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finance | banking | taxes

S. Korea ordered to pay Lone Star US$216.5 mln in investor-state suit
31-Aug-2022 Yonhap
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
26-Aug-2022 Korea Herald
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
4-Jul-2022 The Hindu
The British Indian Minister welcomes the opening up of the Indian insurance market.
Britain launches free trade deal talks with Mexico
23-May-2022 Reuters
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
13-May-2022 Reuters
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
25-Feb-2022 The Times of India
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
6-Jan-2022 Romania-Insider
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
17-Dec-2021 N1
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
1-Dec-2021 Financial Tribune
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
4-Nov-2021 Mint
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
7-Sep-2021 Mint
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
19-Aug-2021 Reuters
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
6-Aug-2021 The Week
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
6-Aug-2021 Reuters
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
19-Jul-2021 Bloomberg
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
8-Jul-2021 The Tribune
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
1-Jun-2021 The Jerusalem Post
The tax treaty and the investment-protection agreement lay the groundwork for increasing economic cooperation.
The Cairn $1.4 billion award is patently illegal
31-May-2021 NDTV
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!
28-May-2021 The Leaflet
The perverse interplay of BITs with double taxation avoidance agreements has been bleeding India from the much-needed tax revenues.
India has been short-changed by Vodafone and Cairn arbitral awards
27-Apr-2021 The Leaflet
The international economic law regime has stripped India of over $3.8 billion in taxes due by Vodafone and Cairn Energy, as the country is battling the Covid19 crisis.