Oon & Bazul LLP

Litigation & Dispute Resolution, Shipping, International Arbitration, International Trade, Insurance & Reinsurance, Sanctions & Regulatory Compliance

Head of Shipping & Co-head of India Practice

Prakaash is the Head of the Shipping Department at Oon & Bazul. He also co-heads the firm’s Indian Desk.

Prakaash specializes in commercial litigation and arbitration with a focus on international commodity trade, trade finance, marine insurance and “dry” shipping work (including charterparty and bill of lading disputes).

He has substantial experience handling disputes involving misdelivery claims and also the knock-on indemnity claims under letters of indemnity which are issued for the delivery of cargo without presentation of the original bills of lading. He also has particular expertise handling trade finance disputes including letters of credit, bills of exchange and documents against acceptance transactions. He has advised trade financing banks based in Singapore and commodity trading houses on trade finance litigation, including the ICC DOCDEX dispute resolution procedure. Prakaash also regularly advises clients on sanctions related matters, including the impact of the US, EU and UN sanctions on businesses based in the region.

He regularly represents banks and financiers in multi-jurisdictional enforcements and also frequently acts for marine insurers (P&I, H&M and cargo) and for insurance claimants.

The international nature of his practice often necessitates taking account of legal issues and the court procedures of more than one jurisdiction. He regularly appears as Counsel in the Singapore Courts and international arbitrations, both ad hoc and institutional, including LCIA, ICC, SIAC, KCAB, GAFTA, FOSFA, RSA, LMAA and SCMA arbitrations.

Notable Cases:

Commercial Litigation

Acted as lead counsel before the Singapore International Commercial Court (SICC) to successfully resist attempts to set aside arbitration awards involving claims in excess of US$108 million. The decision by Justice Simon Thorley QC, sitting as an International Judge of the SICC, is reported in CEV v CEC and others [2020] SGHC(I) 11. Acting for a trade finance bank in pursuing recovery actions against Hin Leong Trading Pte Ltd and its associated entities in respect of the bank’s exposure under trade financing agreements. The matter involves allegations of fraud and involves exposure of approximately US$3.85 billion to 23 banks. Representing the bank in ongoing interpleader proceedings which involves multiple parties claiming on sale proceeds of various shipments of oil cargoes in excess of US$370 million. Acting for a Singapore-based oil company to defend claims in excess of US$200 million arising from alleged off-specification cargoes. The oil cargoes supplied under the sale contracts were blended by the buyers in Singapore and subsequently suppled as bunkers to approximately 200 ships that called at Singapore in March 2022, out of which 80 have reported issues with their fuel pumps and engines.

Shipping

Acting for various regional and international energy trading companies on misdelivery claims exceeding US$230 million. Successful in obtaining unconditional leave to defend in several actions proceeding before the Singapore Courts, including (i) The Miracle Hope (unreported), (ii) Standard Chartered Bank (Singapore) Ltd v Maersk Tankers Singapore Pte Ltd (Winson Oil Trading Pte Ltd, intervener) [2022] SGHC 242, and (iii) The “STI Orchard” (Winson Oil Trading Pte Ltd, intervener) [2022] SGHCR 6, which has been affirmed on appeal (unreported). Successfully acted for bunker barge owners to defeat a misdelivery claim in the landmark decision of The “Luna” and another appeal [2021] SGCA 84. The Singapore Court of Appeal held that documents labelled “bills of lading” issued by local bunker barge operators were not true bills of lading that evidenced contracts of carriage or functioned as documents of title. Acted for two trading companies in their pursuit of multi-million dollar claims across multiple jurisdictions in the wake of payment default from one of their customers who is a substantial player in the log industry. Formulated a coordinated strategy for recovery which involved the arrest of 5 vessels in Singapore, New Zealand and Australia within the space of 1 month. Successfully assisted clients to obtain an arbitration award against 1 of the shipowners (who had appointed a prominent King’s Counsel for the conduct of its defence) and also to settle the claims against several other shipowners.

Marine Insurance

Acted in a claim against insurers for constructive total loss. The matter involved technical and complex issues relating to marine insurance and was heard by Justice Jeremy Lionel Cooke, sitting as an international judge in the Singapore International Commercial Court (SICC). The SICC judgement is reported: PT Adidaya Energy Mandiri v MS First Capital Insurance Pte Ltd [2022] 4 SLR 371.

International Trade

Successfully represented Singapore-based commodity traders in dozens of GAFTA arbitrations. Successfully acted on behalf of a leading coal trading company to take out an injunction before the Singapore Courts to stop payment on a Letter of Credit based on a fraud committed by the Indonesian shippers. Successfully acted for a beneficiary under a letter of credit to obtain payment of US$42 million from a Singapore bank who was refusing payment on grounds of alleged discrepancies in the documents presented for negotiation. In response the bank’s refusal, we prepared a substantive letter to the bank, refuting each alleged discrepancy and citing ICC DOCDEX decisions which supported our position that there were no discrepancies. Within 2 days of the issuance of the letter, the bank made payment under the letter of credit.

Aviation

Acted for a privately owned Myanmar airline in relation to claims brought under 8 aircraft leasing agreements for sums in excess of US$50 million. The claims were in relation to periods where the aircraft were grounded because of the COVID-19 pandemic. There were related Singapore High Court proceedings where the lessor had commended proceedings against the bank which had guaranteed the airlines’ payments under the agreements. Successfully negotiated a settlement through a mediation conducted under the auspices of the Singapore International Mediation Centre (SIMC).

Sanctions

Assisting a multinational company in the oil and gas trade with investigations into apparent violations of sanctions against North Korea. Assisting a Dubai based oil trader in its claim against a European shipowner for conversion of its cargo arising from a DOJ seizure order. The case involves interesting issues of the extraterritoriality of US sanctions laws as well as its interplay with the EU Blocking regulations. There are multiple legal proceedings afoot in Malaysia, London, the United States and in the European Union.

Awards & Accolades:

Prakaash is ranked by Chambers Global & Chambers Asia-Pacific, where he is described as being “business-oriented and practical” and being well known in the market for his growing shipping litigation practice in Singapore. Clients have also commended him for possessing “a level of knowledge and sophistication that inspires confidence”. Prakaash is recognised as a key lawyer by The Legal 500 with client feedback that he provides “timely, practical, and focused solutions on a cost-effective basis” and that he is “extremely commercial and solutions-focused”. Asialaw Profiles ranks Prakaash as a “Distinguished Practitioner“ with client feedback that he “combines strong legal knowledge, strong legal skills and good client management” and “has a wide breadth of prior experience”. Clients also describe him as “likable, personable, approachable, helpful and very capable”. Prakaash was 1 out of only 3 lawyers who were recognised as an Accredited Specialist in Maritime and Shipping in 2022. The accreditation scheme serves as a mark of recognition for legal professional excellence in their specialised areas of practice. The newly minted accreditations were announced following a stringent year-long assessment process conducted by an independent selection committee, comprising judges and senior industry representatives.

English

Member of the Inquiry Panel of the Law Society of Singapore on the appointment of the Honourable Chief Justice.

Member of Legal & Insurance Committee of the Singapore Shipping Association (SSA).

Member of the SCMA SEADOCC Promotion Committee.

Member of the London Grain and Feed Trade Association (GAFTA).

Member of the Association of Certified Sanctions Specialists.

Graduated from the National University of Singapore with an LL.B. degree