Malaysia > Legal market overview
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Malaysia is increasingly being viewed as a leading capital markets centre in the region, with law firms benefiting from a significant increase in big–ticket work such as the $2.35bn Felda Global Ventures IPO.
It also remains keen on promoting the Kuala Lumpur Centre for Regional Arbitration, as an alternative venue for international arbitration in the region. The Chief Justice’s target for concluding court cases within nine months appears to have been successfully implemented, with lawyers and clients alike noting increased efficiency in the Malaysian court system.
The Malaysian Competition Act 2010 has not heralded a huge amount of work for lawyers thus far, with firms mainly focusing on regulatory advisory matters. More recent legislative changes have focused on the employment sector, with the government establishing Malaysia’s first minimum wage and a new Minimum Retirement Age Bill for the private sector. Another welcome move was the implementation of the country’s sexual harassment code, which was previously just treated as a guideline, as part of the Employment Act.
Progress towards approval of a Foreign Firms Bill is tentative. In July 2012, Trowers & Hamlins LLP became the first foreign firm to open a non–trading office in Kuala Lumpur with approval from the Malaysia Investment Development Authority. Firms based in Singapore and Hong Kong, such as Clifford Chance and Cleary Gottlieb Steen & Hamilton LLP, remain active in Malaysia–related deals.
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(Part 1 of 4) By Gopal Sundaram
(Part 1 of 4) By Gopal Sundaram Jan 2013
Shook Lin & Bok Malaysia Legal Update Issue 1 2012
The Employment (Amendment) Act 2012 received royal assent and became law on 30th January 2012. It has now come into operation since 1st April 2012.
Malaysian companies continue to make waves internationally by acquiring large companies abroad. Leveraging on the European debt crisis and the weak dollar, these companies have boldly made their mark on a global scale with impressive deals. Cross-border acquisitions are increasing trend in the Asian economic hot spots, with companies in China and India spearheading it. The consistently strong uptrend in foreign acquisitions and the increasing success of the same by China and India for the past few years has spurred growing interests of Southeast Asian companies to extend their reach to other continents.
The Construction Industry Payment and Adjudication Act of Malaysia received royal assent and became law on 18th June 2012.
PRESUMPTION OF GUILT – REMEDY OR JEOPARDY? Netizens in Malaysia now share a common fear and feeling of uneasiness following the swift passing of the Evidence (Amendment) (No.2) Bill 2012 in May 2012, which amends the Evidence Act 1950.
Malaysia’s Felda Global Ventures Holdings Berhad (“FGVH”) is a global agricultural and agri-commodities company, with operations in ten countries across the globe. According to Frost & Sullivan Malaysia Sdn Bhd, FGVH is the third largest oil palm plantation operator in the world based on planted hectarage in 2011. FGVH currently operates 343,521 hectares of oil palm plantation estates in Malaysia that produced 5.2 million metric tonne of fresh oil palm fruit bunches in 2011.
The announcement of the Malaysia Airlines (MAS)-AirAsia collaboration on 9 August 2011 was questioned by many quarters.
Money Services Business Act 2011 (the “Act”) is an act to provide for the licensing, regulation and supervision of money services business. The Act defines money services business as money-changing business, remittance business and whole sale currency business.
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.