MAGAZINE
February 2022 Issue
Financier Worldwide Magazine
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COVER STORY
Risky business: measuring and managing reputational risk
As American polymath Benjamin Franklin wrote, “It takes many good deeds to build a good reputation, and only one bad one to lose it”. In a corporate context, the long-term fortune of any company is built on its reputation. The stronger the reputation, the higher the likelihood…
FEATURES
All-time high: M&A in emerging markets
Cracking the fundamental risks associated with investing in emerging markets has long been the holy grail for M&A practitioners across the globe. That task appears tantalisingly closer in light of deal activity in this sphere over the past 12 months. By any measure, activity has been momentous…
Over the last decade, the FinTech industry has experienced significant growth. The global market was valued at around $7.3 trillion in 2020, and is projected to grow at a compound annual growth rate (CAGR) of 26.87 percent up to 2026, according to Research and Markets, on the back of…
A new paradigm: effective change management
Organisational change has loomed large in the minds of virtually all businesses for nigh on two years, the ‘new normal’ engendered by the global coronavirus (COVID-19) pandemic having highlighted the need for a new paradigm. For many, change management is the means of achieving…
White-collar crime in the post-COVID-19 landscape
Throughout the coronavirus (COVID-19) pandemic, the world has dealt with unprecedented business and financial disruption, including with respect to white-collar crime. Even prior to the crisis there were growing concerns about the persistence of fraud and corruption, with two-thirds of…
Strengthening the workforce: the advantages of augmented working
Workplace collaboration between humans and machines has been a reality for decades. But recent advances in robotics, artificial intelligence (AI) and machine learning (ML) have outstripped virtually all developments which have come before. In the post-COVID-19 landscape, the role of…
ROUNDTABLE
THE PANELLISTS: Paul Riley, Deloitte; Sebastine Odimma, MAERSK Transport and Logistics; Hany Elnaggar, Nissan; Fabio Gaspar, Brasil Petroleo Limitada; Nathaniel Carden, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates; and Xin Liu, Teva Pharmaceuticals Europe Ltd.
The vagaries of the transfer pricing (TP) landscape have posed numerous challenges for tax regimes across the globe over the past 12 months. At the forefront is the Organisation for Economic Co-operation and Development’s two-pillar plan to reform international taxation rules…
SPECIAL REPORT
Q&A: Tackling financial crime in Latin America
FW discusses ways to tackle financial crime in Latin America with Fernando Peyretti at BDO, José Ignacio Hernández at Harvard Kennedy School and Andrés O’Farrell at Marval O’Farrell Mairal.
Global anti-money laundering – are you ready for a perfect regulatory storm?
Norton Rose Fulbright Like death and taxes, money laundering will always be with us. Over the years financial institutions (FIs) have worked very hard at trying to keep one step ahead of criminal organisations that have targeted them to launder the proceeds of their activities. Some FIs have developed…
Money laundering trends in the US
Miller & Chevalier Over the past year, US regulators have been particularly active in the development of anti-money laundering (AML) regulations and priorities. Given the flurry of regulatory activity, combatting illicit finance is, and will continue to be, a top priority for the Biden administration…
Recent developments underscore importance of KYC and related due diligence
Osler, Hoskin & Harcourt LLP In an increasingly fast-paced, highly competitive business environment involving internationally interconnected supply chains and buoyed by ever-changing technology, business relationships rise and fall at a breakneck pace. Fostering and enhancing such relationships is crucial to success…
COVID-19: detecting fraudulent schemes perpetrated by employees
Bennett Jones Recent media coverage has focused on the effect of coronavirus (COVID-19) on the emergence of cyber-related frauds, including social engineering and phishing schemes. Employers would also be wise to address the risk of employee fraud. COVID-19 continues to have a significant impact…
Asset recovery in Germany for international corporations
Rosinus Partner In recent years, the number of multinational fraud cases has increased significantly. Companies often find themselves damaged by complex international fraud schemes in which the perpetrators reside in a different country and assets are moved around internationally. If there are…
Worldwide settlement of international corporate corruption offences
Cohen & Gresser LLP To draw a line in the sand, to move on, to turn over a new leaf, to make a clean slate of it – it is human nature to give a second chance to those who see and own up to the error of their old ways. Any multinational company in the crosshairs of a corruption scandal should aim to find…
New US law enforcement leadership means business on corporate crime
King & Spalding LLP It has been widely expected among white-collar lawyers that under president Biden, the US Department of Justice (DOJ) would take steps to prioritise corporate criminal enforcement. At the end of October 2021, Lisa Monaco, deputy attorney general, laid out three key policy shifts…
Kangs Solicitors Civil fraud incorporates a variety of civil torts and applies to businesses and individuals. A tort is a civil wrong which causes loss or harm to a person who is entitled to seek redress against the person responsible for the tortious act. By way of example, tortious acts, in the civil fraud sense…
Reflections on the first year of ASIC’s immunity policy for market misconduct
Gilbert + Tobin In February 2021, the Australian Securities and Investments Commission (ASIC) published its immunity policy for individuals who may have committed, with at least one other person, market misconduct or other conduct prohibited by Part 7.10 of the Corporations Act 2001 – a policy…
Q&A: Anti-money laundering challenges in Asia-Pacific
FW discusses anti-money laundering challenges in Asia-Pacific with Marie Gervacio, Michael Peters and Andrew Pimlott at Ankura.
TALKINGpoint
FW discusses trends in hostile M&A with Kai Liekefett, Derek Zaba, Paul Choi, Beth Berg and Jessica Wood at Sidley Austin LLP.
Outlook for life settlement funds in 2022
FW discusses the outlook for life settlement funds in 2022 with Brian Forman and Corwin (Cory) Zass at ARM (Actuarial Risk Management).
Managing shareholder vs. stakeholder conflict
FW discusses ways to manage shareholder versus stakeholder conflict with Harlan Loeb and Robert Gemmill at Argyle Communications.
DEALfront
mergers & acquisitions
CSL and Vifor agree $11.7bn deal
In December 2021, global biotechnology leader CSL Limited agreed to acquire Swiss specialty pharmaceutical company Vifor Pharma for $11.7bn. Under the terms of the definitive agreement, CSL will acquire Vifor Pharma in an all-cash public tender offer to acquire all publicly held…
Vitol to acquire Vivo in $2.3bn deal
Commodities trader Vitol Group has agreed to acquire Britain’s Vivo Energy in a deal valued at around $2.3bn. Under the terms of the agreement, Vivo shareholders will receive $1.79 in cash for each share they hold, and six cents as an interim plus special dividend. The deal is expected…
private equity & venture capital
Veritas Capital agrees $17bn athenahealth exit
Veritas Capital and Evergreen Coast Capital have agreed to exit athenahealth Inc, a provider of cloud-based enterprise software solutions, in a $17bn deal with affiliates of Bain Capital and Hellman & Friedman. The deal is expected to be completed in the first quarter of 2022, subject to…
Lonestar to take SPX FLOW private in $3.8bn deal
In a deal that takes the company private, nutrition, health and industrial markets solutions provider SPX FLOW, Inc. is to be acquired by an affiliate of private equity (PE) firm Lone Star Funds in an all-cash transaction valued at $3.8bn, including the assumption of debt. Under the terms of…
bankruptcy & corporate restructuring
Indonesia’s Garuda airline enters restructuring to avoid bankruptcy
Garuda International, the flag carrier of Indonesia, has entered a court-supervised restructuring process as the debt-ridden airline tries to rescue itself from bankruptcy. The airline’s restructuring attempt began after a Jakarta court granted a debt petition filed against the company by one…
Avianca emerges from Chapter 11
Following its Chapter 11 filing in May 2020, Colombian airline Avianca has successfully completed its financial restructuring process and emerged from bankruptcy as a more efficient and financially stronger airline, with significantly reduced debt and over $1bn of liquidity. The beleaguered…
SPOTlight
Profit maximisation through effective post-M&A claim management
Hogan Lovells International LLP In M&A transactions, the buyer usually invests a considerable amount of time and money to get the deal done. The target company is thoroughly scrutinised in due diligence processes, detailed Q&A sessions take place and complex contractual clauses are negotiated. Once the deal has been…
The end of the road for data breach litigation?
Norton Rose Fulbright LLP In recent years, there has been a well-documented increase in litigation arising from data breaches. This litigation has been on a grand scale, in the form of representative actions and group litigation orders (GLOs), and on a smaller basis, with individual claimants bringing claims in their own…
Boards’ need to step-up cyber stewardship
Henley Business School As the impact of cyber crime on corporate business features ever more prominently in national and global news, the financial, legal and reputational impact has ensured that the subject now has a permanent and prominent place in the boardroom. So, what criteria separate secure and…
CONTRIBUTORS
Ankura
Argyle Communications
ARM (Actuarial Risk Management)
BDO
Bennett Jones
Brasil Petroleo Limitada
Cohen & Gresser LLP
Deloitte
Gilbert + Tobin
Harvard Kennedy School
Henley Business School
Hogan Lovells International LLP
Kangs Solicitors
King & Spalding LLP
MAERSK Transport and Logistics
Marval O’Farrell Mairal
Miller & Chevalier
Nissan
Norton Rose Fulbright
Osler, Hoskin & Harcourt LLP
Rosinus Partner
Sidley Austin LLP
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
Teva Pharmaceuticals Europe Ltd.