finance | banking | taxes
South Korea plans to seek annulment of an international tribunal’s verdict to compensate Lone Star Funds in a decade long investor-to-state dispute arbitration.
An international tribunal ordered South Korea to pay the US private equity firm Lone Star Funds US$216.5 million, bringing an end to a decade long legal battle surrounding its sell-off of a local bank.
The Korean public has been in outrage over the matter for more than a decade, claiming that the case was an international “fraud” committed by an overseas private equity firm.
The British Indian Minister welcomes the opening up of the Indian insurance market.
Britain is launching talks over a free trade deal with Mexico, looking to add services to its current agreement as well as aiming to increase trade in the financial and digital sectors.
Russia’s top lender Sberbank initiated investment arbitration proceedings against Ukraine after its parliament approved a presidential decree allowing for the forced seizure of Sberbank-owned assets in the country.
The company, which is now known as Capricorn Energy PLC, in a statement said it has received "net proceeds of $1.06 billion", of which nearly 70 per cent will be returned to the shareholders.
A committee attached to the Washington International Court (ICSID) definitively rejected the €1.8 bln claims of Romanian-Swedish investors Ioan and Viorel Micula.
The Croatian government okayed the out-of-court settlement between Croatia and the American Colgate McCallum investment management company, which will see Croatia pay €40m to the company.
Bahrain has been ordered by the Permanent Court of Arbitration in The Hague to pay over €200 million in damages plus costs to two Iranian banks for the unlawful moves against their operations.
The settlement is under the Taxation Laws (Amendment) Act, introduced this year to put an end to 17 tax disputes India has with multinational companies like Cairn and Vodafone Plc.
Cairn Energy will drop litigations to seize Indian properties in countries ranging from France to the US, within a couple of days of getting a $1 billion refund resulting from the scrapping of a retrospective tax law.
HSBC Holdings said the banking group has initiated legal proceedings against El Salvador for what the company called a breach of the nation’s investment treaty with the UK.
An arbitration tribunal in 2020 awarded Devas more than $111 million plus interest in retro tax case.
India proposed scrapping a controversial law that taxed companies retrospectively, a move that could potentially settle its multi-billion-dollar tax cases with Cairn Energy and Vodafone.
African nations plan to raise about $8 billion for a fund to help offset revenue losses for countries that lower cross-border tariffs, as part of a continent-wide free-trade agreement.
The centrally located properties mostly comprise flats, valued at more than EUR 20 million, used by the Indian government establishment in France.
The tax treaty and the investment-protection agreement lay the groundwork for increasing economic cooperation.
The arbitral award has condoned the tax avoidance scheme adopted by Cairn Energy.
The perverse interplay of BITs with double taxation avoidance agreements has been bleeding India from the much-needed tax revenues.