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April 18, 2013

Pilot Flying J, one of the biggest privately controlled businesses in America, is under investigation by the FBI and Internal Revenue Service for concerns over rebates it offered its clients.

Pilot Flying J, one of the biggest privately controlled businesses in America, is under investigation by the FBI and Internal Revenue Service for concerns over rebates it offered its clients.

Federal investigators raided the headquarters of the Tennessee-based truck stop company on April 15 with staff ordered to leave the building.

The next day second-gen chief executive Jimmy Haslam, who is also owner of the Cleveland Browns football team, held a press conference to confirm that the company is subject to a criminal investigation.

April 17, 2013

Whether to get the family business involved in giving, and how to approach business philanthropy can seem daunting at first but the following overview takes a look at the why and how. 

It is fair to say that International Corporate Philanthropy Day 2013 passed this February without much fanfare in the UK. In fact, the year 2011, which the UK coalition Government designated ‘the year of corporate philanthropy’ also came and went without much notice.

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Bernard Arnault, second-gen chief executive of LVMH and France's richest man, has withdrawn his application for Belgian citizenship following continued accusations that he was trying to avoid the new 75% tax levied on incomes of more than €1 million.

Bernard Arnault, second-gen chief executive of LVMH and France's richest man, has withdrawn his application for Belgian citizenship following continued accusations that he was trying to avoid the new 75% tax levied on incomes of more than €1 million.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

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