Last Friday, a three-arbitrator tribunal at the Permanent Court of Arbitration in The Hague handed a win to Malaysia on an international arbitration case with Singapore regarding a $1.2 billion development tax on land parcels in northern Singapore.
The dispute dates back to a 1990 agreement signed by former Singapore Prime Minister Lee Kuan Yew and Malaysia’s then minister of finance Daim Zainuddin. The two countries agreed, at the time, that Malaysia would return three pieces of land in Tanjong Pagar, Kranji and Woodlands to Singapore. All three land parcels were located in Singapore but were leased to Malayan Railways Ltd. in the early 20th century.
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