Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute

[SINGAPORE] Indian conglomerate Kiri Industries received US$689 million as the clock ticked down to 2026, in a full settlement of its minority stake in DyStar Global Holdings, concluding what is believed to be the largest shareholder oppression case adjudicated in Singapore’s courts.

The decade-long dispute, fought through Singapore’s courts, offers a practical lesson for companies structuring cross-border ventures: the choice of where to domicile a joint venture is not merely a tax decision, but a dispute resolution and asset protection decision.

In an interview with The Business Times, Allen & Gledhill partner Dinesh Dhillon, who led the legal team representing Kiri, said the fact that his client received payment – rather than being left with an unenforceable paper judgment – was directly attributable to Singapore’s legal infrastructure and the joint venture being domiciled here.