.

To view our update on the decision, please click here.

If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:

LAM Chung Nian

Head – Intellectual Property,

Technology & Data

Kylie PEH

Partner – Intellectual Property,

Technology & Data

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© WongPartnership LLP

DISCLAIMER: This update is intended for your general information only. It is not intended to be, nor should it be, regarded as or relied upon as legal advice. Court decisions referred to herein may be subject to further appeal at the time of publication, and subsequent developments in the law, including new legislation, amendments, court decisions or practice directions, may affect the accuracy or relevance of the matters discussed. We are under no duty to update this publication to reflect any such changes in the law. You should consult a qualified legal professional before taking any action or omitting to take action in relation to matters discussed herein.

WongPartnership LLP (UEN: T08LL0003B) is a limited liability law partnership registered in Singapore under the Limited Liability Partnerships

Act 2005.

OTHER RECENT UPDATES

DATE

TITLE

22 June 2026

IMDA and Microsoft Ink MOU on AI Safety and Security 22 June 2026

PDPC Signs MOUs with the Republic of Korea and Hong Kong, China 22 June 2026

Singapore’s Standards & Conformance 2035 Roadmap 22 June 2026

IPOS Introduces New PPH Initiatives; Clarifies ITA Process for PPH and GPPH Applications 19 June 2026

IRAS Advance Ruling Accepts Economic Substance Exclusion from Section 10L for Non-PEHE

19 June 2026

Public Consultation on Proposed Finance (Income Taxes) Bill 2026 18 June 2026

Amendments to the Singapore Code on Take-overs and Mergers 17 June 2026

Revised Licensing Exemption Framework for Single Family Offices Takes Effect on 15 June 2026 16 June 2026

Extension of Energy Efficiency Grant and Expansion of Pre-approved List for Construction Sector 10 June 2026

Negotiations on ASEAN Digital Economy Framework Agreement (DEFA) Concluded 10 June 2026

PDPC Consults on Use of Personal Data in GenAI

8 June 2026

MAS Outlines Supervisory Expectations on Valuation Practices for Fund Management Companies 8 June 2026

MAS Outlines Supervisory Expectations on Risk Management for Fund Management Companies 8 June 2026

MAS Publishes Good Practices for Market Conduct in Financial Advisory Industry 4 June 2026

Trends & Developments in Data Centre Financing in Singapore 3 June 2026

SIAC Opens Beijing Representative Office 2 June 2026

Carbon Tax-liable Companies May Roll Over Unutilised International Carbon Credit Offset Quota for Emissions Year 2025 2 June 2026

Singapore and the Philippines Sign Implementation Agreement on Carbon Credits Collaboration 2 June 2026

Singapore Commits US$15 Million to GGGI’s Carbon Transaction Facility; Establishes Article 6

Carbon Facility 2 June 2026

Insolvency and the Arbitration Agreement – When Resiling from an Admission Amounts to Abuse of Process

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© WongPartnership LLP

DISCLAIMER: This update is intended for your general information only. It is not intended to be, nor should it be, regarded as or relied upon as legal advice. Court decisions referred to herein may be subject to further appeal at the time of publication, and subsequent developments in the law, including new legislation, amendments, court decisions or practice directions, may affect the accuracy or relevance of the matters discussed. We are under no duty to update this publication to reflect any such changes in the law. You should consult a qualified legal professional before taking any action or omitting to take action in relation to matters discussed herein.

WongPartnership LLP (UEN: T08LL0003B) is a limited liability law partnership registered in Singapore under the Limited Liability Partnerships

Act 2005.

RECENT AUTHORSHIPS

DATE

AUTHORSHIPS

CONTRIBUTORS / PARTNERS

23 June 2026

IFC Review: Singapore: Family Offices – The Risks

Are Real

Aw Wen Ni | Vincent Ho 9 June 2026

Insolvency & Restructuring Report 2026/27

Smitha Menon | Joel Chng | Daniel Liu |

Eden Li | Clayton Chong | Kajal Bhatia 5 June 2026

International Bar Association Global Employment

Institute: 14th Annual Global Report on National

Regulatory Trends in Human Resources Law

Jenny Tsin | Michelle Thio 28 May 2026

Wolters Kluwer Italia - I Quaderni di STEP Italy: The

Trustee in International Practice: Regulation,

Powers and Governance (Singapore Chapter)

Sim Bock Eng | Poon Chun Wai 15 May 2026

Global Arbitration Review: The Asia-Pacific

Arbitration Review 2027

Chou Sean Yu |

Koh Swee Yen, Senior Counsel |

Joel Quek | Alessa Pang 6 May 2026

The Legal Industry Reviews: Singapore 6th Edition

Wendy Lin | Ho Yi Jie 10 April 2026

Legal 500 – Asset Tracing and Recovery 2026

Country Comparative Guide

Wendy Lin | Smitha Menon |

Monica Chong Wan Yee | Jill Ann Koh |

Joel Quek | Andre Soh 2 April 2026

CDR Essential Intelligence – Fraud, Asset Tracing &

Recovery 2026

Wendy Lin | Joel Quek | Jill Ann Koh |

Lin Chunlong 27 March 2026

Lexology Panoramic – Banking Regulation 2026

(Singapore)

Elaine Chan | Chan Jia Hui

WPG MEMBERS AND OFFICES

- contactus@wongpartnership.com

SINGAPORE

-

WongPartnership LLP

12 Marina Boulevard Level 28

Marina Bay Financial Centre Tower 3

Singapore 018982

t +65 6416 8000

f +65 6532 5711/5722

CHINA

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WongPartnership LLP

Shanghai Representative Office

Unit 1015 Link Square 1 222 Hubin Road

Shanghai 200021, PRC t +86 21 6340 3131

f +86 21 6340 3315

INDONESIA

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Makes & Partners Law Firm

Menara Batavia, 7th Floor

Jl. KH. Mas Mansyur Kav.

Jakarta 10220, Indonesia t +62 21 574 7181

f +62 21 574 7180

w makeslaw.com

MALAYSIA

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Cheang & Ariff

Advocates & Solicitors

Loke Mansion 273A, Jalan Medan Tuanku 50300 Kuala Lumpur t +60 3 2691 0803

f +60 3 2693 4475

w cheangariff.com

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Foong & Partners

Advocates & Solicitors 13-1, Menara 1MK, Kompleks 1 Mont' Kiara

No 1 Jalan Kiara, Mont' Kiara 50480 Kuala Lumpur, Malaysia t +60 3 6419 0822

f +60 3 6419 0823

w foongpartners.com

MIDDLE EAST

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Al Aidarous Advocates and Legal Consultants

Abdullah Al Mulla Building, Mezzanine Suite 02 39 Hameem Street (side street of Al Murroor Street)

Al Nahyan Camp Area

P.O. Box No. 71284

Abu Dhabi, UAE t +971 2 6439 222

f +971 2 6349 229

w aidarous.com

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Al Aidarous Advocates and Legal Consultants

Oberoi Centre, 13th Floor, Marasi Drive, Business Bay

P.O. Box No. 33299

Dubai, UAE t +971 4 2828 000

f +971 4 2828 011

PHILIPPINES

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Gruba Law 27/F 88 Corporate Center 141 Valero St., Salcedo Village

Makati City 1227, Philippines t +63 2 889 6060

f +63 2 889 6066

w grubalaw.com wongpartnership.com