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Key market news for the Cayman Islands in 2012 included US litigation boutique Kobre & Kim and pan-Channel Island firm Carey Olsen launching Cayman Islands outposts in May and September respectively.
As for the already established firms, the market experienced several significant moves, with Maples and Calder raiding a number of Walkers' Cayman funds partners, including Philip Millward, Heidi De Vries, Julian Ashworth, David Marshall, Sheryl Dean and Gwyneth Rees, as well as Tim Clipstone, the latter joining Maples and Calder's BVI office.
Other significant moves included Appleby welcoming Christopher Russell from Ogier, where he was litigation and insolvency head, and Peter McMaster QC joining from Serle Court, while Ogier welcomed Richard de Lacy QC as team head from 3 Stone Buildings. At Harney Westwood & Riegels, the Cayman office was joined by Joss Morris, as partner, from Walkers' Jersey office, Kieron O'Rourke retired and litigator Sarah Dobbyn exited for Stuarts, Walker Hersant Attorneys-At-Law.
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On 18 February 2013, the Cayman Islands Court of Appeal released its judgment in Re FIA Leveraged Fund. The judgment will be of significant interest to directors and managers of investment funds, as it provides helpful clarification as to what steps they will need to take to ensure that in specie distributions are effective and what their duties are when valuing assets to be used in these distributions.
AB Jnr & Another v MB & Others was a significant decision of the Financial Services Division of the Grand Court of the Cayman Islands, relating to a Trust Deed, dated 21 November 1985. The weighty judgment of Hon. Anthony Smellie, CJ, at some 204 pages, follows an In Camera hearing taking place over the course of a 9 week period, between April and June 2012.
On 10 January 2013, the Mutual Funds (Amendment) Law 2012 came into effect requiring Cayman Islands master funds which have a single CIMA-regulated feeder to register with CIMA.
Following the hearing of a preliminary issue in the case of Cesar Hotelco (Cayman) Ltd and others -v- Michael Ryan and others  (unreported at present) the Cayman Islands Grand Court on 19 December 2012 handed down an important and welcome judgment clarifying the relationship between the Cayman Island Registered Land Law (2004 Revision) (the "RLL") and unregistered contractual debentures. This judgment is also important in relation to the issue of acquiescence in the appointment of receivers.
The Cayman Islands legislature recently approved the Mutual Funds (Amendments) Bill 2012 which seeks to amend certain definitions within the Mutual Funds Law in order to clarify the regime relating to registration of master funds.
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.