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The British Virgin Islands (BVI) legal market welcomed new entrants in 2012. Pan-Channel Islands firm Bedell Cristin opened an office in Tortola at the start of the year and offshore firm Mourant Ozannes launched a BVI office in September 2012.
The onshore world is also coming to the BVI. In May 2012, US litigation boutique Kobre & Kim launched an office on the island.
Key movements in the BVI included Maples and Calder welcoming Tim Clipstone in June 2012 from Walkers; and Clinton Hempel and Greg Boyd founding spinoff firm Hempel and Boyd after leaving Maples and Calder.
Furthermore, offshore firms are moving onshore. In Autumn 2012, Forbes Hare, a practice with offices in the BVI and the Cayman Islands, expanded its international reach when it announced the opening of a London office that will advise on both BVI and Cayman law.
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This client briefing examines a number of issues which arise on the redemption of shares by an investor in a BVI investment fund which may lead to disputes between the investor, the fund, and other investors.
By Kerry Anderson
Click here -> onealwebster.asianinvestor.dec12 to read Kerry Anderson's co-published chapter featured in Asian Investor (December 2012) entitled 'Fast and Simple in the BVI - The British Virgin Islands have responded to regulatory changes by making fund and manager domiciling painless and efficient.
A much anticipated and welcomed change is being introduced to the regulatory regime that applies to British Virgin Islands (BVI) domiciled fund managers and advisors in the form of the Investment Business (Approved Managers) Regulations, 2012 (the "Regulations").
The British Virgin Islands (“BVI”) has increased significantly amounts assessed as penalties and sanctions under its Anti-Money Laundering (“AML”) statutory regime effective immediately.
The attempt by Fairfield Sentry's liquidators to recover monies paid out to investors by way of redemption proceeds has been blocked by both the BVI High Court and now the Eastern Caribbean Court of Appeal, both Courts finding that the liquidators have no ability to do so.
The Eastern Caribbean Court of Appeal has re-affirmed that a debt arising out of unpaid redemption proceeds does not confer standing on an investor to apply for the winding up of the company. Read more...
Fund investors and the fund industry globally should take note of the recent decision of the Eastern Caribbean Supreme Court Appellate Division’s (the “Court of Appeal”) in Madoff related litigation. Essentially, the Court of Appeal found that monies could not be recovered from former investors by the liquidators of Fairfield Sentry Limited (“Fairfield”) a BVI investment fund and investor in Bernard L Madoff Investments Securities limited (“BLMIS”), where those investors had redeemed their shares for significant value before BLMIS collapsed.
The BVI Business Companies (Amendment) Act, 2012 (the Amendment Act) and the BVI Business Company Regulations, 2012 (the Regulations) came into force on 15 October 2012. The new legislation is designed to refine and upgrade the BVI Business Companies Act, 2004 (the Act) to ensure the British Virgin Islands (BVI) maintains its position as one of the leading corporate domiciles.
The BVI Company is the most popular offshore corporate vehicle in use today in large part due to the flexibility afforded by the BVI Business Companies Act, 2004 (the "Act"). Amendments to the Act in the form of the BVI Business Companies (Amendment ) Act, 2012 will come into effect on 15 October 2012 and the BVI Business Companies Regulations, 2012 are also expected to become effective on the same date.
Recently, HaoLiWen advised and represented a multinational in initiating the consulting process with MOFCOM, to confirm export shipment of certain goods blocked by China Customs was not an item subject to dual-use item license. The pleading and reasoning prepared by HaoLiWen were accepted by MOFCOM after consultation, which has saved the export business of the client and avoided further investigation by Anti-smuggling Bureau of China Customs into the suspected evasion of dual-use item license.
Sayenko Kharenko advises on M&A deal of the year by IFLR Europe Awards 2013.
Sayenko Kharenko acted as the legal counsel to Citi Venture Capital International and Apollo , private equity firms, on the acquisition of 3 shopping malls in Kyiv, Kharkiv and Dnipropetrovsk operating under the Karavan trademark.
Sayenko Kharenko crowned an extraordinary year by carrying off its third "Ukraine Law Firm of the Year Award" at the IFLR's European Awards ceremony held in London on 10 April 2013.
The Legal 500 directory has announced its 2013 results with outstanding listings for Sayenko KharenkThe Legal 500, an independent guide to law, published its 2013 research last week. Sayenko Kharenko affirmed its reputation as a leading full-service Ukrainian law firm.
Sayenko Kharenko acted as legal counsel to Credit Suisse , Deutsche Bank and JP Morgan , the lead-managers of the USD 500 million 8.875% loan participation notes due 2018 for the purpose of providing a loan to "State Savings Bank of Ukraine"
According to the recently released Chambers Global 2013, Sayenko Kharenko maintains its position at the top of the market, being highly ranked in all practice areas researched for Ukraine.
Sayenko Kharenko acted as Ukrainian legal counsel to Credit Suisse, J.P. Morgan and UBS, the joint lead managers of the USD 175 million Eurobond offering by Privatbank with 10.875% coupon maturing in 2018.
Sayenko Kharenko acted as legal counsel to a foreign investment fund on the sale of a majority shareholding in Private Joint-Stock Company "Insurance Company "Kyivska Rus" to a group of local investors.