Vimeo
LinkedIn
Instagram
Share |

Legal

April 11, 2013

Bernard Arnault, second-gen chief executive of LVMH and France's richest man, has withdrawn his application for Belgian citizenship following continued accusations that he was trying to avoid the new 75% tax levied on incomes of more than €1 million.

Bernard Arnault, second-gen chief executive of LVMH and France's richest man, has withdrawn his application for Belgian citizenship following continued accusations that he was trying to avoid the new 75% tax levied on incomes of more than €1 million.

"I explained several times that I would remain a resident in France and that I would continue to pay my taxes there. In vain – the message did not get through," Arnault told French newspaper Le Monde in an interview on 10 April.

March 12, 2013

Gina Rinehart, Australia's richest woman, can breath a small sigh of relief knowing she has one less family member to fight in an ongoing legal dispute. 

Gina Rinehart, Australia's richest woman, can breath a small sigh of relief knowing she has one less family member to fight in an ongoing legal dispute.

Rinehart has reached a financial settlement with her estranged daughter Hope Rinehart Welker – one of three of her children involved in litigation to remove her as sole trustee of their trust fund.

March 8, 2013

Family offices are being warned it is “risky” to ignore the introduction of the Foreign Account Tax Compliance Act next year. 

Family offices are being warned it is “risky” to ignore the introduction of the Foreign Account Tax Compliance Act next year.

Tom Humphreys, head of the federal tax practice group at law firm Morrison & Foerster, said the US government is “marching along fairly deliberately to implement Fatca” on 1 January 2014. It has signed a number of inter-governmental agreements with countries recently.

February 22, 2013

Financier Nat Rothschild has failed in his bid to replace the board of Bumi, the ill-fated FTSE 250 coalminer he co-founded in 2010 with Indonesia’s Bakrie family.

Financier Nat Rothschild has failed in his bid to replace the board of Bumi, the ill-fated FTSE 250 coalminer he co-founded in 2010 with Indonesia’s Bakrie family.

On 21 February Rothschild attended Bumi’s extraordinary general meeting in London, arriving with his mother, Lady Serena Rothschild, and leaving with 19 out of 22 of his resolutions rejected by shareholders.

Possibly the most important resolution – Rothschild’s proposed appointment as executive director of the board – was rejected by 63% of investors.

February 14, 2013

US-based multi family office GenSpring is facing at least two arbitration cases in the coming months relating to the investment products it sold clients. Late last year a former GenSpring client won a similar case worth $4.3 million (€3.2 million).

US-based multi family office GenSpring is facing at least two arbitration cases in the coming months relating to the investment products it sold clients. Late last year a former GenSpring client won a similar case worth $4.3 million (€3.2 million).

At a hearing in Florida on December 28, an arbitrator ruled GenSpring had sold an unnamed wealthy individual risky multi-strategy hedge funds, with the promise they had a "risk profile similar to bonds but with a higher return".

February 7, 2013

A prominent academic reckons the South Korean government may finally be getting tough on corrupt family businesses.

A prominent academic reckons the South Korean government may finally be getting tough on corrupt family businesses.

Kim Woo-chan, a professor at Korea University Business School, says the imprisonment last week of Chey Tae-won, head of SK Group, may signal a sea change for how top family conglomerates – or chaebols, as they are known locally – are allowed to operate in South Korea.

November 7, 2012

Italy’s Marzotto family, the former owner of Valentino Fashion Group, has made headlines for alleged tax evasion during the sale of the clothing company in 2007.

Italy’s Marzotto family, the former owner of Valentino Fashion Group, has made headlines for alleged tax evasion during the sale of the clothing company in 2007.

The country’s police have reportedly confiscated assets worth €65 million, including a 15th century castle, owned by the Marzottos.

According to the police in Milan, the family made profits of around €200 million following the sale of its stake in Valentino but did not pay any tax on the gains.

October 25, 2012

German family business Bosch, one of Europe’s largest companies by revenues, has been accused of stealing secret technology from a UK rival, but has denied the allegations.

German family business Bosch, one of Europe’s largest companies by revenues, has been accused of stealing secret technology from a UK rival, but has denied the allegations.

British appliance group Dyson has filed legal proceedings, claiming Bosch – a manufacturing and engineering firm – placed a mole in its company, who has allegedly been passing on secrets to Bosch for up to two years.

October 9, 2012

The world of Indian movies is dominated by songs, dances and drama – lots of it. And now, one family business has found itself in the midst of it all due to the lyrics of a song in an upcoming Bollywood film.

The world of Indian movies is dominated by songs, dances and drama – lots of it. And now, one family business has found itself in the midst of it all due to the lyrics of a song in an upcoming Bollywood film.

The Birla family, which controls multi-billion-dollar conglomerate the Aditya Birla Group, has sent a legal notice to Prakash Jha – the director of a new film called Chakravyuh– objecting to a song in the movie.

Click here >>
Close