Opalesque Sovereign Wealth Funds Briefing » Compliance/Regulation/Legal

Canary Wharf, Qatar win approval for London Shell Centre Project

VRS — Wed, 22 May 2013 02:04:15 +0000

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No sovereign wealth fund for SA

VRS — Tue, 21 May 2013 06:18:59 +0000

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Watchdog raises fears over wealth funds

VRS — Thu, 16 May 2013 01:24:38 +0000

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Temasek fails to back Standard Chartered executive directors

VRS — Fri, 10 May 2013 03:41:22 +0000

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Nigeria’s sovereign wealth fund: No deal yet between FG, states

VRS — Fri, 10 May 2013 03:41:03 +0000

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Supreme Court insists on political end to sovereign wealth’s dispute

VRS — Fri, 10 May 2013 03:40:49 +0000

Conceding to the Federal Government the last chance to resolve the case on the Sovereign Wealth Fund Account amicably, the Supreme Court in Abuja Thursday held that the dispute was political and would better be resolved out-of-court. The apex court expressed this view while speaking to the Federal Government’s legal team led by Chief Wole Olanipekun (SAN) when the matter came up. (more…)

Gao says CIC doesn’t get equal treatment from U.S.

VRS — Mon, 29 Apr 2013 03:00:11 +0000

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Bill to tap Rainy Day Fund approve

VRS — Wed, 24 Apr 2013 03:30:57 +0000

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PKR questions timing of 1MDB’s $3 bln bond issuance

VRS — Tue, 23 Apr 2013 03:43:14 +0000

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India: Government eyes gas assets abroad with PSU funds

VRS — Wed, 17 Apr 2013 01:46:25 +0000

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Israel cabinet OKs wealth fund to prevent “Dutch Disease”

VRS — Mon, 15 Apr 2013 03:38:40 +0000

Israel’s cabinet on Sunday re-approved the establishment of a sovereign wealth fund to prevent a steep appreciation of the shekel once natural gas fields start to generate high levels of income. Bank of Israel Governor Stanley Fischer has called for a sovereign wealth fund similar to Norway’s to safeguard the billions of dollars in windfall natural gas revenue. (more…)

Israel gas-fund law shows ‘Dutch Disease’ awareness, Kandel says

VRS — Mon, 15 Apr 2013 03:38:26 +0000

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Israel: Government approves sovereign wealth fund

VRS — Mon, 15 Apr 2013 03:38:12 +0000

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China sovereign fund seeks easing of Australia investment rules

VRS — Mon, 08 Apr 2013 03:50:16 +0000

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Democrats push Permanent Fund dividend protection in light of oil giveaway

VRS — Thu, 04 Apr 2013 04:20:30 +0000

Eight Democratic legislators filed legislation to protect the Permanent Fund Dividend by placing the current dividend formula in the Alaska Constitution. With GOP leaders pushing an oil giveaway that is likely to cost Alaskans upwards of $1 billion or more a year, future legislators are likely to start cutting the Dividend to fund state revenue. (more…)

Securities regulator reluctant on China wealth fund job: sources

VRS — Mon, 11 Mar 2013 05:04:07 +0000

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Libya’s pursuit of lost billions ‘in limbo’

VRS — Wed, 06 Mar 2013 03:46:33 +0000

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Citigroup arbitration win in $4 bln Abu Dhabi case upheld

VRS — Wed, 06 Mar 2013 03:45:11 +0000

A Manhattan federal judge on Monday rejected a bid by the Abu Dhabi Investment Authority to overturn an arbitration panel’s ruling favouring Citigroup Inc. in a dispute over a $7.5 billion investment by the fund in the bank. US District Judge George Daniels rejected arguments that the October 2011 ruling by an American Arbitration Association panel, which reviews international disputes, ignored applicable law and was “fundamentally unfair” by depriving the Abu Dhabi fund of a chance to properly present its case. (more…)

Libya premier asks wealth fund head to step aside after firing

VRS — Tue, 05 Mar 2013 03:58:16 +0000

Libyan Prime Minister Ali Zaidan said the head of the country’s sovereign wealth fund should step aside and allow his successor to take over after he was fired. “We are hoping that Mr Derregia will do the right thing and step down,” Prime Minister Ali Zaidan told reporters yesterday in Tripoli, referring to Mohsen Derregia, Chairman and Chief Executive Officer of the fund, who was fired recently. (more…)

Citi wins Abu Dhabi arbitration challenge

VRS — Tue, 05 Mar 2013 03:58:03 +0000

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Alaska Permanent Fund amends investment guidelines in infrastructure

VRS — Tue, 05 Mar 2013 03:57:37 +0000

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Libya’s sovereign fund cooperating with SEC on Goldman probe

VRS — Mon, 04 Mar 2013 04:13:32 +0000

The Libyan Investment Authority, the nation’s sovereign wealth fund, is cooperating with the U.S. Securities and Exchange Commission on its probe into the fund’s dealings with Goldman Sachs Group Inc. (GS)
The LIA is also considering legal action against Goldman Sachs, the fifth-biggest U.S. bank by assets, to recover losses on its investments, the fund said. (more…)

Libyan fund helping SEC in Goldman probe

VRS — Fri, 01 Mar 2013 04:24:50 +0000

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Australia: Putting out the welcome mat to sovereign wealth funds

VRS — Thu, 28 Feb 2013 03:41:22 +0000

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Putting out the welcome mat to foreign pension and sovereign wealth funds - MIT withholding tax changes

VRS — Wed, 27 Feb 2013 03:57:31 +0000

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FG urged to provide effective guidelines for SWF

VRS — Mon, 25 Feb 2013 03:28:13 +0000

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Legislature approves bill to repay Alabama Trust Fund

VRS — Wed, 20 Feb 2013 03:22:32 +0000

The Alabama House has given final passage to a bill that requires full repayment of money transferred from an oil and gas revenues savings account to the state’s General Fund budget. The House voted 90-0 Thursday to approve an amendment put on in the Senate that requires repayment of the money even if the Legislature doesn’t appropriate the funds. (more…)

Angolan court rejects opposition complaint on sovereign fund

VRS — Mon, 11 Feb 2013 04:10:36 +0000

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Kazakhstan to issue licenses to investors to develop 20 new fields

VRS — Fri, 08 Feb 2013 03:57:49 +0000

The Kazakhstan Sovereign Wealth Fund, Samruk-Kazyna, is preparing a list of fields where licenses for development will be issued to potential investors after lifting a moratorium on the development of hydrocarbon fields, told chairman of the Kazakhstan Sovereign Wealth Fund Samruk-Kazyna, Umirzak Shukeyev, told a meeting of the Fund Board with the participation of Prime Minister Serik Akhmetov. (more…)

Ala. House passes bill to replenish Alabama Trust Fund

VRS — Fri, 08 Feb 2013 03:56:13 +0000

The Alabama House of Representatives took the first official steps Thursday to pay back $437 million that it withdrew from the Alabama Trust Fund to balance funding for agencies like Medicaid and the Department of Corrections. “We promised it would be the first bill passed and we did that today” Rep. Jay Love (R – Montgomery) said. Love sponsored the legislation. (more…)

Libya SWF should pursue key reform priorities - IMF

VRS — Thu, 07 Feb 2013 02:26:50 +0000

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SWFs get $1.2 bln more QFII quota

VRS — Wed, 06 Feb 2013 04:12:16 +0000

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Angola: Independent legal opinion supports fund’s constitutionality

VRS — Mon, 04 Feb 2013 02:54:16 +0000

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Barclays in Qatar loan probe

VRS — Fri, 01 Feb 2013 03:27:01 +0000

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Excess crude account: Govs to seek final resolution from Supreme Court

VRS — Wed, 30 Jan 2013 03:20:12 +0000

Determined to definitely resolve its dispute with the Federal Government over the Excess Crude Account (ECA), the Nigeria Governors’ Forum (NGF) is, again, set to go to the Supreme Court. However, the Federal Government Tuesday approved the distribution of $1 billion from the ECA among the 36 states and the Federal Capital Territory (FCT) to enable them to execute projects. (more…)

Rep. Jay Love files bill to pay back Alabama Trust Fund

VRS — Wed, 30 Jan 2013 03:19:02 +0000

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China boosts Kuwait’s quota for investment

VRS — Mon, 21 Jan 2013 04:59:59 +0000

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Western over-regulation will drive investment to Asia: CIC

VRS — Thu, 17 Jan 2013 03:17:58 +0000

The sovereign wealth fund’s executive VP, Jesse Wang, labels proposed US and UK regulatory change “anti-globalisation” and challenges Hong Kong to step into the breach. The deputy head of China’s $400 billion sovereign wealth fund CIC has ridiculed UK and US regulatory change and challenged Hong Kong to step into the breach as a global financial hub. (more…)

Future Fund to take flight with $2bln airport push

VRS — Wed, 16 Jan 2013 03:20:49 +0000

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Australia Infrastructure Fund holders OK sales

VRS — Wed, 16 Jan 2013 03:20:34 +0000

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U.S. objects to MSR Resort bankruptcy plan

VRS — Fri, 11 Jan 2013 04:30:27 +0000

The United States government has objected to a bankruptcy reorganization plan that calls for the sale of MSR Resort hotel group to a Singapore sovereign wealth fund, saying it is an attempt to dodge taxes. The plan creates tax liabilities of $331 million with no recourse for the Internal Revenue Service (IRS) to recover them, Preet Bharara, U.S. attorney for the Southern District of New York, said in an objection filed on Wednesday. (more…)

SOFAZ budget for 2013 approved with a deficit of AZN 2 bln for SOCAR projects

VRS — Tue, 08 Jan 2013 03:29:15 +0000

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China’s investments prompt call for new rules

VRS — Mon, 07 Jan 2013 04:23:43 +0000

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Azerbaijani State Oil Fund budget approved for 2013

VRS — Thu, 03 Jan 2013 01:24:41 +0000

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Qatar’s $1.45bln Heathrow deal cleared for take-off

VRS — Thu, 03 Jan 2013 01:24:11 +0000

Qatar Holding has received European Union approval for its purchase of a stake in London’s Heathrow Airport. The total deal, worth US$1.45 billion (Dh5.32bn) will see a further 10.62 per cent of Heathrow Airport Holdings (HAH), formerly BAA, transferred from Spanish infrastructure firm Ferrovial to the Qatari global investment house, part of the country’s sovereign wealth fund, the Qatar Investment Authority. (more…)

Angola to outline sovereign fund policy in Q1

VRS — Thu, 20 Dec 2012 04:26:17 +0000

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State Oil Fund of Azerbaijan exempted from land tax

VRS — Wed, 19 Dec 2012 04:10:30 +0000

The Azerbaijani government keeps on expanding tax exemptions for the State Oil Fund of Azerbaijan (SOFAZ), assets of which exceed the size of country’s state budget. According to the amendments to the Rules of assessment and payment of land tax to local (municipal budgets), lands belonging to or used by SOFAZ were exempted from land tax. (more…)

Allocations for assets of Azerbaijan’s Oil Fund exempted from taxes

VRS — Wed, 19 Dec 2012 04:10:19 +0000

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Nigeria: Legislation for sovereign wealth long overdue

VRS — Tue, 18 Dec 2012 02:53:24 +0000

The creation of Sovereign WealthFund (SWF) by the Federal Government is perceived to be a noble idea. but its implementation is now dogged with resistance from no less a quarter than the governors of various states of the federation, culminating in a suit before the Supreme Court. The state governments are challenging the legality of the excess crude account and the Federal Government’s alleged transfer of $1 billion from the account to SWF. (more…)

Asian sovereign wealth fund selects SimCorp Dimension

VRS — Tue, 18 Dec 2012 02:51:47 +0000

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China scraps QFII limit on sovereign funds

VRS — Mon, 17 Dec 2012 03:11:17 +0000

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Qatar Holding eyes $1bln investment in China

VRS — Wed, 12 Dec 2012 03:51:21 +0000

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Safe breaks QFII record with $1bln quota to SWF

VRS — Wed, 12 Dec 2012 03:51:06 +0000

Qatar Investment Authority is awarded $1 billion in QFII quota, beating the previous high of $700 million, as China’s foreign exchange regulator hands out $2.5 billion to 11 firms in its latest batch. China’s foreign exchange regulator has smashed its record high for a single QFII quota as part of a fresh batch of awards amounting to almost $2.5 billion. (more…)

Kazakhstan wealth fund sued in U.S. by BTA Bank investors

VRS — Thu, 06 Dec 2012 05:08:36 +0000

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Sovereign wealth funds and the foreign sovereign tax exemption

VRS — Wed, 05 Dec 2012 03:58:10 +0000

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UAE tax treaties on the rise

VRS — Tue, 04 Dec 2012 04:20:02 +0000

The number of double taxation treaties signed between the UAE and other countries has surged by more than 40 per cent in the past four years, and tax experts expect the trend to continue. Tax matters are growing in importance for regional sovereign wealth funds that deploy billions of dollars overseas in typically long-term investments that by their nature carry future taxation-related risk. (more…)

NEITI’s audit to cover excess crude account

VRS — Mon, 03 Dec 2012 04:10:41 +0000

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Olam launches defence against Muddy Waters allegations

VRS — Wed, 28 Nov 2012 03:50:41 +0000

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CIC slams US regulation, accuses SEC of blackmail

VRS — Tue, 27 Nov 2012 01:34:01 +0000

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Sovereign wealth fund: Out of court settlement deal Impossible

VRS — Mon, 26 Nov 2012 03:03:36 +0000

After months of intense horse-trading between the Federal Government and governors of the 36 states of the federation on the possibility of reaching a consensus over plans by the Federal Government to transfer $1 billion from the Excess Crude Account to a new account to be known as the “Sovereign Wealth Fund,” the parties, yesterday, told the Supreme Court that the out-of-court settlement option failed to yield any dividend. (more…)