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Legal

Damas owners to sell stake in jewellery family business

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.

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.

Family-controlled Essar Group denies involvement in telecoms case

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.

Law firm Mishcon de Reya increases focus on family businesses

December 7, 2011

International law firm Mishcon de Reya has upped its focus on family businesses in the US by introducing a new family law division.

It will be headed by Michael Stutman, an expert in resolving family disputes and divorce settlements. The New York-based office will handle clients who are involved in family businesses.

Suzuki begins arbitration against Volkswagen

November 24, 2011

Family-controlled carmaker Suzuki has started arbitration proceedings against Volkswagen, as it aims to end its alliance with the German group by buying back its shares.

The arbitration, which will take place in London, follows Volkswagen’s “lack of response to Suzuki’s requests for the disposition of its shares” either back to the company or a third party, according to a statement issued by Japan’s Suzuki.

Family business declares bankruptcy

November 11, 2011

Sean Quinn, who was once Ireland’s richest man, has applied for bankruptcy seven months after he lost control of his family business Quinn Group.

Quinn, who developed a business empire from a gravel pit and expanded it to include cement, hotels, pubs and insurance, reportedly lost more than €1 billion after investing in Anglo Irish Bank.

Investigation begins into possible exploitation of family business heiress

September 30, 2011

Prosecutors in France have launched an investigation to find out whether anyone exploited L’Oreal heiress Liliane Bettencourt, following the release of the octogenarian’s medical results.

Eighty-eight-year-old Bettencourt, who along with her daughter collectively owns 31% of cosmetics giant L’Oreal, recently underwent a medical examination to determine her mental status.

Fraud and the family business – why it’s less likely

September 16, 2011

And so it’s happened again. This time it’s Swiss bank UBS that is having to swallow its pride and explain just how a rogue trader was able to lose $2 billion, and even worse, how it only found out when the trader himself confessed. Kweku Adoboli joins the rogues’ gallery that includes Nick Leeson, Jerome Kerviel and Yasuo Hamanaka.

Signing a secret pact – will it hold up?

September 16, 2011

A way of keeping feuds at family businesses away from the public gaze might be by signing a secret pact. At least that’s what Gina Rinehart, the richest person in Australia, seems to think.

After battling through the courts her late father’s wife for 11 years for possession of the family business and estate, Rinehart is once again in court, but this time few will know what’s going on.

Israel’s Ofer family regains reputation

September 14, 2011

Israel’s Ofer family has expressed relief after US authorities removed family business Ofer Holdings Group from a list of targeted companies.

A statement issued by the US state department on 14 September said it will withdraw sanctions against the family-owned industrial conglomerate, which had been accused of alleged trading with Iran.

Tax, ethics and the rich

September 6, 2011

When somebody as eccentric as Liliane Bettencourt, the L’Oreal heiress, says she believes something, you might consider that a reductio ad absurdum of the position. Last week she, along with some other wealthy French people, said that the rich ought to pay more tax.

When somebody as eccentric as Liliane Bettencourt, the L’Oreal heiress, says she believes something, you might consider that a reductio ad absurdum of the position. Last week she, along with some other wealthy French people, said that the rich ought to pay more tax.