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South Korea to appeal international tribunal’s order to pay Lone Star By Kim Arin
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.
S. Korea ordered to pay Lone Star US$216.5 mln in investor-state suit
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.
Tensions rise as Korea waits for verdict on Lone Star dispute
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.
Financial services an exciting aspect of UK-India FTA, says Rishi Sunak
The British Indian Minister welcomes the opening up of the Indian insurance market.
Britain launches free trade deal talks with Mexico
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 Sberbank to appeal against Ukraine’s move to seize its assets
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.
India pays back Cairn Rs 7,900 crore to settle over 7-year-old retro tax dispute
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.
Romania wins EUR 2 bln dispute at ICSID against Romanian-Swedish investors Micula
A committee attached to the Washington International Court (ICSID) definitively rejected the €1.8 bln claims of Romanian-Swedish investors Ioan and Viorel Micula.
Croatia to pay €40m to US investment company to settle 20-year-old dispute
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 loses case against Iran banks
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.
Cairn Energy moves to settle $1 billion tax dispute with India
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 accepts $1 billion refund offer, to drop cases against India within days: CEO
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 initiates legal proceedings against El Salvador claiming breach of treaty with UK
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.
Income tax bill fails to address international arbitration, will continue fight: Devas
An arbitration tribunal in 2020 awarded Devas more than $111 million plus interest in retro tax case.
India to scrap retrospective tax law in olive branch to global firms
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.
Africa nations plan $8 billion fund to offset trade-pact losses
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.
Britain’s Cairn gets French court order to seize 20 Indian properties in Paris
The centrally located properties mostly comprise flats, valued at more than EUR 20 million, used by the Indian government establishment in France.
Israel, UAE sign double taxation prevention agreement
The tax treaty and the investment-protection agreement lay the groundwork for increasing economic cooperation.
The Cairn $1.4 billion award is patently illegal
The arbitral award has condoned the tax avoidance scheme adopted by Cairn Energy.
Denying India its tax revenue is neo-colonialism. Cairn Energy is the new East India Company!
The perverse interplay of BITs with double taxation avoidance agreements has been bleeding India from the much-needed tax revenues.