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Legal

July 14, 2010

In general, we discourage families from leaving their homes to multiple children as it can often lead to family conflict, but following some simple rules can lessen potential problems, write Paul and David Karofsky.

In general, we discourage families from leaving their homes to multiple children as it can often lead to family conflict, write Paul and David Karofsky.

July 7, 2010

L'Oreal heiress and France's richest woman Liliane Bettencourt is accused of paying president Sarkozy’s government €150,000 during the 2007 elections.

L'Oreal heiress and France's richest woman Liliane Bettencourt (pictured) is accused of paying president Sarkozy's government €150,000 during the 2007 elections.

The allegations come from Bettencourt's former accountant Claire Thibout in an interview with French news website Mediapart.

The interview claims that Bettencourt's financial advisor Patrice de Maistre gave French Labour Minister Eric Woerth a €150,000 donation. The accusation is severe as an individual political donation cannot exceed €7,500 a year under French law.

June 30, 2010

The financial crisis has demonstrated the need for new regulatory approaches and increased supervision of financial service providers. This has sparked a raft of new legislation that attempts to ensure no such crisis happens again.

The financial crisis has demonstrated the need for new regulatory approaches and more intense supervision of financial service providers, writes James Denton.

This has sparked a raft of new legislation from governments internationally as they attempt to ensure no such crisis happens again. Such regulation has consequences for wealthy families and their family offices who will need to comply with the new rules on reporting and governance.

June 28, 2010

Elisabetta Gucci has reportedly received a lawsuit from the luxury group founded by her great grandfather Guccio Gucci over her plans to open a global chain of hotels under her name.

Elisabetta Gucci has reportedly received a lawsuit from the luxury group founded by her great grandfather Guccio Gucci over her plans to launch a hotel chain in her name.

The Bloomberg news service is reporting that Gucci Group, owned by the Pinault family-controlled PPR Group since 2004, has filed a lawsuit in Italy against Elisabetta and her partners in order to protect its rights.

June 25, 2010

Shaw Communications, the family-controlled media giant, won court approval for its proposed takeover of Canwest Global’s broadcasting arm on Wednesday after amending its offer to include a $10.6 million payout to shareholders, including Canwest’s founding family.

Shaw Communications, the family-controlled media giant, won court approval for its proposed takeover of Canwest Global's broadcasting arm on Wednesday after amending its offer to include a $10.6 million payout to shareholders, including Canwest's founding family.
 

June 22, 2010

Lilian Bettencourt, L’Oreal heiress and France’s richest woman, has said she will declare her overseas assets after she was caught on tape discussing apparently undisclosed holdings with an advisor.

Liliane Bettencourt, L'Oreal heiress and France's richest woman, said on Monday that she will declare her overseas assets after she was caught on tape discussing apparently undisclosed holdings with an advisor.

"I have decided to declare all of my family assets that are currently abroad in cooperation with the French tax authorities," said 87-year-old Bettencourt (pictured) in a statement.

June 18, 2010

International law firm Trowers & Hamlins announced yesterday it has filed a £720 million foreign exchange claim against the troubled family-owned conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB).

International law firm Trowers & Hamlins announced yesterday it has filed a £720 million foreign exchange claim against the troubled family-owned conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB).

May 12, 2010

US congressman Peter King yesterday urged the Department of Justice to investigate the relationship between US banks and two Saudi-based, family-owned conglomerates; Saad Group and Ahamad Hamad Algosaibi and Brothers (AHAB)

US congressman Peter King yesterday urged the Department of Justice to investigate the relationship between US banks and two Saudi-based, family-owned conglomerates; Saad Group and Ahamad Hamad Algosaibi and Brothers (AHAB).

May 7, 2010

Mukesh Ambani, the billionaire head of Reliance Industries, has triumphed in the latest dispute with his brother Anil that saw a family disagreement taken to the Indian Supreme Court.

Mukesh Ambani, the billionaire head of Reliance Industries, has triumphed in the latest dispute with his brother Anil that saw a family disagreement taken to the Indian Supreme Court.
 
The court ruled this morning that Mukesh was not entitled to uphold a private family agreement that stated he would supply gas to his brother's company at below-market-price. Mukesh's lawyer confirmed to waiting journalists that the ruling "is a complete victory for Mukesh Ambani."
 

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