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UHNWIs have Liechtenstein assets investigated

February 22, 2008

Wealthy families and other ultra high net worth individuals who have invested money into Liechtenstein’s LGT bank may find their assets closely scrutinised as the bank is investigated for fraud by the German government.

Wealthy families and other ultra high net worth individuals who have invested money into Liechtenstein's LGT bank may find their assets closely scrutinised as the bank is investigated for fraud by the German government.

Indian dynasty brings investment house under family control

February 19, 2008

The holding company behind India’s biggest family-owned firm has taken a majority stake in its own investment business.

The holding company behind India's biggest family-owned firm has taken a majority stake in its own investment business. According to a filing made to the Bombay Stock Exchange, Tata Sons Ltd has increased its stake in Tata Investment Corporation Ltd (TICL) to around 55%.

Media mogul's son to earn nearly $20 million

February 14, 2008

James Murdoch could net nearly $20 million in his new post at News Corp.

James Murdoch (pictured) could net nearly $20 million in his new post at News Corp. He will receive a base salary of $3.4 million in his role as head of Asian and European operations and could also earn bonuses of approximately $16 million.

However, he still has some way to go to match his father's wealth. Rupert Murdoch, CEO of News Corp, earns a reported salary of $8.1 million. He also owns 30% of the firm and is worth an estimated $9 billion.

Mittal nets $2 billion

February 13, 2008

Lakshmi Mittal, CEO of ArcelorMittal, has netted almost $2 billion as the steel giant announced record results in its first full year as a joint company.

Lakshmi Mittal, CEO of ArcelorMittal, has netted almost $2 billion as the steel giant announced record results in its first full year as a joint company. Net income soared 30% to $10.5 billion and sales grew to $105 billion – up from $88 billion the previous year.

The firm also announced that $4.4 billion would be returned to shareholders and with a 43% stake in the company, Mittal is set to earn $1.9 billion.

UK government backs down on non-dom plans

February 12, 2008

The UK government has been accused of bowing to pressure from the ultra high net worth foreigners who live in the UK after it clarified plans to issue a £30,000 annual charge for non-doms.

Hong Kong family settles $24 million insider trading case

February 6, 2008

David Li, chairman and CEO of family-owned Bank of East Asia, has paid an $8.1 million civil penalty to the US Securities and Exchange Commission to settle an insider trading case.

In May 2007 the SEC launched charges against Li and three other individuals for illegal tipping and trading in the securities of Dow Jones & Company in the weeks before the public disclosure of an unsolicited acquisition offer by News Corporation. The amount paid by all four individuals totals $24 million.

Nolet family and Diageo form joint venture

February 5, 2008

The Nolet family, owner of the successful super-premium Ketel One brand and Diageo, the world’s leading premium drinks company, have agreed to form a new 50/50 company, which will own the exclusive global rights to sell, market and distribute Ketel One vodka.

The Nolet family, owner of the successful super-premium Ketel One brand and Diageo, the world's leading premium drinks company, have agreed to form a new 50/50 company, which will own the exclusive global rights to sell, market and distribute Ketel One vodka. Diageo has agreed to pay $900 million for its 50% equity interest in the newly-formed company, which will be based in the Netherlands.

Pernod Ricard records “historic” results

January 28, 2008

Financial results unveiled by family-owned drinks firm Pernod Ricard have been described as “historic” by the group’s chairman and CEO, Patrick Ricard, a second-generation member of the France-based family.

Financial results unveiled by family-owned drinks firm Pernod Ricard have been described as "historic" by the group's chairman and CEO, Patrick Ricard (pictured), a second-generation member of the France-based family.

Consolidated net sales for the period 1st July–31 December 2007 increased by 5.9% to €3.7 million. The company identified the growth as resulting from outstanding organic growth, the loss in value of the US dollar, and its disposal of the Rich & Rare business.

Ambani acquisition reopens old wounds

January 25, 2008

An acquisition by a leading member of one of India’s most powerful business-owning families has thrust a fractious sibling relationship back into the limelight.

An acquisition by a leading member of one of India's most powerful business-owning families has thrust a fractious sibling relationship back into the limelight.

Mukesh Ambani (pictured), chairman and managing director of Reliance Industries, the giant petrochemical manufacturer, has won an auction to be part of a major revolution in the game of cricket. The Board of Control for Cricket in India has sold the rights to eight teams in a newly created Indian Premier League, which will showcase the shortened Twenty20 version of the game.

Otto family retains family business

January 25, 2008

The Otto family has regained all the shares of its mail-order company, the Otto Group.

The Otto family has regained all the shares of its mail-order company, the Otto Group. The family’s investment vehicle has taken over newspaper publisher E Brost & J Funke from the other shareholders, and therefore the remaining 25% in Otto.

Thomas Voigt, spokesperson of Dr Michael Otto (pictured), who is chairman of the supervisory board, said: “Running the Otto Group as a family business enables us to follow a long term strategy to the advantage of the group, without the need to constantly deliver short term results as is the case with quoted companies.”