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Legal

March 7, 2012

The Liechtenstein Disclosure Facility may have been in the news a lot recently, but many accountants in the UK are still unaware of the benefits it may offer wealthy families and individuals.

The Liechtenstein Disclosure Facility may have been in the news a lot recently, but many accountants in the UK are still unaware of the benefits it may offer wealthy families and individuals.

That’s according to a recent survey by UK-based accountancy firm Crowe Clark Whitehill, which found that a fifth of accountants do not understand the tax amnesty facility.

Sean Wakeman, a partner in the firm’s tax investigations group, reckons this would deprive wealthy individuals in the UK of a chance to clear up their tax arrears.

February 28, 2012

It is often said that bad news comes in threes. But it probably doesn’t hold true for Essar Energy anymore after the company, a subsidiary of Indian family business Essar Group, was hit by yet another setback this week.

It is often said that bad news comes in threes. But it probably doesn’t hold true for Essar Energy anymore after the company, a subsidiary of Indian family business Essar Group, was hit by yet another setback this week.

February 15, 2012

Just days after it appeared the Bettencourt family had finally drawn a line under its family feud, another family squabble has made headlines.

Just days after it appeared the Bettencourt family had finally drawn a line under its family feud, another family squabble has made headlines.

This time, South Korean conglomerate Samsung Group is in the limelight, after the elder second-generation brother sued his younger sibling.

February 9, 2012

Giving ultra-high net worth families and individuals in the UK more time to come clean about their assets in Liechtenstein is an “important development”, according to a top legal expert.

Giving ultra-high net worth families and individuals in the UK more time to come clean about their assets in Liechtenstein is an “important development”, according to a top legal expert.

But Philip Marcovici, a former partner at Baker & McKenzie, told CampdenFB that waiting until the end of the deadline to disclose tax arrears could be “dangerous”.

January 30, 2012

Bianca Hope Rinehart, daughter of Australia’s richest woman, has officially left the board of mining family business Hancock Prospecting, following a fall-out with her mother.

Bianca Hope Rinehart, daughter of Australia’s richest woman, has officially left the board of mining family business Hancock Prospecting, following a fall-out with her mother.

The 33-year-old, who was considered the heir-apparent to Gina Rinehart (pictured), was reportedly removed from the board of the family’s flagship iron ore business on 31 October last year.

January 18, 2012

Essar Energy, a subsidiary of Indian conglomerate Essar Group, is facing more setbacks after the family business lost a billion-dollar-plus tax case.

Essar Energy, a subsidiary of Indian conglomerate Essar Group, is facing more setbacks after the family business lost a billion-dollar-plus tax case.

“We are looking at legal options and we will file a review with the Indian Supreme Court within the next 30 days,” a spokesman for the company told CampdenFB.

January 13, 2012

American billionaire Manuel Moroun, majority shareholder of the Detroit International Bridge Company, has been jailed following a failure by the family business to complete a construction project.

American billionaire Manuel Moroun, majority shareholder of the Detroit International Bridge Company, has been jailed following a failure by the family business to complete a construction project.

The 84-year-old was found to be in contempt of a court order to complete construction work at the Ambassador Bridge, the busiest international crossing that connects Detroit in the US with Windsor in Canada.

January 5, 2012

The Abdullah brothers, majority owners of jewellery retailer Damas, plan to sell some of their stake in the family business in an attempt to boost efforts to repay debt.

The Abdullah brothers, majority owners of jewellery retailer Damas, plan to sell some of their stake in the family business in an attempt to boost efforts to repay debt.

According to a filing with Nasdaq Dubai, where the Middle Eastern company first listed its shares in 2008, third-generation brothers Tawfique, Tawhid and Tamjid have appointed a financial adviser to help with the potential sale of a part of their 52% stake.

December 13, 2011

Indian conglomerate Essar Group has denied being involved in a multi-billion-dollar telecoms case, after the family business head was charged by the country’s investigative body.

Indian conglomerate Essar Group has denied being involved in a multi-billion-dollar telecoms case, after the family business head was charged by the country’s investigative body.

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