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Legal

May 4, 2012

Walter Kwok, the former chief executive of family business Sun Hung Kai Properties, has been arrested for alleged corruption, just weeks after his two brothers were also detained.

Walter Kwok, the former chief executive of family business Sun Hung Kai Properties, has been arrested for alleged corruption, just weeks after his two brothers were also detained.

March 9, 2012

Gina Rinehart, Australia’s richest person, has lost a legal battle to keep details of a family feud private, leading to controversial email exchanges with her children being published in the Australian press.

Gina Rinehart, Australia’s richest person, has lost a legal battle to keep details of a family feud private, leading to controversial email exchanges with her children being published in the Australian press.

On 9 March, the High Court of Australia upheld a ruling by an appeals court that allowed documents about the case to be made publicly accessible. The case revolved around the management of the family’s trust – three of Rinehart’s four children took her to court accusing her of allegedly abusing her role as trustee of the fund.

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.

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