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Europe: The Megashifts Reshaping Our World December 2016


UK: Business Leaders Must “Walk the Talk” to be Truly Effective WWW. CORP-INTL .COM

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CONTENTS EDITOR’S TALK In this month’s cover story, we examine the forecasts that have emerged following Donald Trump’s victory over Hillary Clinton in the US presidential election. In her message of congratulations, UK Prime Minister Theresa May said she hoped Mr Trump’s win would mean a continuation of shared values, including “freedom, democracy and enterprise”. And “enterprise” may well be the key buzzword as we focus on the economic aftermath, including: Mr Trump’s proposal to discontinue a number of existing free trade agreements, including the North American Free Trade Agreement between the US, Canada and Mexico; meanwhile, the UK200Group – the association of chartered accountancy and law firms – has examined how the election victory is likely to affect the UK economy. Tim Watkins, managing director of UK200Group member accountancy firm Randall & Payne, noted: “A victory for the Republicans may mean we are nearer the front of the queue for a post-Brexit trade deal; but perhaps we can expect an element of isolationism on the part of the US going forward.” Elsewhere in the edition, we examine European megashifts and the need for UK business leaders to “walk the talk”, while our extensive End of Year Review provides timely comment, retrospective analysis and forward-thinking from prestigious advisory firms based all around the world.


US: After the Election

What does Donald Trump’s presidential triumph mean for global economics and free trade?

Europe: The Megashifts Reshaping Our World


Gerd Leonhard, European futurist and author, examines the exponential technologies changing our culture, business and society.

Best wishes for the festive season & a Happy New Year. Ryan Daff, Editor

UK: Business Leaders Must “Walk the Talk” to be Truly Effective

Hannes Leroy agrees that integrity is a key ingredient in effective leadership – but how can you balance this with the realities of the workplace?

Others News & Views


People Moves


Global IP Who’s Who


Deals 51

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disclaimer Every effort is made to ensure the accuracy of the contents of Corporate INTL. However the publishers cannot accept responsibility for any errors and subsequent claims made by any third parties. The magazine contains predictions for the future of various companies and sectors. However, no forward statement should be construed as profit forecast.


End of Year Review Corporate INTL looks back at 2016 with some of the leading firms of the past 12 months.

Editor: Ryan Daff

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CorporateINTL December 2016 Corporate INTL


NEWS&VIEWS The Changing Face of Cybersecurity - A Look Back at 2016 and a Look Forward to 2017 Cybersecurity has come a long way over the past five years. Controls have been invented to monitor a user’s every move without violating their privacy and the chief information security officer (CISO) is now a fixture in many modern organisations. With 2017 looming large, Jamie Graves, CEO of cyber security company ZoneFox, looks at what companies need to do as 2016 draws to a close, and what may be in store during 2017. • Stay on top of vulnerabilities - Microsoft states that 41.8% of vulnerabilities are given a highly severe rating these days. This is a three-year high! Ensure you’re prioritising and managing your vulnerabilities accordingly. • Wean your people off of Flash - According to Microsoft, 90% of malicious web pages contained Flash. HTML5 is great at streaming video. As such, Flash is no longer necessary and should be removed from your systems. • Prepare for ransomware - Ransomware has become ubiquitous. 61% of exploit payloads are now ransomware, according to MalwareBytes. Keep good backups, monitor your files for encryption activities, and - ideally - employ endpoint protection with application whitelisting or encapsulation. • Emphasis on detection - Prevention eventually fails. So, put your money on detecting threats or breaches as quickly as possible. 2016 saw several next-generation platforms come into being; machine learning and user behaviour analytics, along with big data, are helping to detect malicious behaviour more efficiently. • Get a CISO! - The Price Waterhouse Cooper Global State of Information Security survey states that in 2015, 91% of organisations were following a risk-based cybersecurity framework, but only 54% have a CISO running their cybersecurity program. Roughly half of respondents are running security awareness training, conducting threat assessments, or are monitoring cyber intel. There may be a correlation here: A risk-based framework is a great foundation, but less effective without a CISO dedicated to driving the initiatives forward. Five years ago, the term CISO was not popular, ransomware was only a twinkle in its daddy’s eye and Flash vulnerabilities were (relatively) few and far between - but times are changing.

So what’s in store for 2017? It looks as though there will be at least three heavy hitters next year. • (further) Proliferation of mobile malware - Mobile malware seems to be growing at an exponential rate. Security researchers at Check Point Software have found upwards of 10 million Android phones infected with auto-rooting malware. The idea that some mobile malware can embed itself in a phone’s bootloader and remain persistent even after factory reset is a scary thought. • Internet of Things leveraged for attacks - In September 2016 Brian Krebs’s blog, KrebsOnSecurity, went down due to a 620Gb/s(!) Distributed Denial of Service (DDoS) attack carried out by IoT devices. The Mirai malware code - used in the attack on Krebs - has recently been released, which means that attackers will be able to recruit vulnerable IoT devices for similar attacks. • Emphasis on obtaining, training and retaining cybersecurity staff - Over the past few years, much focus has been placed on buying the best tech, hiring consultants and auditors and putting employees in place to monitor and respond to cyber threats. Unfortunately, there are more positions than there are qualified cybersecurity analysts. This is a problem. Requirements for employment should be reduced (i.e. no bachelor’s degree required), or employees must maintain certifications and regular training to stay up to date with the latest threat trends and technologies. • User Behaviour Analysis and AI - Artificial intelligence and UBA may be one of our saving graces next year. Leveraging AI and UBA will provide new means for detecting threats, reducing the need for “eyes on glass” and allowing the good guys to actively remediate threats as they appear. Many of the trends of 2016 are going to stick with us and new ones will emerge over the coming months - so it’s important to keep cyber security as a priority.

HEC Paris Launches the Movement for Social x Business Impact HEC Paris, together with leading multinational corporations and associations, launches an ambitious new initiative, the Movement for Social x Business Impact. It aims at contributing to a more inclusive economy, where businesses tend to maximise their social impact together with their economic performance. This Movement builds on the academic research and teaching of the Social Business / Enterprise and Poverty Chair designed in 2009 and co-chaired by 2006 Nobel Prize Professor Muhammad Yunus and Martin Hirsch, former High Commissioner for Active Solidarity Against Poverty in France, and currently Head of the Assistance Publique-Hôpitaux de Paris (Paris Public Hospitals Administration). From the start, it has been funded by Danone, Schneider Electric and Renault. The Chair in turn helped create the Action-Tank Entreprise & Pauvreté designed to incubate inclusive business models fighting poverty in France.

Strengthening and broadening teaching opportunities which concentrate on how businesses can maximise their social impact. The objective is to train a new generation of managers and leaders at HEC Paris, and in the other academic member institutions of the Movement. This is achieved by reaching out to all respective students, and co-developing business cases to be shared worldwide. Accelerating the deployment and scaling up social business projects incubated in France by the coalition members (companies, NGOs, social entrepreneurs and public authorities). Providing institutional resources to develop an international network of Action-Tank social business incubation models. These will provide essential goods and services to the poorest populations, with a focus on Africa, Asia, Europe and Latin America. It will be co-sponsored by members of the Action-Tank together with local business, academic and civil society partners.

This initiative further anchors HEC Paris’s new strategy, which focuses on Entrepreneurship, Digital Transformation and Social Impact.

The Movement for Social x Business Impact will be managed and integrated by the Society & Organization (SnO) Center of HEC Paris.

HEC’s Movement will focus on business solutions to fight poverty and uphold four key concepts:

To finance and support the Movement over a three-year period, the three initial funders of the Chair will be joined by three new corporate partners: Sodexo, Veolia and Total. The Movement co-founders will continue to benefit from active and engaged support by the other companies and members of the Action-Tank. As part of its Social Impact Practice, BCG consulting firm, in partnership with Yunus Social Business, will further support the Movement at a national and global level.

Catalysing world-class research on business social impact and social business by building on partnerships with the best international academic teams from universities in particular based in the US, UK, Asia, Africa and Latin America. 4

December 2016 Corporate INTL

News & Views New Book will Chronicle the AI Revolution and Map Pathways to the Future Fast Future Publishing and AI Business have announced their collaboration on The Future of AI in Business - Unlocking Human Potential. The book will bring together case studies and future perspectives from leaders in the development and deployment of AI across the business world and will be launched at the AI Business’s The AI Summit in London on May 9 2017. The book is a collaboration between Fast Future Publishing, a specialist “exponential” publisher focusing on fast track delivery of futures-orientated books, and AI Business, the leading media and events organisation focused on the practical application of artificial intelligence (AI) in the business world. The book is in response to the explosion of demand for quality insights on the current and future role of AI in Business. Over the last year, interest in AI has reached fever pitch as the business world has started to explore and embrace what represents potentially the most socially transformative technology since the invention of gun powder. The pace of investment in, and adoption of, AI in business is accelerating, and the level of interest and activity is rising rapidly across all sectors.

Working Smarter, Not Harder: Blue Street Capital Follows Tower Paddle Boards’ Lead in Implementing 5-hour Work Day We often hear the phrase, “Work smarter, not harder.” These are words to live by, no doubt, but what exactly do they mean, and how does one accomplish this task? Is it by learning more about the industry one works in, in order to be more insightful? Does it entail working with efficiency rather than simply brute determination? Does it mean creating an environment in which employees feel valued, and are thus willing to put forth a greater effort? In the case of Blue Street Capital, an equipment leasing and financing company based in Huntington Beach, California, the answer is: all of the above. On August 1, 2016, on a quest to “work smarter, not harder”, Blue Street Capital shook up the way they do business, by adopting a revolutionary new workplace concept: the five-hour work day. In a bold move, they cut operating hours by nearly 50% without cutting employee pay. Why, one might wonder, would they want to pay their employees the same to work less? The answer is simple: they feel that in allowing their employees to be more connected to their lives outside of work, they will in turn be happier, more rested, and more efficient. Blue Street is hopeful that this concept will make their company a leader in the next workplace revolution. Now that we are firmly ensconced in the digital age, there is not the same necessity to work on-site from 9-5 in order to get the job done. CEO, David Rhoads, said of the switch: “At Blue Street, we are hyper-focused on bringing massive value to our customers, partners, and employees alike, and this is one giant step we can take towards that goal. We’re confident that by condensing the hours we work, we will be able to spur innovation, creativity and most importantly have ‘stoked employees’.

Smart Railways Market Worth 20.58 Billion USD by 2021 According to a new market research report “Smart Railways Market by Solution (Passenger Information, Freight Information, Rail Communication, Advanced Security Monitoring, Rail Analytics), Component, Service (Professional, Managed), and Region - Global Forecast to 2021”, published by MarketsandMarkets, the market size is expected to grow from USD 10.50 Billion in 2016 to USD 20.58 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.4% during the period 2016-2021. The major drivers for upsurge in demand for smart railways solutions, components, and services include increasing demand for improved services in railways, emerging trend of smart cities, increasing government initiatives, and emergence of IoT. Passenger Information System (PIS) is likely to hold the largest market share in the Smart Railways Market. The intelligent solutions such as advanced PIS, advanced vehicle control system, and various other systems provide information regarding

CEO of Fast Future Publishing and co-editor of the book Rohit Talwar noted: “Through the growing demand for our keynote speeches on The Future of Business to corporate leaders around the world, and across all of our current and forthcoming books, it is clear that the commercial world is waking up to the true power and potential of AI. Every executive wants to know what AI is, how it could transform business, how far and how fast it could develop, and what the potential economic, political, social, and ethical implications, opportunities and challenges might be.” CEO of AI Business and co-editor of the book Georgios Kipouros said: “Since 2014, AI Business has been the pioneer in highlighting the transformational impact of artificial intelligence in the corporate world. Through the world’s largest online community and events focused on AI for business, we are engaging with the thought leaders that are enhancing human productivity through implementation of AI technologies. This book, the first one on this topic, will be a milestone in deciphering the future of AI-powered organisations.” The intention is to provide a diverse set of perspectives on where the technology is going, how it is being deployed in business today, and how the capabilities, applications, and impact of AI could evolve over the next 3-10 years. The book will present case study experience, insights, and visionary thinking from end users, technology vendors, professional service firms, researchers, and those with a deep interest in the field. Additionally, we’re hopeful this will allow us to both recruit and retain the best and brightest in our field.” The question remains, however, how exactly do you achieve a higher level of efficiency in fewer hours? The answer, again, is simpler than one might think. An average of 40-50% of a typical eight-hour work day is wasted on coffee breaks, water cooler chit-chat, meal breaks, and checking personal emails and social media. This estimate doesn’t even factor in additional time-killers such as fantasy football, or office social events. Allow for the afternoon dip in energy, and the tendency to push new projects to the next day, and you are looking at roughly three to four hours with a drastically reduced rate of employee productivity. The five-hour workday eliminates all the nonsense by asking employees, quite simply, to put forth a solid five-hour block of purposeful, productive activity. In return, they are free to spend the rest of the day doing whatever they wish - spending time with the family, driving carpool, surfing, golfing, or simply catching a few winks. By reducing office hours, without diminishing the expected productivity, efficiency is actually increased. Rather than limiting the expectation of work output, the concept simply ensures that the same work gets accomplished in less time. There will of course, be times when customers require extra assistance, or when busier times of the month come around, and during those instances, employees will be expected to forego the fivehour baseline, and work until the job is done. The hypothesis is that employees who are made to feel as though their time is valuable will be more than willing to go the extra mile for the company when they are called upon to do so. Blue Street Capital, LLC is a technology financing and equipment leasing firm based in Huntington Beach, CA. Their mission is to help their customers grow their businesses by providing financing solutions for technological needs. the real-time position of a vehicle. The well-grained information serves as input data for refined production schedules, and improved logistics. The growth of PIS solution is also attributed to the increasing globalisation and need for advanced transportation infrastructure. Rail analytics system expected to grow at the highest CAGR during the forecast period The market for rail analytics would witness a major growth owing to the rise of demographic growth and hyper-urbanisation. In addition to that, the cloud-based services, analytics, and mobile Internet technologies demand are increasing due to their efficient IT management and reliable security environment. Europe expected to hold the largest market share in the Smart Railways Market As per the geographic analysis, Europe is likely to benefit from its technological advancements and followed by high usage of big data analytics, predictive and sensor analytics across all the railways industry. The planned investment to improve urban transport and traffic infrastructures in France and the UK expected to drive the European railway transportation market. December 2016 Corporate INTL


News & Views Brexit Could Unleash British Ports, Boosting UK Manufacturing, Trade and Regional Growth Brexit provides a new trade opportunity for Britain: the creation of Free Ports. EU law has long held back the potential of British ports. In The Free Ports Opportunity (a new report published by the Centre for Policy Studies on Monday 14 November), Rishi Sunak, MP, shows how Brexit would bring an end to this, allowing the introduction of Free Ports across the nation. Already successful in the US, Free Ports would provide a fast response to Brexit that would increase manufacturing output, reinvigorate the North and promote trade. Free Ports are areas that, although inside the geographic boundary of a country, are considered outside the country for customs purposes. This means that goods can enter and re-exit the port without incurring usual import procedures or tariffs - incentivising domestic manufacturing. • Free Ports could create more 86,000 jobs for the British economy if they were as successful as those in the US. • Free Port jobs would mainly be created in areas outside London where economic need is higher. Of the UK’s 30 largest ports, 17 are in the bottom quartile of Local Authorities when ranked by the ONS’s Index of Multiple Deprivation and three quarters are in “below average” Local Authorities. • Leaving the EU will enable Britain to capitalise on the Free Port opportunity. Today, the EU Customs Union and EU State Aid laws make this almost impossible. • Free Ports have a broad appeal that could command bipartisan support, allowing the policy to act as a rapid response to Brexit. • A Free Ports policy is fundamentally simple and is supported by a wealth of international precedent - making implementation possible over a short timescale. • Ports are already a vital strategic asset for the UK economy, accounting for 96% of all trade volume and 75% of trade value. • A Free Ports programme would build on an existing UK strength: Britain’s port infrastructure is world class, and the UK ports sector is already the second largest in Europe. MP Rishi Sunak commented: “Upon leaving the EU, Britain will find itself with more opportunities for economic innovation than at any time in almost 50 years. As the date of our departure draws closer, it will be the responsibility of Government to ensure Britain is not timid in seizing those opportunities. Foreign Trade Zones are flourishing all around the world - except in the EU. Post-Brexit they could play an important role in signalling Britain’s openness to the world, as well as reconnecting the nation with its proud maritime history.” James Cooper, Chief Executive, Associated British Ports (the UK’s largest port owner), noted: “Ports are key to the nation’s trade and many offer ideal locations for new manufacturing. They should be front and centre of an industrial strategy to boost exports and re-balance the economy. This report is an example of the creative and ambitious thinking that should underpin such a strategy, maximising the potential of our ports to promote export-led growth and helping forge a prosperous future post-Brexit.”

Government Gives UK Businesses £57m Boost to Bring Ideas to Market A new funding boost of £57.5 million was announced for the UK’s energy and infrastructure, biomedical and quantum technology sectors by Business Secretary Sajid Javid at the first inter-ministerial group on business engagement. Chaired by the Business Secretary, the meeting brought together ministers from across government to discuss issues and challenges facing businesses in all sectors, and how government could support them following the outcome of the EU referendum, including creating opportunities for investment and trade. It was agreed at the meeting that government needed to “speak with one voice” to engage and deal with “immediate investment risks and domestic policy issues”. Meeting every two weeks, ministers recognised they all need to work together to support businesses and “turbo-charge our export efforts”. At the meeting, Sajid Javid also announced the immediate creation of a new £57.5 million fund to help boost innovative businesses across a range of sectors. The best ideas will compete for funding to develop new sustainable energy and transport solutions, bring new healthcare advancements to market and drive forward commercial advances in quantum technology (used in electronic devices such as clocks and computers). Business Secretary Sajid Javid said: “Creating opportunities for businesses to thrive in the UK is essential for increasing productivity, creating jobs, and boosting our economy. That’s why government is working with businesses across all sectors to ensure they have the support they need to grow now and in the future. “Part of our success will be to help propel innovative UK business even further - not only do our world-leading innovators and research base attract foreign investment, their ideas go on to improve the lives of millions of people. Whether tackling climate change or cancer, this new funding will help get the best ideas onto the market quicker and shows our commitment to make the UK the best place in Europe to innovate, set up and grow a business.”

How to Minimise Massive Turnover of IT Professionals Smaller but more-frequent promotions are key to minimising the high turnover of IT professionals, said Alain Pinsonneault of McGill University’s Desautels Faculty of Management. IT professionals are far less likely to leave a company when their chances of promotion are higher, yet businesses cut back on these to avoid the costs of large salary increases. Therefore, smaller but more frequent promotions increase employee retention while keeping costs low. The research, co-authored by Frank MacCrory of Fordham University’s Gabelli School of Business, and Vidyanand Choudhary of the University of California’s Irvine’s Merage School of Business, analysed 5,704 IT professionals at a North American-based systemsintegration and consulting firm with offices in more than 100 cities in four continents. The data was drawn from HR records over a five-year period from 2005 to 2010.


December 2016 Corporate INTL

Mr Pinsonneault noted: “A key factor in the retention of IT professionals is creating a ‘promotion ladder’ within a firm. This allows for employees to aim for smaller, more frequent promotions, and spares many from the dissatisfaction of losing out on the larger financial benefits of elusive, coveted promotions - a shock which is likely to push them to move on from the company. This can be accomplished either through marginal adjustments to existing jobs or by inserting new levels into the job ladder. “For businesses wishing to decrease staff turnover without affecting their profit, offering other benefits at each step on the ladder can be seen as a small investment into avoiding the high costs of replacing employees. Take, for example, the SAS Institute’s retention strategy of spending $6,000 to $8,000 on perks per employee to prevent $50 to $70 million in replacement costs.” The researchers add that industries with low turnover rates are better served by motivating employees with large but infrequent promotions.

News & Views PM: UK Remains at Forefront of World Aerospace as New Investment and Jobs are Announced £365m funding announced for new UK aerospace research and development projects and major partnership with Boeing to create 2,000 jobs in the UK. The Prime Minister has announced a new strategic partnership between Boeing and the UK, as well as nearly £400m for new aerospace R&D projects, ensuring we remain a global aerospace industry leader. Ahead of the Prime Minister opening the Farnborough air show, Boeing has confirmed that the company will create 2,000 new jobs in the UK and increase their R&D spending.

industry wants to do business - as Boeing’s long-term partnership with the UK proves. “It’s also important to put government investment where it counts. That’s why we are jointly funding the new R&D fund with the aerospace industry and why I’m pleased we have signed the contract for nine new P8 Maritime Patrol Aircraft for the Royal Air Force, underlining the UK’s commitment to spending on vital defence.”

Boeing and the government intend to work together to build a new £100m P-8A operational support and training base at RAF Lossiemouth in Scotland, creating more than 100 jobs. To ensure the UK’s continued position at the forefront of global aerospace, a further £365m worth of aerospace R&D projects have been approved. These are jointly funded by industry and government. These are part of the work of the Aerospace Growth Partnership which will publish a new strategy at Farnborough, setting out plans to maintain the UK aerospace sector’s leading position. This includes a new supply chain competitiveness charter signed by 11 major companies across the aerospace sector. The Prime Minister said: “Whatever uncertainties our country faces, I want the message to go out loud and clear: the UK will continue to lead the world in both civil and defence aerospace. We aren’t just open for investment: we are a place the global aerospace

The Business of Fatigue By Dominic Irvine, Founding Partner of Epiphanies LLP

Have you ever had that feeling when exercising that you simply can’t do any more? Your body has nothing left to give? Your muscles ache to the extent that even small movements are uncomfortable? If you could do more, you would, but you can’t? You, like many others could be forgiven if you believed that the constraining factor on your performance is your physical fitness. It turns out that’s not quite the case. The evidence emerging from research is that mental fatigue is the controlling variable in physical performance rather than purely physical factors. Your tolerance for exercise is impacted by how mentally tired you are. Understanding this may go some way to explaining why most of us who work in business struggle to find time to do the recommended amount of exercise per week - it’s not that we are physically incapable but that we are too mentally fatigued to perform physically. It helps make sense of why after something seemingly inactive as flying can leave us needing to rest rather than wanting to exercise - the stress of travelling has been mentally tiring. When we are tired we will default back to our habits and if these are bad habits, like reaching for the bottle of wine rather than our trainers, then we will have a glass of Chateau “Something Nice” rather than a run. As with most things, it’s a bit more complex than this. Your willingness to push yourself is a function of your perception of how much effort is required and the benefit from expending that effort. The point at which the anticipated benefit is exceeded by the effort required

is the point you will probably stop. For example, you get up before breakfast, jump into your running gear and open the front door to find it’s raining hard. If you are training for a marathon you will probably head out the door and do your session. If, on the other hand, you have no event and running is simply something to do to keep fit, you may well go back to bed. For the marathon runners, the benefit exceeds the amount of work required. For the keep-fit jogger, the effort required does not justify the return. While in business we are not elite athletes, nor trying to be, work still requires physical effort, be that standing to deliver a presentation or walking around the factory floor to check in with team members. Doing these things may be physically and mentally draining. Undertaking physical activities can impact our mental capacity - we all know the sensation of being too tired to think properly. So we need to be “fit enough” to be able to cope with the physical demands our job places on us in order to be able to cope with the mental fatigue that would otherwise constrain our performance. If we are fit to begin with, the erosion of physical capacity brought on by mental fatigue will impact us less. And, if we see a real value in doing what we are doing, we will persist for longer. In addition, there are things we can do to help reduce or manage mental fatigue. Research evidence supports the use of techniques such as goal setting, imagery self-talk and other tools can help impact our ability to sustain effort. All of this is further evidence that in the future, the way we manage and reward employee performance will be what they deliver, how they deliver it and the things they do from a whole system perspective to ensure they are operating at their optimum - such as getting enough sleep, eating healthily and doing enough exercise. This is more than an annual health check, as all this does is provide a single snapshot of the things you have already done to help or hinder your current physical and mental performance. Whereas being able to quantify the time spent sleeping, resting, what you eat and the exercise you have done day by day, enables a value to be attributed to these things, as well as spot the signs early enough of the onset of fatigue and manage it. A healthy person not only suffers less from absenteeism, stress related issues, heart disease and type 2 diabetes (to name just a few factors), they also have the potential to be more profitable employees. Mental resilience is the hot topic doing the rounds. In essence, it is your ability to cope with sustained levels of stress. For me this is akin to administering first aid. Far better to understand the psychobiological relationship between fitness and fatigue and develop the physical and mental capability and capacity to convert a wearisome workload into a doable day job, thus putting resilience into its rightful place as a stopgap solution until the root causes have been addressed. December 2016 Corporate INTL


People Moves Targovax Announces Appointment of Oystein Soug Targovax ASA, a clinical stage company focused on developing and commercialising immuno-oncology therapies to target, primarily, treatment-resistant solid tumours, has announced that Gunnar Gardemyr, the Company’s Chief Executive Officer, has stepped down. The Board of Directors has appointed Oystein Soug, currently the Company’s Chief Financial Officer, to the role of Chief Executive Officer, effective immediately. The company has initiated a search for a new Chief Financial Officer. Jónas Einarsson, Chairman of the Targovax Board of Directors, commented: “On behalf of the Board, I would like to thank Gunnar for his significant contributions to the company over the past two years. Gunnar has had a key role in building and positioning Targovax and we wish him well for the future.” Mr Einarsson added: “We are delighted to announce the appointment of Oystein as the new CEO of Targovax. He has played a key role as CFO over the past year - successfully guiding us on the path to becoming a publicly listed company, securing funding for further development of the company’s ongoing and planned trials. His previous experience as CFO of Algeta, up to its successful product launch and sale to Bayer, gives him a broad range of expertise that will be of significant value to Targovax as we move forward. We are confident in his ability to lead the company as we approach important milestones in 2017 and 2018 in our innovative clinical pipeline designed to help the patient’s own immune system to fight cancer.”

DekelOil Public Limited, Appointment of New In-Country CEO DekelOil Public Limited, operator and 85.75% owner of the profitable and vertically integrated Ayenouan palm oil project in Côte d’Ivoire, is pleased to announce that it has appointed Mr Vince McAleer as CEO of the Company’s subsidiary, Dekeloil Côte d’Ivoire SA. Mr McAleer, who has more than 25 years’ experience in tropical agriculture, processing and trading, will commence the role and will be based in Côte d’Ivoire. Mr McAleer replaces Mr Eyal Timmor, who has decided to pursue other opportunities but will remain with the company until the end of the year to facilitate a smooth transition. Mr Timmor has been integral in developing DekelOil into the profitable entity that it is now. Vince McAleer is a professional agribusiness manager with more than 30 years’ experience in tropical agriculture, processing and trading, including 20 years of technical, operational, and board-level appointments in the palm oil sector in Indonesia, Nigeria and Papua New Guinea with CDC and SIAT sa. Most recently Mr McAleer was CEO of the African Agriculture Fund’s palm oil platform, with investments in the Democratic Republic of Congo and Sierra Leone. He has a degree in agriculture from the University of Reading and an MBA from the University of Warwick. DekelOil Executive Director Lincoln Moore noted: “The appointment of Vince as CEO of our subsidiary in Côte d’Ivoire represents the culmination of a six-month process to find the right candidate with the relevant experience and expertise to perform this important role. With a strong background in agriculture and, most importantly, an exceptional local knowledge of the West African palm oil industry, Vince ticks all the boxes. We believe his addition to the management team on the ground will be invaluable as we continue to deliver on our strategy to become a leading West African crude palm oil producer.”


December 2016 Corporate INTL

Edenville Energy plc Directorate Change Edenville Energy plc, a company developing an integrated coal to power project in western Tanzania, has announced the resignation of Mark Pryor, Chief Operations Officer of the company. With the recent banning of import coal, the Rukwa Project is moving its focus from exploration and licence acquisition to resource exploitation. This is being carried out in parallel with feasibility studies and development of the proposed coal to power project. As such, the company is increasingly taking on an operational and engineering focus and will therefore need the services of an experienced open pit mining engineer. Mr Pryor has tendered his resignation in the knowledge that his primary skills are on the geology side of the business rather than engineering. He recognises that the company needs to find a person with the appropriate skills and experience to assume the changing role of Chief Operations Officer. Mr Pryor has stepped down from the Board with immediate effect, but will remain with the company for as long as is required to ensure an orderly transfer of responsibilities to an incoming COO, and other Edenville staff, over the next few months. In the meantime, the company’s CEO, Rufus Short, will assume the formal responsibilities of COO while candidates for a new permanent COO or similar position are considered. Jeff Malaihollo, Chairman of Edenville, commented: “On behalf of the company and the board, I would sincerely like to thank Mark for his important contribution to the advancement of the company and its assets in Tanzania during his time with Edenville. Mark has been with the company since late 2009 when the Rukwa deposit was largely unexplored. Prior to becoming COO, Mark held several roles in the company including Managing Director and Non-Executive Director. He was instrumental in the development of the resource from a largely unexplored group of deposits to the 173 million tonnes of JORC compliant resources that currently exists. He has also provided critical guidance and training to our team of geologists in Tanzania. “Mark leaves the company as it enters an exciting time moving its mining operation towards commercial operations in parallel with progression of the coal to power project alongside the Tanzanian authorities. The company will continue to ensure it has the key personnel and consultants in place to work towards the successful development of its assets in Tanzania. “We wish Mark the best in his future where he is concentrating on his chosen profession of geology.”

eResponse Promotes Drew to Options Training Worcestershire-based recruiter eResponse Group’s training division Options Training has promoted Ben Drew to a new role of business development director. Mr Drew, who previously led eResponse’s partnership work for two years, will now be responsible for extending the reach of the group by building training links with partner businesses, awarding bodies and through creating an online learning platform. A key part of his role will be to oversee the launch of the Options Training Online distance learning programme Pearl, which will allow people to train from home and could be rolled out on a global scale.

People Moves Haier UK & Ireland Appoints David Yearsley as New Market Director With an overall responsibility over the company’s businesses in the UK and Ireland, the newly appointed Market Director, David Yearsley, will be based out of Haier’s office in One Crown Square, Woking Haier, the major appliances brand, has announced the appointment of David Yearsley as Market Director. In his new role, Mr Yearsley will have total business responsibility over Haier’s business divisions in the UK and Ireland. Mr Yearsley brings almost two decades of experience with a proven track record in profitable management, new business and product development. He joins from German firm, BRITA Water Filter Systems Ltd, where he was Sales Director (Consumer Division). Prior to BRITA Water Filter Systems Ltd, where he spent close to 24 years in sales, marketing and international business development, Mr Yearsley worked at Smith & Nephew Consumer Product as a Sales representative. He graduated from South Warwickshire Business College in 1986 with a BTEC Business Diploma with distinction. “We are pleased to have Mr Yearsley on board to lead our businesses in the UK and Ireland,” said Vincent Rotger, General Manager, Northern & Eastern Europe, Haier Europe. “His proven industry, technical and people skills make him an excellent person to lead our team, develop our channel strategy and enhance our business footprint in these regions. The UK and Ireland, being markets that are dynamic and open to innovation, are highly strategic to our European growth plans. Hence, his addition to our company is a testament of our commitment to attract exceptional talent as we build for the future,” added Mr Rotger, who joined the company last year. Mr Yearsley commented: “I am delighted to have been appointed to lead the company during this exciting time. The next phase of our journey is about accelerating Haier’s pace of growth, particularly by working closely with our channel partners and building our brand through a strategic marketing campaign with our retailers. I look forward to working with the dedicated team at Haier UK & Ireland to develop Haier as one of the top leading brands in the region.” Haier is a major appliances brand with a 9.8% retail volume market share. With its commitment to quality and innovation, Haier brings the inspired living experience to consumers in more than 165 countries worldwide. Haier Group consists of 66 trading companies, 143,330 sales outlets and 33 factories with 72,000 employees worldwide. Haier both pursues excellence in innovation through its nine R&D centres and ensures its products are adapted to the tastes and needs of its consumers in its various local markets.

Faststream Promotes Bennell to MD Specialist maritime recruiter Faststream has promoted Martin Bennell to managing director. Bennell joined Faststream three years ago and will step up from maritime director to take full responsibility of Faststream’s US and EMEA businesses

McGregor Boyall Appoints Perry Associate Director Global recruiter McGregor Boyall has appointed Myran Perry as associate director of its commerce and industry division. Mr Perry joins from specialist permanent, temporary and interim recruiter Argyll Scott where he was an associate director.

Pedersen & Partners Appoints Two International executive search firm Pedersen & Partners has taken on Thorsten Otremba as head of its automotive practice. He was previously managing partner at Frankfurt-based recruiter Delta Management Consultants. Meanwhile, Radu Mavrodin, previously a HR director at automotive firm Renault, joins as client partner for the firm’s industrial practice in Bucharest.

ReThink Recruitment Brings 14 on Board Multi-sector recruiter ReThink Recruitment has expanded its team with 14 new hires. Five new hires – new head of practice Chad Edgecombe and consultants Ashley Korthals, Eddie O’Connor, Annabelle Foskett and Lily Francis – have joined the firm’s Bristol office, along with Dan Sevior who returns to ReThink as senior recruitment consultant. The Birmingham office has hired three new consultants: Dan Andrews, Dan Lloyd and Max Walker; while consultants Josh Griffiths, Jag Murubaya and resourcer Barney Mead join the firm’s London team. Recruitment executive Richard Callaghan and senior recruitment consultant Jamie Gilson join ReThink in Manchester.

December 2016 Corporate INTL


People Moves Scott Mozarsky Named President Of Bloomberg BNA’s Legal Division Experienced leader to build on accelerating momentum of Bloomberg Law, company’s flagship legal analytics and business intelligence platform Bloomberg BNA has announced that Scott Mozarsky has been appointed president of Bloomberg BNA’s Legal Division, effective immediately. Mr Mozarsky will report to Bloomberg BNA CEO and President Greg McCaffery and will be responsible for driving the growth of the company’s legal products, including the flagship Bloomberg Lawproduct. Mr Mozarsky replaces David Perla, who has decided to depart Bloomberg BNA in order to spend more time with his family at their home in the New York area. “Since the merger of Bloomberg BNA and Bloomberg Law, our designers, engineers, data analysts, editors and reporters have transformed Bloomberg Law into a formidable business intelligence and legal analytics platform,” said Mr McCaffery. “Scott is uniquely positioned to continue this success.” Mr Mozarsky, an attorney, joined Bloomberg BNA in 2014 and was the driving force behind the creation of its growing Cross Platform Division, which leverages content and market expertise to deliver a range of marketing and live event services to the company’s clients. “Scott’s combination of legal training, technology expertise, commercial experience and success operating within Bloomberg BNA makes him ideally suited to take Bloomberg Law forward,” added Mr McCaffery. “With the significant investments we have

BridgeStreet Announces Top Tech Hire, Prepares for New Platform Launch BridgeStreet, the global leader in home and serviced apartments and extended stay experiences, has hired Aaron Turner as their Chief Technical Officer (CTO). Aaron has distinguished himself through leadership excellence and the ability to drive revenue through major digital platforms. BridgeStreet Global Hospitality is pioneering a new frontier by surmounting technology barriers. BridgeStreet will lead the multibillion dollar home and serviced apartments industry into the 21st century with a November announcement to deliver unprecedented improvements for the industry’s overall user experience. Sean Worker, BridgeStreet President and CEO, commented: “Mr Turner is an exceptional talent and the right leader to leverage BridgeStreet’s IP to the industry. We are driving immediate and positive changes for serviced apartment and extended stay experiences by backing our resources up with technology advantages. We are fortunate to have Mr Turner’s proven abilities on board, which are a perfect match for new and exciting upgrades coming to the industry.” Mr Turner’s mastery of digital commerce solutions, fulfilment capabilities and design were honed as the COO/CTO of BrandShop - a provider of digital commerce solution to Fortune 100 companies. There, Mr Turner was accountable for delivering $100m in revenue through their commerce operations. Prior to this, Mr Turner led marketing operations and technology for the enterprise marketing division of eBay. The marketing division of eBay was ranked in the top 15 digital marketing service providers in 2014. Accountable for building a scalable organisation to deliver performance channel media and customer relationship marketing services while enhancing process, driving efficient execution and focusing on integrated channel delivery to drive client value.


December 2016 Corporate INTL

made to enhance and expand Bloomberg Law, most recently highlighted by the launch of our groundbreaking Litigation Analytics tools, there is strong momentum that Scott is well qualified to build upon.” Prior to joining the company, Mr Mozarsky held a number of leadership roles during a 13-year tenure at UBM plc, including president of UBM Tech and chief commercial officer of PR Newswire. He practised law for seven years in private practice and served as general counsel of UBM. Mozarsky holds a BA from Williams College and a JD from Fordham University School of Law. “I am thrilled to take on the leadership of our Legal Division at such an exciting time in the evolution of Bloomberg Law,” said Mr Mozarsky. “Bloomberg Law has delivered innovative and differentiated legal research and business development solutions that have enabled it to grow significantly in a challenging market. I look forward to working with our customers to ensure we continue providing them with the tools they need to be successful.” Bloomberg BNA provides legal, tax and compliance professionals with critical information, practical guidance and workflow solutions. We leverage leading technology and a global network of experts to deliver a unique combination of news and authoritative analysis, comprehensive research solutions, innovative practice tools, and proprietary business data and analytics. Bloomberg BNA is wholly-owned by Bloomberg L.P., the global business, financial information and news leader. Bloomberg Law helps legal professionals provide world-class counsel with access to actionable legal intelligence in a business context. Bloomberg Law delivers a unique combination of practical guidance, comprehensive primary and secondary source material, trusted content from Bloomberg BNA, news, time-saving practice tools, market data, analytics and business intelligence

Futurestep Expands EMEA Team Europe Futurestep has hired Eva Roman, Michael Younger, Kahina Feknous and Wolfgang Reelitz to further bolster its EMEA professional search business in four European locations. Working across various industries including life sciences, industry, advanced technology and within Futurestep’s HR Centre of Expertise (HR CoE), the four new hires will be working in France, Spain, Germany and the UK. Ms Roman joins the Madrid office as a managing consultant within the company’s HR CoE. Ms Feknous joins the French EMEA industry practice team as managing consultant and has experience of the energy and mining sectors. Mr Younger joins Futurestep’s EMEA healthcare practice as senior consultant and will be based in London, leading the practice. Mr Reelitz has joined the EMEA advanced technology practice in Frankfurt as managing consultant, with more than 25 years’ automotive market experience.

Airborne Wireless Network Appoints Earle Olson as Vice President of Industry Relations Airborne Wireless Network has appointed Mr Earle Olson, Vice President of Industry Relations. Mr Olson brings more than 35 years’ experience in business development (most recently with TE Connectivity for the past 24 years) with specialty experience in global commercial and military industries, and a significant background in airborne applications from inflight entertainment and networking, to flight controls, sensors and more. Mr Olson’s acceptance of this position with Airborne Wireless Network complements its executive team’s experience, as Mr Olson’s experience will be useful regarding connecting the aerial part of the Infinitus Super Highway to ground stations and related activity.

People Moves Former Apptio and Microsoft Exec to Lead DocuSign Engineering Team

Rethink Group Appoints Lord CEO

DocuSign has announced that Tom Casey, the former vice president of platform and infrastructure at Apptio and former corporate vice president at Microsoft, has joined the company as its senior vice president of engineering. Driven by a passion for changing the way people work through innovation, Mr Casey brings more than 25 years’ experience as a senior executive and technology entrepreneur to his new role at DocuSign. “As the world leader in Digital Transaction Management and eSignature, DocuSign has created a platform and service that is loved by consumers and businesses alike,” said Mr Casey. “DocuSign is a product I use regularly, and I’m thrilled to have this opportunity to help drive the next wave of innovation to help people go digital with DocuSign to keep life and business moving forward.” “Tom is a proven and skilled senior executive who has led large globally-distributed engineering teams with responsibility for building products that are found in nearly all organisations and businesses around the world today,” said Brad Brooks, chief marketing, product and engineering officer at DocuSign. “We’re incredibly excited with Tom’s arrival, and the monumental businesschanging impact he will have building upon our successes to date as DocuSign’s new leader of engineering.” Casey began his career in small startups in the Seattle area. More than 25 years later, he is still focused on helping businesses scale their development and delivery of cloud services while building a collaborative, execution-orientated team culture. Casey has delivered large-scale commercial and consumer cloud services at Apptio and Microsoft. He is also a co-founder and active adviser at 9Mile Labs, the premier B2B startup accelerator in the Pacific Northwest. He serves on the board of Annai Systems, which is working to address the big data challenges associated with using genomic data in personalised medicine and healthcare improvement. Casey holds a Bachelor’s degree in Management Information Systems from the University of Arizona. This news follows DocuSign being named #3 on the Forbes Cloud 100, awarded Best Enterprise API by API World, and recognised as one of the Top 50 Cloud Companies to Work For by Glassdoor. DocuSign is changing how business gets done by empowering anyone to send, sign and manage agreements anytime, anywhere, on any device with trust and confidence.

Global recruitment and talent management business Rethink Group has appointed Andy Lord as chief executive. Lord, whose recruitment career spans more than 20 years, has held senior positions on Rethink’s board since launch in 2005 and is one of the firm’s founding directors. He will now manage all of the group’s divisions including ReThink Recruitment (of which Lord was formerly managing director), RTM, Berkley in Ireland, Cognita and Digital Gurus. Commenting on his appointment Lord reflected on a year of change for the group that has seen its brands “flourish”, bolstered by its acquisition of Digital Gurus in April. “I’ll be building on that portfolio as we continue to help our clients with our suite of market-leading offerings. “My priority here will be to invest in our people and networks to ensure Rethink is perfectly placed to holistically advise clients as they battle recruitment issues. “There’s a prevailing skills gap in the digital sector and, as CEO, I’ll do everything I can to help clients tangibly address this, including training and nurturing my colleagues to ensure they’re equipped to make change happen.” It is understood previous CEO Steve Wright left the organisation in June after a three-year stint, having been promoted from chief financial officer.

RSA Group Appoints Schleimer Life sciences talent consultancy RSA Group has appointed Thomas Schleimer as partner. Previously a managing partner with life sciences executive search boutique Euromedica Executive Search, Mr Schleimer has led teams in executive search and industry for more than 25 years, with experience in the medtech, diagnostics and biopharma sectors.

Ingenta plc Directorate Change The Board of Ingenta has announced that after 12 years’ service Alan Moug, Chief Financial Officer, has tendered his resignation and will leave the company. The Board has commenced a search for a replacement for Alan and looks forward to updating investors in due course. In the intervening period, Mr Moug will continue to fulfil his responsibilities which include preparation of the annual report and accounts, and the conclusion of the 2017 budgeting process. Mr Moug will oversee the handover to his replacement and will be available to provide support for the audit process up to the announcement of the 2016 full year results. Martyn Rose, Chairman, commented: “I would like to thank Alan for a long period of dedicated service to Ingenta plc. He has been a knowledgeable presence on the plc Board and an integral member of the management team in building the company to date and the Board wishes him well in his future business pursuit.”

Amrop Appoints Five Globally Worldwide retained executive search partnership Amrop has appointed five new consultants to its global team of executive search and leadership services professionals.

SRi Takes on Isoda for Japan

They are:

Sports and media executive search firm SRi has appointed Yusuke Isoda as a consultant. Joining the SRi Asia team based in Singapore, Mr Isoda will focus on his native Japan as the country prepares to host a number of major global events over the next four years, including the 2019 Rugby World Cup and 2020 Olympic Games.

• Pablo Cavero Martínez de Campos - partner, Madrid, Spain

Stanton House Appoints Pearce Stanton House, recruitment specialist for the financial and digital sectors, has appointed Bex Pearce as client relationship director. Pearce joins from international recruiter Firefly Human Capital, where she was an associate director.

• Jan Derk Bauerman - principal, Hamburg. Germany • Carmine Coccorese - partner, Milan, Italy • Saša Fajmut - director, leadership services, Ljubljana, Slovenia • Fadwa Mushtag - consultant, Jeddah, Saudi Arabia

PayPoint plc: Change of Director PayPoint plc has announced that one of its nonexecutive directors, Giles Kerr who is also a member of the Remuneration Committee, the Nomination Committee and Chairman of the Audit Committee of PayPoint plc, has joined the Board of Adaptimmune plc as a Non-Executive Director and member of the Audit Committee.

December 2016 Corporate INTL


Cover Story

US: After the Election World leaders have reacted to Donald Trump’s victory over Hillary Clinton in the US election. As the result was confirmed, they sent their welcome messages to the business mogul and, now, President-elect.


December 2016 Corporate INTL

US: After the Election

The UK In her message of congratulations, Prime Minister Theresa May focused on the “special relationship” between the two countries. She said that she hoped that Mr Trump’s win would mean a continuation of shared values, including “freedom, democracy and enterprise”. “We are, and will remain, strong and close partners on trade, security and defence,” she noted. “I look forward to working with President-elect Donald Trump, building on these ties to ensure the security and prosperity of our nations in the years ahead.”

The EU Foreign policy chief Federica Mogherini said that transatlantic ties with the US went beyond the election of Donald Trump. “We’ll continue to work together, rediscovering the strength of Europe,” she explained.

China Chinese President Xi Jinping congratulated Donald Trump in a telegram, state TV reported. Earlier the foreign ministry said that China was hoping to work with the new US government to boost bilateral relations. “US-China trade relations are mutually beneficial. Two mature big powers like the US and China will handle things well,” noted foreign ministry spokesman Lu Kang. “We look forward to working together with the new US administration to push forward consistent, healthy and stable China-US relations which could be beneficial to the people of the two countries and to the world.”

Iran President Hassan Rouhani said the result would not have any impact on Iran’s policies. He was quoted by state media as saying the election result reflected internal discontent and instability within the US which would take a long time to be solved.

Afghanistan President Ashraf Ghani said that his country and the US are “strategic partners in the fight against terrorism and partners in development”. “[The] Afghan government is hopeful that close co-operation [with] the new president-elect will further deepen ties between the two countries,” a statement released by the presidential palace said. Chief Executive Abdullah Abdullah added that “combating extremism and efforts to bring peace and stability” are the top priorities of both countries, along with strengthening economic, military, social and cultural ties.

Japan Prime Minister Shinzo Abe pledged a continuing close relationship between the US and Japan in his congratulatory message. “I express my heartfelt congratulations on your election as the next president of the United States,” his statement said. “Japan and the US are unshakeable allies connected by common values such as freedom, democracy, basic human rights and rule of law.”

The Palestinian Territories President Mahmoud Abbas congratulated Mr Trump in a statement, expressing hope that “peace will be achieved during his term”.

Israel Israeli Prime Minister Benjamin Netanyahu commented that he hoped to reach “new heights” in relations with Mr Trump, whom he described as “a true friend of the state of Israel”.

Where now for Global Economics? Mr Trump has been hugely critical of NATO (the North Atlantic Treaty Organization), a cornerstone of American foreign policy for more than 60 years. He says America can no longer afford to protect countries in Europe and Asia without adequate compensation, suggesting he might withdraw American forces. According to the BBC, he is only voicing longstanding US concerns about most NATO members not meeting their goal of spending at least 2% of GDP on defence, while US defence spending is the largest in the world. He also stressed in a presidential debate he was “all for NATO”. Donald Trump’s trade policies could amount to the single biggest change to the way America does business with the rest of the world in decades. He has threatened to discontinue a number of free trade agreements, including the North American Free Trade Agreement between the US, Canada and Mexico. He has even suggested withdrawing the US from the World Trade Organization. He is also in favour of taxing imports, and has talked about imposing tariffs of 45% on China and 35% on goods shipped from Mexico. What does Trump’s win mean for UK business? Given that the US is often seen as a barometer for trends in the UK and much of the rest of the world, the US presidential election is of massive interest to our business community. The UK200Group - the UK’s leading membership association of chartered accountancy and law firms - has asked its members, who collectively act as trusted business advisers to 150,000 SMEs, how Donald Trump’s election victory is likely to affect the UK economy. Fellow UK200Group member Charles Olley, partner of accountants Price Bailey, commented: “I am delighted that Donald Trump has been elected. Career politicians who spend their lives inventing policies and rules for everyone else again feel the wrath of the voters, just as they did or should do with the Brexit vote. There is so much waste to come out of both the US and UK administrations and wider public economy, and I feel sure Donald will find some of it. Perhaps he will be able to point Philip Hammond at some of ours.” Conversely, Liz Ward, Principal at UK200Group member firm Virtuoso Legal, said: “I have real concerns that the US will harden its position on international trade and it will become more difficult for overseas businesses to take their goods and services to the US market. The US already makes it difficult for the importation of some goods, especially software and some cuttingedge technologies such as pharmaceutical products and things such as biosimilars [synthesised human hormones, etc]. A more protectionist President won’t seek to reduce barriers, he will seek to increase them. This will set back technological advances by years and harm much of the intangible capital the UK has to offer. “I also suspect that a Trump administration will undermine real progress in green technology generally. Trump has already dismissed global warming and there will be no encouragement of reducing carbon emissions under his administration. Again, this is another area where the UK has leading scientific advancement to offer.” Tim Watkins, managing director of UK200Group member accountancy firm Randall & Payne, noted: “The business community thrives on certainty, and at the moment we have a number of doubts about the future which we are all doing our best to deal with. A victory for the Republicans may mean we are nearer the front of the queue for a post-Brexit trade deal; but perhaps we can expect an element of isolationism on the part of the US going forward.” Peter Duff, partner at law firm Morisons LLP and vice-president of the UK200Group, stated: “Post-Brexit UK businesses, in particular the SME market, are facing a period of uncertainty with which it is difficult to cope. The election of a president who has no political experience and has never operated at the top level of international politics, who is viewed with scepticism by the markets, will create further uncertainty until we see what experience he can garner around him.” James Abbott, managing director at accountants Abbott Moore and president of the UK200Group, said: “With such a polarising result, I am concerned by the implications of having such a significant part of the US that adamantly disagrees with the outcome of this election. I don’t want to over-emphasise the significance of that, but it must affect behaviour. That creates the risk of more uncertainty, which has implications for economies the world over.” December 2016 Corporate INTL


US: After the Election

What can Trump’s victory speech teach us about public speaking? The victory speech is the chance for the President-elect to demonstrate to the people what kind of President he will be and his tone matters as much as his rhetoric. The electorate will be looking for his Presidential voice, the one that enables everyone, irrespective of how they voted, to see him as a leader. As holder of the most influential political office in the world, we need to know what kind of man he is, what he cares about, and where his heart is.

So how did Trump do and what we can learn from it about public speaking? Vanessa King, district director of Toastmasters International, analyses Mr Trump’s victory speech and looks at what it can teach us (good and bad) about public speaking: The first half of the speech was clearly written for him, and well-rehearsed. This is to be expected, since both candidates would have written victory and concession speeches in advance of Election Day. We will consider some of the messages Mr Trump delivered in his victory speech and some of the tools he used, consciously and otherwise, to convey his message. “It’s about us” Mr Trump’s primary message that he wanted to get across to his audience was that it’s all about us now. His frequent use of our-we-us phrases hammered the point home, so we were left in no doubt that he wanted to bring all sections of the electorate together. He put special emphasis on our-we-us with his familiar gestures - open arms, palms facing the audience as if about to take them in a big hug; thumb and forefinger of the left hand touching, his arm moving vertically and horizontally, as if in benediction; and with the tone of his voice, leaning heavily on many instances of all three key words. America has been at War Mr Trump referenced the forgotten men and women, a phrase often associated with soldiers who have died in war. He then launched into his plan for rebuilding the infrastructure of the United States, which contained echoes of Roosevelt’s plan for bringing the US out of the Great Depression in the 1930s. He rounded off this part of his speech by referring to “our great veterans, who have been so loyal.”

Accidentally reversing the message Speakers often have a main message they want to convey and we should be cautious about making casual statements that might reverse their intended meaning. There are two examples of Trump doing this in his speech In his opening statement Mr Trump acknowledged the debt of gratitude owed to Hillary Clinton for her service to the US. Acknowledging the service of one’s opponent is to be expected in a victory speech, but he then added the phrase: “I mean that very sincerely.” This could suggest he means quite the opposite, given some of the previous statements he has made about Mrs Clinton. Mr Trump referred to relationships with other nations, making positive statements about “[getting] along with all other nations. He then adds the condition that the US will get along with everyone who is “willing to get along with us”. Speakers should take care not to give contradictory messages with casual statements, particularly when the overall message is of such importance. Tools for conveying the message Donald Trump’s speech contained short, declarative statements that are very distinctive of his speaking style, such as “we will be”, “we have to do that”, and “it is going to happen”. These statements convey certainty to the audience and the authority of the speaker. He also used several rhetorical devices to emphasise his points and add rhythm and cadence. These powerful devices create a sense of excitement and passion in both the speaker and the audience. Examples include statements such as “Americans… want and expect our government to serve the people, and serve the people it will”, and “the forgotten men and women of our country will be forgotten no more”. In both statements the repeated phrases give emphasis and certainty to the message.

America is a Business


Mr Trump establishes his qualifications for office in a very short paragraph. He reminds his audience that he has spent his entire life in business, looking at the untapped potential in people and projects around him. He promises that every citizen will have the opportunity to realise their untapped potential, and his decades in business mean his promise can be trusted, which appeals to the hopes of his audience.

If a speech is well written it has a primary purpose which is often made clear in the opening sentences, and simple structures such as repetition of phrases and short sentences lend substance and passion to the content. However, it’s important to remember that there are frequently additional messages that the writer might not have intended to convey. Every utterance and gesture must be congruent with the main message.


December 2016 Corporate INTL

December 2016 Corporate INTL


Europe: The Megashifts Reshaping Our World

By Gerd Leonhard, Futurist and Author of Technology vs. Humanity


December 2016 Corporate INTL

Europe: The Megashifts Reshaping Our World Science fiction is increasingly becoming science fact and exponential technological changes are rapidly changing our culture, business and society. The most powerful companies are no longer the oil and gas companies or the banks - they are the big data / big Internet companies and platforms, such as Google, Facebook, Amazon, Baidu and Tencent. These players are propelled to supremely dominant positions by what Gerd Leonhard, Futurist and Author of Technology vs. Humanity calls “Megashifts”: a dozen or so drivers that are unfolding exponentially as well as combinatorially - amplifying each other and reaching unprecedented magnitudes. Any organisation looking to understand exponential thinking and to achieve future-readiness must have a clear picture of what these shifts mean, and what opportunities or threats may arise from them. Mr Leonhard describes Megashifts as much more than mere paradigm shifts, which usually affect only one sphere of human activity. They arrive suddenly to transform the basis and framework of entire industries and societies. Megashifts do not replace the status quo with a new normal - they unleash dynamic forces which reshape life as we know it. Megashifts radically reconfigure the age-old relationship between our past, present and future. Here are some Megashifts that Mr Leonhard, in his book Technology vs. Humanity, expects us to see in the next few years: Digitisation: everything that can will become digital. Digitisation means much lower costs for consumers yet also a mad scramble for new business models because distribution or access is no longer an issue. Mobilisation: everything is becoming mobile, and soon wearable or “hearable”. Computing is becoming invisible, omnipresent - utterly indispensable. Screenification: everything that used to be physical (or printed) is now available on screens; what used to be between people (such as conversations in foreign languages) can soon be done via a screen using free translation apps such as SayHi, Google Translate, or soon, Waverly Labs’ Pilot prototype. Disintermediation: middlemen are suffering because technology increasingly makes it feasible to go direct. Examples include record labels (musicians now launch their careers via YouTube), and consumer banking where millennials increasingly use mobile platforms and apps to make payments and organise their finances. Datafication: much of what used to happen face to face is now being turned into data, e.g. electronic medical records vs. talking to the doctor, or the grocery delivery service that tracks all its products. Intelligisation or Cognification (as Kevin Kelly terms it): everything that used to be dumb is now becoming connected and intelligent, such as gas pipelines, farms, cars, shipping containers, traffic lights, etc. This flood of data we will have a vastly different way of reading, seeing and directing the world. Automation: the result of smart machines will be widespread technological unemployment. Everything that can be automated will be. I believe this is a huge opportunity but we are currently ill-prepared for it. Virtualisation: we no longer rely only on physical things in a room but on an instance in the cloud, that is, software defined networking instead of local routers, virtual friends such as Hello Barbie, etc. Augmentation: humans can increasingly use technology to augment themselves. Examples include my smart watch, Augmented and Virtual Reality, Intelligent Digital Assistants and (sooner or later) Brain-Computer Interfaces (BCIs) and implants. Anticipation: software (IA/AI) can now anticipate and predict our behaviour, thus changing the way maps, email and online collaboration work. Robotisation: even many white-collar jobs will soon be done by robots. Robots are entering our daily lives and homes. De-humanisation: taking humans out of the equation by cutting a complex human task to its bare bones and giving it to machines. Yet, for Mr Leonhard, the most important Megashift might soon be Re-humanisation: finally, we are just about to realise that our customers don’t buy technology - they buy relationships? Maybe this is the driving force behind the recent Partnership on AI to benefit people and society, initiated by FAMIG (Facebook/Amazon/ Microsoft/IBM/Google). Technology is not what we seek, it’s how we seek - and we should embrace technology but not become it.

Gerd Leonhard is author of Technology vs. Humanity, published by Fast Future Publishing. Listed by Wired Magazine as one of the top 100 most influential people in Europe (2015), Gerd Leonhard’s work focuses on the future of humanity and technology, digital transformation, big data, automation, AI and robotics, media, content, marketing and advertising, telecommunications, culture and tourism, banking and financial services, government and leadership. What Exactly is a Megashift? Megashift: an exponential shift in human experience which is sudden in arrival, and unpredictable in outcome. Unlike paradigm shifts which affect one area alone and may take many decades to take hold (the combustion engine, colour film, etc), Megashifts are omnipresent, combinatory and immediately dominant. Megashifts interact with each other to alter human perceptions of time and space, creating a conscious divide between past and future. Where paradigm shifts represent a new way of doing things, Megashifts represent new ways of being. Mobile, wearable and ingestible technologies are all examples of Megashift moments.

Gerd Leonhard’s Story Born in Bonn / Germany, resident in Zurich as well as a frequent visitor to Silicon Valley, Mr Leonhard is a global citizen of the future who spends his life travelling through worldwide meetings, workshops and conferences on transformational change. A star speaker on topics of major strategic importance - from digital disruption to business remodelling to specific vertical scenarios across public and private sectors, he is a rare hybrid of artist and scientist, with a pioneering background in digital music ecosystems and a head start in the disruption game. For the last 15 years he has been the first choice in business leaders’ minds for inspirational and paradigmshifting advice. On Being a Futurist “I’ve been a Futurist for more than 15 years, with more than 1,500 engagements for more than 800 clients in 50+ countries, and an estimated global audience of 1.5 million people. I focus on 5- to 10-year future scenarios, yet my work is becoming increasingly “nowist”, that is, about the here-and-now, because “the future is already here - it’s just unevenly distributed” (as one of my favourite science fiction writers, William Gibson, likes to say). “My main theme is the future of technology and humanity. In a world where technological progress is exceedingly exponential and combinatorial, how will we define what is human, and what is not? What will humans do, in the future, and what will be done by technology? What should and what should not be automated? From genetic engineering to artificial intelligence and robotics, from cognitive computing to the Internet of Things and Industry 4.0 - we are heading into a future where much of what used to be science fiction is becoming science fact. What consequences will this have on society, culture, economy, business, government, the environment… and ourselves? What do we need to do today to make sure the ultimate result will still be human flourishing? “My role is to serve as a compass, translator, remixer, catalyst or coach for my audiences and my clients, helping them to discover and create their preferred futures. In this coming convergence of technology and biology, of man and machine, of algorithms and what I call humarithms, I aim to contribute independent leadership and global-minded stewardship. In this context, I am very fortunate to have the support of my fellow futurists, dear friends and colleagues at The Futures Agency (where I serve as Founder and CEO).” Gerd Leonhard’s list of clients include Google, Sony, UBS, Mastercard, Unilever, Lloyds Bank, WWF, Nokia, The Guardian, Telkom Indonesia, Siemens, RTL, ITV, BBC, France Telecom, Orange, Deutsche Telekom, MTN, The Financial Times, DDB, Ogilvy, Omnicom, The EU Commission, Mandarin Oriental Hotel Group, VISA and many others. Gerd Leonhard is a member of the Royal Society of Arts (RSA, London). He resides in Zürich, Switzerland. Technology vs. Humanity is part the FutureScapes series of books from Fast Future Publishing. /

December 2016 Corporate INTL


UK: Business Leaders Must “Walk the Talk” to be Truly Effective By Hannes Leroy – Rotterdam School of Management, Erasmus University (RSM) Who would argue against the view that integrity is a key ingredient in effective leadership? After all, how can a business leader motivate and inspire their workforce if its members do not trust what they are saying or suspect that they are missing out on some hidden agenda? But what does integrity actually mean? Do you really have to be some sort of modern day saint who always does the “right thing” whatever the circumstances? And how can you possibly balance this with the realities of the workplace, the politics of the organisation and the demands of ever faster-moving markets? Why integrity matters The British comedian, Bob Monkhouse, once remarked on how important sincerity is. “After all,” he said, “if you can fake that you’ve got it made.”


December 2016 Corporate INTL

A number of academic studies have suggested that, while integrity itself is important, then so is the way a leader communicates the possession of it to their team. For example, a leader can effectively create the impression of integrity if their actions seem to stem from a coherent set of moral values. And when people believe that the leader has this kind of moral integrity they tend to perform better, not just in their own roles, but in extracurricular ways that can benefit the organisation as a whole rather than just their specific local team. It seems that an assumption of moral integrity makes people trust their leader more and trust makes not just the leader/led relationship stronger, but also the employee’s bond with then organisation. And this, in turn, makes the individual willing to act above and beyond the call of duty on behalf of their employer. But what happens if we don’t have a genuine and obvious moral code or at least one that we can convince our people we believe in and always operate by?

Business Leaders Must “Walk the Talk” to be Truly Effective Behavioural integrity to the rescue Fortunately for those of us who have the feet of clay that seem to be necessary to survive in the modern world I believe there is a completely valid form of integrity that extends beyond strict adherence to specific moral attitudes. After teaching in this area for a number of years I’d like to suggest that we perhaps now need a more robust and realistic definition of what integrity means for today’s business leader. One that is less about some arbitrary set of moral principles and more about what I call “behavioural integrity”. About walking the talk. About practising what you preach. Why? Because our research here at RSM suggests that this is the type of integrity that has the greatest impact on business performance, perhaps much more than conventional moral integrity. And on everything from employee productivity, team performance and the bottom line itself. One of the main reasons why behavioural integrity has this stronger effect is that it improves clarity of communication. It appears that one of the key things that anyone involved in a task cries out for is to know exactly what they are required to do and what the final goal is. When leaders walk their talk, they send out unambiguous signals about what they expect from their followers and, as result, performance increases. And yes, even when values might be construed as morally questionable, most followers are willing to turn a blind eye to this in exchange for clarity of purpose. Want proof? Just think about (in) famous individuals either in your direct neighbourhood or on the larger stages of life. I bet you can find a few individuals whose values you don’t necessarily align with, but who you do appreciate for their consistency and the fact that the word is worth gold. Why behavioural integrity is important - and how to use it While most, if not all of us, would like to “do the right thing” in all circumstances, we are all grown-up enough to realise just how difficult that is sometimes. Take for example the middle manager who may often be called upon to undertake actions or champion values that they don’t genuinely believe in. But by taking integrity out of the realm of morality and therefore excising the blame or guilt element, we can allow such individuals to operate in ways that they need to in order to get the job done while still retaining personal and professional credibility.

So how do you go about developing and making best use of this different type of integrity in a business context? The first step is to have serious talk with yourself to try to understand what you, as a leader, really value. Because this is all about being true to yourself and that’s going to be mighty difficult if you don’t actually know what that self is. But it doesn’t stop there. You also need a clear understanding of what your organisation values and, consequently, what it demands of you as a leader. Identifying the difference between the two can allow you to spot any conflicts and help to stop them spiralling out of control. Once you understand the potential for conflict – and accept it – it’s important for you to become politically skilled when talking about what you expect from your people. This means adopting the perspective of your audience, being disciplined about what you say – and don’t say – and, perhaps most important of all, providing a credible and clear explanation of what is going on when your words and actions don’t seem to align. This, of course, means that any leader looking to embrace the concept of behavioural integrity – and to reap the rewards which our research at RSM suggests will stem from it – must embark on a challenging, although potentially highly effective balancing act. It takes great skill to for a leader to be both authentic – knowing who they really are as a person as opposed to what they would like to be in some ideal world – and political – understanding the factors and ideas that will truly motivate their people. To sum up, it appears that what really counts is to create a workplace which is based on genuine communication rather than propaganda, on transparency, on the courage to tell your team what is really going on and why. Because, as Abraham Lincoln said: “You can fool some of the people all of the time and all of the people some of the time but you cannot fool all of the people all of the time.” In a world where the manipulation and distortion of messages has become routine this may seem daunting, frightening, perhaps even impossible. But for those business leaders who are willing to embrace this idea and to devote the time, effort and resources to achieve it, the benefits in terms of increased productivity and profitability could be very substantial indeed.

December 2016 Corporate INTL



December 2016 Corporate INTL


End of Year Review

The European economy is now entering its fourth year of recovery and growth continues at a moderate rate, driven mainly by consumption. At the same time, much of the world economy is grappling with major challenges and risks to European growth are therefore increasing. The Commission’s winter forecast shows that the overall growth outlook has changed little since the autumn but that the risk that growth could turn out worse than forecast has risen, mainly as a result of external factors. In the euro area, growth is projected to increase to 1.7% this year from 1.6% last year, and to climb to 1.9% in 2017. EU economic growth is forecast to remain stable at 1.9% this year and rise to 2.0% next year. Certain factors supporting growth are now expected to be stronger and last longer than previously assumed. They include low oil prices, favourable financing conditions and the euro’s low exchange rate. At the same time, risks to the economy are becoming more pronounced and new challenges are surfacing: slower growth in China and other emerging market economies, weak global trade as well as geopolitical and policy-related uncertainty. Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, said: “Europe is continuing its recovery, with growth broadly in line with our previous forecast in autumn. We have to remain attentive. Europe’s moderate growth is facing increasing headwinds, from slower growth in emerging markets such as China, to weak global trade and geopolitical tensions in Europe’s neighbourhood. It is important to continue structural reforms that can help our economies grow, withstand shocks in the future, and improve job opportunities for our population.” Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, noted: “The European economy is successfully weathering new challenges this winter, supported by cheap oil, the euro rate and low interest rates. Nonetheless, the weaker global environment poses a risk and means we must be doubly vigilant. There is more work to do to strengthen investment, enhance our competitiveness in a smart way and complete the job of fixing our public finances.” In 2015, economic output either increased or was stable in every Member State. By 2017, the economies of all Member States are expected to be expanding. GDP growth rates will, however, continue to differ substantially due to both structural features and different cyclical positions. Private consumption is expected to remain the main driver of growth this year and next, supported by an improving labour market and growing real disposable incomes. Investment should also gradually benefit from increasing demand, improved profit margins, favourable financing conditions and gradually lower pressure to deleverage. Employment should continue to rise modestly. Unemployment rates are set to continue falling, albeit at a slower pace than last year. The decline should be more pronounced in Member States where labour market reforms have been implemented. The unemployment rate in the euro area is expected to fall from 11% in 2015 to 10.5% in 2016’s final figures and 10.2% in 2017. In the EU, unemployment should fall from 9.5% in 2015 to 9.0% this year and 8.7% next. The aggregate general government deficit in the euro area is expected to decline further thanks to stronger economic activity and, to a lesser extent, lower interest expenditure. In the euro area, the

general government deficit is expected to have fallen to 2.2% of GDP in 2015 (EU 2.5%) and should fall further to 1.9% of GDP this year (EU 2.2%) and 1.6% of GDP in 2017 (EU 1.8%). The fiscal stance of the euro area is expected to become slightly more supportive to the economic recovery this year. In the EU, it is set to remain broadly neutral. The debt-to-GDP ratio of the euro area is forecast to decline from its peak of 94.5% in 2014 (EU 88.6%) to 91.3% in 2017 (EU 85.7%). Of course, for the UK, things began to change in 2016. Indeed, economic growth in Europe is expected to remain modest as key trading partners’ performance has slowed and some supportive factors begin to wane. Since voting to leave the EU, the UK economy has shown signs of impending recession. According to the FT, the pound was at its lowest level since the 1980s just days after the referendum result. The markets have since become relatively stable, but investors in all areas remain cautious and wary of future developments. This will have long-term negative consequences for the country’s growth dynamic and economic vitality, according to a Bertelsmann Stiftung study in collaboration with the ifo Institute in Munich. By contrast, the economic losses for Germany and the remaining EU member states would be significantly smaller. Other studies suggest Britain could be better off outside the EU if it forged free trade agreements with emerging markets such as China and India. What’s more, the UK may have voted to leave the EU, and Article 50 has not yet been triggered – but that doesn’t mean you can ignore the GDPR. It will affect all UK business whether in, or out, of the EU. Although GDPR doesn’t come into force until May 2018, Jamie Graves, CEO of ZoneFox says implementation can easily take months – so it’s best to start thinking, and planning, as soon as possible. The Commission defines personal data as “any information relating to an individual, whether it relates to his or her private, professional or public life. It can be anything from a name, a photo, an email address, bank details, posts on social networking websites, medical information, or a computer’s IP address.” This definition means it is wide-ranging and will have an impact on any organisation, in or outside, the EU. As the EU intends this regulation to apply to any and all data held on EU citizens, it will impact UK businesses that want to process or store EU citizen data. In other words, you will still need to comply with the new regulations even after Brexit. One of the new changes to the legislation is the right of the citizen to be notified if their data has been breached or compromised. Included in the GDPR is a requirement for an organisation to contact their Data Protection Authority (DPA) within 72 hours of learning about a breach. No exceptions – with failure to comply resulting in fines. One of the big changes relates to the need to respond to any data breach within 72 hours of detecting it. This is a big ask, considering it currently takes around 200 days to detect a breach. You can see this as a burden – or view it as the opportunity it is. December 2016 Corporate INTL


End of Year Review

Profound Expertise in Croatian Corporate Law In 1994, Mr Planinić began his legal training in an attorney’s office that evolved into a law firm attracting prestigious clients and projects.

commercial and labour legal services, advisement and court representation for business, ranging from individual projects to multinational corporations.

He earned the title of attorney in 1998 and established Law Office Planinić in 2002. The office expanded upon the arrival of many high quality colleagues, such as Domagoj, who added a personal touch to the world-class legal service. The group began functioning as a law firm in 2009, whereupon Dunja, Ivana, Semi, Ana-Marija, Ante, Marija and Melita joined.

As one of leading Croatian M&A practices, it has advised numerous high value transactions, such as Badel 1862 d.d., Brodokomerc d.d., Hoteli Bernardin d.d., Hoteli Pag d.o.o., Hypo Alpe-Adria-Bank d.d., Eko d.o.o., Velika Popina d.o.o., Joker d.o.o., Studenac d.o.o. etc. and handles the legal aspects of domestic and foreign investments, corporate buyouts and restructurings, and regulatory compliance for companies in a wide variety of business including banking, investments, pension funds, auditing, telecommunications, commerce, tourism, energy, real estate, sports and construction.

The firm continues to grow and expand with quality lawyers and outside associates, who contribute to the group with their knowledge and personality, which leads to pleasant working atmosphere and excellent results. Law firm Planinić and partners, plc recognises that its diverse talents are an integral part of its ability to contribute to clients’ success and is focused on providing value to clients by assuming responsibility for their legal services in a professional manner with a human touch. Moreover, the firm continues to improve and prosper, and to pursue a deliberate and focused path in its expansion so that it continues to provide corporate legal services that are unsurpassed in excellence and value. Law Firm Planinić and Partners is one of leading Croatian M&A law practices, specialised in corporate, Law firm Planinić & Partners, plc Krešimir Planinić Partner, Attorney at Law Tel: +385 1 4812 562;

Today, Planinić and Partners operates as a team of perspective, professional and ethical lawyers, recognised as highly skilled, qualified and authorised to provide comprehensive legal assistance. Some of its clients are ERSTE Ltd.-pension fund “ERSTEPLAVI“, “STEPLAVI“, Croatian post bank p.l.c., Croatian Financial Services Supervisory Agency, Liburnia Riviera Hotels, Dalekovod-projekt ltd, NTE development GmbH, Radenska p.l.c. Slovenia, Kofola CS a.s., etc. Attorney Planinić has profound expertise in Croatian corporate law. He advises clients in numerous high-value transactions, providing commercial and other, diverse, legal advice and services. His notable career is fulfilled with extensive legal practice in the fields of litigations in all types of judicial proceedings in the first place of commercial law, i.e. representation of corporations, including investments and joint ventures, reorganisation and privatisation of companies, legal support to holding companies and representation offices, mergers and takeovers, sale of companies and similar legal representations. Krešimir also has profound knowledge and expertise in M&A and manages M&A and corporate and commercial department in our firm.

Commercial Law Activity in Cyprus Andreas Mylonas & Co LLC is an independent boutique business law firm based in Limassol, Cyprus. Its law practice is one of the new generations of Cyprus law firms, built on delivering meticulous personal attention and unflagging dedication to individuals and corporations seeking high quality legal services. The firm focuses on areas of Cypriot law related to business activity and corporate law, and is committed to providing outstanding, highly personalised legal representation in the areas of Commercial and Corporate, Renewable Energy, Trust and Asset Protection, Tax Planning and Commercial Litigation. Managing director Andreas Mylonas noted: “We act as a ‘single window’ for legal matters, both in Cyprus and internationally, for business and corporations. Our approach to the legal practice is to focus exclusively on effective and value-added bespoke solutions to our clients’ affairs.” Business Legal Advice AMG Law Firm provide assistance in all types of commercial transactions. This encompasses advice on commercial contracts, information technology, intellectual property, competition, employment and insurance matters; in addition to establishment and operation joint ventures, trusts, partnerships and representation regarding acquisitions and disposals of business assets and business ownership interests. Mr Mylonas added: “Our experience includes developing strategies to achieve discrete objectives for a wide variety of businesses, in terms of reducing complexity and risk, as well as maximising value in the transaction. Throughout our services, we anticipate the important stages and steps ahead to position in advance and respond to issues at speed.” 22

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Andreas Mylonas & Co LLC - AMG Law Firm Andreas Mylonas Managing Director Tel: +357 25101080 Crucially, Andreas Mylonas & Co works with clients’ executives and in-house counsel to support day-to-day regulatory compliance in Cyprus. The firm advises on commercial transactions such as establishment of new business and the management of ongoing operations, including: international business companies; share purchase and sales agreements; drafting commercial contract documentation, including risk allocation, delivery advice for requirements for performance of contracts and post-contract performance management; managed service level agreements and SLAs; infrastructure and projects; technology, media and telecommunications; agency, distribution, franchising and licensing; contract law; joint ventures and domestic or cross-border collaborations; dissolution and winding up; advising on strategies in contractual negotiations; preparing partnering agreements, joint venture documentation and teaming agreements; assistance to prevent commercial disputes; sales and purchases of business assets; as well as preparation of employment and human resources documentation. Mr Mylonas concluded: “Our Cyprus lawyers provide pragmatic, value-added commercial legal advice on transactions and strategy and, through day-to-day legal support, assist clients in finding timely, practical solutions and anticipating key areas of risk.”

End of Year Review

Pioneering Tax Planning Law in Cyprus Symeou & Konnaris LLC is a pioneering prominent law firm, rapidly expanding over the past years, offering legal services under various jurisdiction laws across a range of practice areas. The firm is recognised in each of its core practice areas – companies section & offshore section, tax law and international tax planning, banking and finance, real estate, intellectual property and trust – and is retained on a regular basis by national and international entities in a wide range of industries. The clients of the firm are large domestic and international entities, international law firms, well-known national and international banks, family and individual entities, financial institutions, commercial and residential real estate developers, attorneys and professionals’ accountants. The firm’s clients benefit from the firm’s capability to combine international knowledge with local experience. The advocates and legal advisers at Symeou & Konnaris LLC place great emphasis on enhancing long-standing relationships and a substantial knowledge of clients’ business. The firm operates through confidentiality experience, professionalism, commitment and complete dedication to all clients.

SYMEOU & KONNARIS LLC Panikos Symeou & Christos Konnaris Managing Partners Tel: +357 25 818400

The success of the firm, its rapid expansion and the awards achieved are the direct result of the personal attention, quick response and high standards of excellence reflected in the service carried out. The firm has extensive expertise in advising and assisting clients in the implementation of effective tax planning structures, which are designed to minimise tax liabilities, meet the clients’ financial and business objectives. Special attention is given on the tax benefits relating to the formation of international trusts. The Firm has an excellent track record for high quality, sound tax advice and tax planning, as well as extensive experience in negotiating and handling tax disputes. In regards to corporate law, the firm is recognised for its expertise in high-complex transactions and has a substantial experience advising on a wide range of national and cross-border transaction. The firm advises on all matters that are related to the registration, formation and arrangement of Cyprus entities including companies, offshore banking units, offshore trusts, partnerships and representative officers of overseas corporation. The firm deals also with the regulatory framework which covers offshore related activities and also advises on the operation of offshore entities, including the substantial tax advantage, and other benefits which derive from Cyprus legislation and double tax treaties. Panikos Symeou, one of the managing partners of the firm, also leads the corporate department, advises on firm’s corporate management as well as on companies’ formation and international trust. He advises international clients on all investment management-related matters He is a member of the Cyprus Bar Association, the International Tax Planning Association and the Society of Trust and Estate Practitioners. Christakis Konnaris, one of the managing partners of the firm, has a particular focus on the governing of offshore related activities as well as the operation and formation of offshore entities. He is also expertise on providing advice on tax planning formation of offshore companies. He is a member of the Cyprus Bar association and the International Tax Planning Association.

M&A Law Know-how in the Czech Republic Havel & Holasek – State Capital Group Havel & Holasek has rapidly grown into one of the Czech Republic’s largest law firms after it was established in 2001 and was recently named firm of the year in the Czech Republic by an independent panel of Czech evaluators coordinated by One of the firm’s secrets is that it can leverage the international experience of its lawyers at a discount of around 30%-50% of that charged by international firms, giving an excellent price to value ratio. Havel & Holasek joined the State Capital Group in 2004 after building a strong local firm in the country. The network gave them an opportunity to provide assistance for Czech clients abroad and compete with international firms operating in the Czech Republic. Michael Mullen, partner with Havel & Holasek, said State Capital Group was the best option for the firm. He said: “We looked around and identified the State Capital Group as the best network out there that was still free. We have been attending all the meetings and our primary cooperation has been with State’s member in Ohio Kegler Brown. They referred their client the

Havel & Holasek covers the Czech Republic but liaises regularly with other European members.

Commercial Vehicle Group to us, who made two acquisitions in the Czech Republic. There was also follow on work regarding a dispute, where we also involved the German member of State Capital.” He added: “Our motivation for joining the group was, initially, about the ability to use State Capital firms throughout the US and Europe. We appreciate the network and like the fact that fees for membership are reasonable. So far the benefits to our firm have outweighed the cost of membership, so it is a positive sum situation for us.” Mr Mullen said that the primary use for the network is business referrals and networking. He added that most of the firm’s knowhow is held locally; however, State Capital Group can provide prescreened referrals. Havel & Holasek covers the Czech Republic but liaises regularly with other European members. Mr Mullen said: “I am in close contact with the Romanian member, as we have common clients. I have also sent them clients who have been happy.”

HAVEL & HOLASEK s.r.o. Michael R. Mullen Partner Tel: +420 224 895 950 December 2016 Corporate INTL


End of Year Review

Ongoing Tax Litigation and Community Freedoms Firm in France Tirard, Naudin: TIRARD, NAUDIN Maryse Naudin Partner Tel: +33 (0)1 53 57 36 00 Maryse Naudin: Maryse Naudin began her career in the tax department of one of the major international accounting firms, where she was specifically in charge of the real estate practice and the South East Asia corporate clientele, prior to co-founding Tirard, Naudin in 1989 with Jean-Marc Tirard. She now has more than 30 years’ experience in advising and defending a varied clientele, from multinational corporations to high-net-worth individuals, in relation to cross-border tax issues. She has a particular expertise in advising foreign investors acquiring French assets (in particular real estate property), as well as advising French clients with foreign interests. Ms Naudin also has a wealth of expertise in matters relating to European taxation, and in particular to tax litigation with respect to community freedoms. She is a frequent speaker at seminars dealing with international tax planning in the context of various matters, such as European Holdings or structuring investments in French real estate.


December 2016 Corporate INTL

Tirard, Naudin is a highly reputed boutique law firm co-founded in 1989 by Jean-Marc Tirard and Maryse Naudin, which specialises in international tax, tax representation and litigation in all aspects of French taxation with a particular emphasis on international tax issues. Ouri Belmin manages the firm’s team in Paris. The firm’s client base includes corporate clients, who come both for its special expertise in negotiating with the French tax authorities and for its experience of structuring international transactions. It also acts for high net worth private clients and their families who need help in resolving complex tax and inheritance issues. It also has considerable expertise in property tax issues and the creation of efficient structures for non-resident investors. Tirard, Naudin has been involved in numerous tax litigations involving European community freedoms and fundamental law principles, and the firm’s lawyers have an excellent knowledge of all steps and aspects of the French tax procedure. Many of the firm’s clients are referred by leading law and accounting firms and other professional worldwide organisations and it also acts regularly as “lawyer’s lawyers”, providing specialist support for other firms and their clients. Among many articles and books, Jean-Marc Tirard has published “La Fiscalité des Sociétés dans l’UE” (7th edition 2006) translated in English as “Corporate Taxation in EU Countries” (Longmans). He is the former chairman of the Tax Commission of the French Committee of the International Chamber of Commerce and co-chairman of the International Tax Committee of the same organisation.

End of Year Review

Worldwide Patent Law Cover in Germany Robert Klinski is the managing partner of PATENTSHIP, a patent law firm specialised in prosecuting and litigating national and international intellectual property rights in the fields of electrical engineering and information technology, physics, mechanics and chemistry. The firm is located in Munich – close to the German Patent and Trademark Office, the European Patent Office as well as the German Federal Patent Court. PATENTSHIP’s team supports leading technology companies, universities and start-ups in Germany and worldwide. The firm has a profound patent prosecution experience in Germany, EU, the US, China and Japan. Its team members have comprehensive scientific and industrial backgrounds, enabling the efficient prosecution and litigation of most demanding technologies. PATENTSHIP further has a strong patent litigation experience resulting from national and international patent litigations, including US proceedings, which have been successfully handled by the firm for years. PATENTSHIP’s further services include IP harvesting, IP monetisation, IP valuation, technology transfer and start-up incubation services. “We strive to offer our clients the best possible service – at affordable prices,” said Dr Klinski. “We believe that this can be accomplished only through a close cooperation with our clients. Understanding our PATENTSHIP Patentanwaltsgesellschaft mbH Dr Robert Klinski Managing Partner Tel: +49-(0)89-75969869-0

clients’ technology and needs is the key for us to provide goal-orientated services in all fields of IP. “While the focus of our work is the prosecution of patents and other protective rights, including utility models, trademarks and designs in Europe and throughout the world, a close cooperation with attorneys at law specialised in IP allows us also to offer qualified services in nullity and infringement proceedings. Moreover, a wide network of associate patent firms throughout the world enables us to implement multinational IP strategies for our clients.” PATENTSHIP provides worldwide full cover service for intellectual property matters such as German, European, Asian and US patents, German and foreign utility models, applications under the Patent Cooperation Treaty (PCT), national, international and community trademarks, national and international design models and topographic designs, trademark and patent searches, expert analysis, litigation, licence matters, the law of employees’ inventions, portfolio and intellectual property right strategies. Dr Klinski studied electrical engineering and telecommunications at the Technical University Hamburg-Harburg and received his doctorate with honours from the Munich Technical University in the field of mobile communication technologies. He also worked as researcher with the Fraunhofer Institute in Munich, where he designed wired and wireless communication systems. He has extensive experience in patent prosecution and litigation in particular in the area of telecommunication systems and communication networks. Dr Klinski has been successfully representing a globally operating network operator in a number of initiated infringement lawsuits initiated by NPEs and corresponding nullity proceedings in the fields of telecommunications, in particular DSL technologies and wireless communication networks. He has furthermore successfully conducted numerous opposition proceedings before the EPO and the GPTO in the field of automotive technologies, process automation and electrical engineering.

Interdisciplinary Thinking and Action in Luxembourg Please allow us a brief pleading in favour of quality instead of quantity: it is not the number of lawyers that matters. In first place it is the passion and professionalism with which a counsel defends your interests in the true sense of the word. For this reason, the law office Thielen & Partners may not count so many heads, but certainly some of the most brilliant brains in the business. However, for us this does not only mean legal competence - emotional intelligence and multicultural understanding are also essential in our eyes if you want to be successful beyond borders and mentalities, whatever may be the language that you speak. Service We have to admit one thing right away: we have broken an unwritten economic law. Because our goal is not to become the biggest or richest law office in Luxembourg. Ever since our formation in 1990, we have preferred to stay a little bit smaller, but therefore all the smarter. It is only thus that today and in the future we can offer a very personal and individual service to our clients. Because it is precisely this that counts if you want to leave the judiciary way as the winner: the optimal use of all the chances under exclusion of the risks. This philosophy, you can gladly consider it as your claim towards us. Strategy The law - especially on an international level - has become so complex nowadays that actually for everything you need a legal expert. If possible even by country. Or you come to Thielen & Partners. After all we offer, while concentrating on the essential, the whole range of legal fields and services: under our roof there are no specialists focused only on their particular sphere of competence,

THIELEN & ASSOCIÉS Lex Thielen Senior Partner Tel: +00352 26 26 02 02 but interdisciplinary generalists covering all the legal fields, with the accent on financial, corporate, commercial and civil law as well as the domiciliation of companies. Why all this? Because interdisciplinary thinking and action should be the norm in a globalised world. Lex Thielen - Senior Partner Lex Thielen was admitted to the Luxembourg Bar in 1987. He studied at the University of Paris I Panthéon-Sorbonne where he obtained his master’s degree in law (1st of the year 1985) as well as the European Community’s law study certificate (1st of the year 1985) and the diploma of specialised studies in private law (contract and responsibility, thesis on “loss of opportunity and risk creation”, 1st of the year 1986). He was a university tutor at the University of Paris I PanthéonSorbonne from 1986 to 1989 and lawyer and junior barrister in Luxembourg from 1987 to 1989. He has been an attorney-at-law and solicitor since 1989 and opened his own law firm in 1990. He was appointed to the function of mediator in criminal matters by the Minister of Justice in 1999 and as honorary consul of the Republic of Estonia in 2002. December 2016 Corporate INTL


End of Year Review

Insolvency Protocol The Evolution of Agreement in Portugal Sports Law in Spain Vieira Law Firm Daniela Guimarães Partner Tel: +351 253 995 296

We believe that our clients are fundamental to our course of action, and therefore, our time is dedicated to them with all our heart. Vieira Law Firm is a Portuguese Law Firm which was born in Braga – a city where one breathes innovation and technology and one of the most important technological hotbeds in Europe. Before the birth of our firm, law practice had already drawn a history and a style in Portugal – a path imposed by the virtues and by the disasters of those who were the generations which came before us. Vieira Law Firm would never have seen the light of the day if it did not possess one conviction: to make a new contribution to Portuguese law practice, based on the idea of a glimpse of a real Portuguese legal industry. To do that it was necessary to look beyond our borders and create Vieira Alliance, a network of partners which allows us to operate in three continents. We believe that our clients are fundamental to our course of action, and therefore, our time is dedicated to them with all our heart. Vieira Law Firm is a discrete firm, a place where it is possible to catch a glimpse of uniqueness, horizontality, knowledge, respect and dedication. Under the paradigm of a Portuguese legal industry, based on the idea of exporting legal services, Vieira Alliance is a programme created by our firm, dedicated to the creation of partnerships and protocols which allow the representation of clients at an international level. Our greatest implantation is in Brazil, a country where our firm is represented in the cities of São Paulo and Rio de Janeiro. The city of Paris is another reference point. In this city we work in partnership with specialised offices, of small and medium dimension, namely on issues of international commercial law. Vieira Alliance is closing an operation protocol agreement with one of the most prestigious law firms based in Luanda. This protocol agreement will be closed until the end of 2016, and it will represent an attempt to provide an answer to the various problems faced by companies in Angola. The cities of London, Madrid, Brussels, Caracas and New York are cities where our trademark also operates – often at the request of other law firms – and they will be the target of our increased attention within the growth process which we are committed to. Vieira Alliance is also dedicated to the relationship of our lawyers with our colleagues, and for that reason we regularly attend relevant conferences and international lectures. 26

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According to José Juan Pintó Sala, partner at Pintó Ruiz & Del Valle, sports law in Spain has evolved and will be probably evolving in a significant manner in the forthcoming years. The set of rules applicable at today’s date clearly reflect the trend to professionalisation of sport in the country, especially in the area of football. Both the State and the Autonomous Regions, each of them within the scope of their respective competences, have created a legal environment tending to reinforce legal certainty and descending to the details and specificity of sports. Of the critical legal issues faced by sports industries in the region, Mr Pintó Sala explained: “There are many of these issues – the sport industry and the sports legal framework are not still as mature as other areas in our jurisdiction – but if we had to highlight some of them, we would say that financial control of sports entities and the fight against match fixing and doping would be the most relevant. There is determined intention on the part of the authorities and associations to eradicate the financial collapse that took place in some sports, and to foster the transparency and fair play in competitions.” Reflecting on the last two years, Mr Pintó Sala said of changes to legislation and the effects of companies: “Probably the most significant change has to do with the exploitation of audiovisual rights in the world of football after the Real Decreto-ley 5/2015. The imposition of a centralised system of commercialisation of these rights, which is performed by the Spanish Football League or the Spanish Football Federation depending on the competition involved, will imply a more equitable distribution of revenues arising out of the audiovisual rights exploitation among the clubs, reducing the differences between the most powerful and less wealthy clubs, and aiming at equalling the competition.” He added that the economic crisis importantly affected the sports regulations, not only to those enacted by the authorities, but also to the internal rules of sports associations. “The mistakes of the past should not be repeated, and thus the current regulations tend to avoid that clubs’ indebtedness reaches inadmissible levels or that the bankruptcy proceedings are used in an inappropriate manner,” he said. “The new environment, in which the sports stakeholders are ‘healthier’, financially speaking, has of course implied changes in the kind of services demanded by clients, more focused now on ‘creation’ – such as investment and purchases – rather than on ‘destruction’ – that is, debt claims and insolvency.” Pintó Ruiz & Del Valle is one of pioneers in the sports law practice in Spain. Its sports law team is composed not only of lawyers dealing solely with sport, but also of lawyers with solid expertise and regular practice in other areas of law, such as corporate, tax, labour and public law. Among its recent case work, the firm represented player Luis Suárez and FC Barcelona in disciplinary proceedings started by FIFA as regards an incident occurred in a World Cup match, in which the Court of Arbitration for Sport finally revoked, in part, the sanction imposed on the player by FIFA – “A decision with very interesting grounds from a technical point of view,” noted Mr Pintó Sala.

Pintó Ruiz & Del Valle José Juan Pintó Sala Partner Tel: +34 93 241 30 20

End of Year Review

Building Real Estate Portfolios in Portugal Bernardino, Resende E Associados, Sociedade de Advogados R.L., (also known as “BR”), began its activity in 1999. The Firm “BR is a ‘boutique law firm’ basing its action in Personalisation, Excellence, Dedication, Organisation and Professionalism of our lawyers,” said Estêvão Augusto Bernardino, founder and managing partner. The firm covers several type of operations in real estate law, such as the purchase and sale of hotels, buildings, distressed debt acquisition, commercial leasing, property management, licensing of various real estate projects in tourism, commercial, industrial and retail, structuring joint ventures, procurement of loans, real estate investment fund, formation, planning, construction and urban rehabilitation. “As a boutique law firm we offer specialised and personalised high quality legal services and our main purpose is to anticipate and optimise our client’s needs,” added Mr Bernardino. Recent Activity BR was recently involved in setup of a luxury five star hotel where the firm acted as lawyers from the purchase of the land until the hotel began operating, with a current value of over €75 million. Mr Bernardino also noted the purchase of a portfolio of already leased real estate buildings. The firm assisted its client in the previous due diligence and in the purchase of the assets, until the restructuring of a real estate group of companies, optimising the properties and reducing debt. Real Estate in Portugal Discussing the real estate regime in Portugal, Mr Bernardino noted that transfer of ownership is made by a written agreement, either before a public notary or a lawyer. “The parties usually sign first a promissory purchase and sale agreement, where they establish the conditions under which the purchase and sale is made; Portuguese law protects both parties in the process,” he explained. “After the final and purchase deed is concluded, the new owner should deposit the title deed and request the registration of the transfer of ownership at the Land Registry Office, which is legally required in order to be effective and protect ownership property rights against any third parties.” He also highlighted the current Lease Law which simplified the eviction legal procedure, creating a special public entity that supervises all the process.

restrictions on foreign investment and that the annual yields are very interesting. However, he stated that there are certain aspects to consider depending on the type of investment made. “As an example we can mention indirect acquisitions of properties, when the investor acquires shares of a company that owns property, as the investor needs to have full knowledge of the tax history and contingent liabilities of the Company that holds the properties,” he elaborated. “Another example is the case of investments made through real estate funds, where there are regulatory aspects to be considered such as the supervision of the Portuguese securities market commission (“CMVM”) and the Bank of Portugal.” BR is able to assist its clients to overcome these difficulties in the due diligence procedure, where it can optimise the purchase and sale - creating a SPV with certain tax benefits, for example. Changes in Legislation A particularly significant change to legislation in recent years is the implementation of the Golden Residence Permit for Investment programme (known as Golden Visa) in October 2012, which allows non-EU citizens to obtain a residence permit in Portugal if they carry out one of the investments set out under the law, though the purchase of real estate. Mr Bernardino also mentioned the establishment of the new regulation in the urban rehabilitation of properties, especially in Lisbon and Porto.

provides an attractive regime for foreigners who wish to establish their tax residence in Portugal and has contributed to significant investments made in Portugal. “The NHR is one of the most competitive in Europe, attracts high net worth individuals from Europe and other countries that are investing massively in Portugal,” he added. Predictions Along with the positive economic indicators, Mr Bernardino believes that Portugal has important legal instruments - such as the golden visa programme and NHR non habitual tax residence regime - plus existing tax incentives and EU funds for urban regeneration, which are expected to continue having a very important role in the growth of the Portuguese real estate market. “We highlight also important EU incentives that Portugal will be receiving until the year 2020 under the “Portugal 2020” EU funding programme. It is expected that Portugal will receive €25 billion by 2020, which is expected to promote growth in investment in real estate and urban rehabilitation in Portugal,” he concluded.

The firm covers several type of operations in real estate law.

Emerging Trends Mr Bernardino noted that Portugal has been consistently improving its position in the real estate markets. Looking at the top 10 European cities, Lisbon can be found alongside cities such as Berlin, Amsterdam or Madrid. “We have seen a considerable growth in the Real estate Market, with especial focus on urban rehabilitation of properties especially Lisbon and Porto, not only for housing but also buildings that are converted into hotels, offices or housing development intended for the luxury segment,” he continued.

Legal Complexities

“These investments have contributed to the regeneration of cities, giving a new impetus and urban quality in the prime areas of Lisbon and Porto.”

He described the real estate law in Portugal as “very transparent and easy to deal with”, noting that there are no

Alongside with the Golden Visa programme, Mr Bernardino also highlighted the nonhabitual tax resident special regime, which

Bernardino, Resende E Associados, Sociedade de Advogados R.L | Law Firm Estêvão Augusto Bernardino Founder and Managing Partner Tel: +351 213174742

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2016 – A Busy Year for Romanian Trademark Practitioners CABINET M. OPROIU’s areas of practice include: • In Romania: i) assistance and representation of clients in respect to acquiring IP rights in patents, trademarks, designs including oppositions, appeals; ii) court proceedings for cancellation and for enforcement of the IP rights: • In Europe: i) filing and prosecuting European patents including related oppositions and appeals; ii) filing and prosecuting European trademarks and designs, including related oppositions and appeals. According to Raluca Vasilescu, Romania’s trademark law is fully harmonised with current laws of other EU countries and will be amended until 2019 according to the Harmonisation Directive. “Trademark law must be amended to comply with the new directive,” she noted. “Simultaneously, many other issues need to be addressed. In my capacity of President of the Romanian Chamber of Patent Attorneys, I am fully involved in the process of amending the law by leading a working group of attorneys and doing our best to work together with the Patent Office – the institution in charge with the draft of amendments.” Ms Vasilescu, and CABINET M. OPROIU in general, are renowned in Romania for their quality and expertise. Ms Vasilescu added that the firm’s competitive edge stems from the prestige of its service offering. This is acquired by combining elements such as: ensuring

CABINET M. OPROIU Raluca Vasilescu Trademark Law Position Tel: +40212602833


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a proactive approach whenever possible; the high level of attention given to each case (customised advice); as well as team collaboration on complex cases. She explained: “For clients with portfolios where we are asked to provide advice as to the new rights, we make complex analysis of the possibilities in connection with the client’s commercial interests and budget.” As regards CABINET M. OPROIU’s recent case work, the firm acted on behalf of the opponent CROCO SRL, who filed an opposition on December 17 2016 against some of the goods of European Union trademark application No 013 200 266 MISS CROCO, namely against all the goods in Class 30 based on earlier trademarks CROCO used widely in many EU countries, where the opponent also acquired reputation. The decision of the opposition division was in favour of the opponent, considering that there is the likelihood of confusion, including risk of association with earlier marks. Intellectual property is one of a company’s main assets, but Ms Vasilescu explained that the issue of safeguarding trademarks is less prevalent in Romania. She said: “Romanian branches of international companies – that is, GSK, SIEMENS – have little work in this area, as IP is mainly dealt by the mother company, usually limited to detect cases of infringement. Companies with Romanian capital act in a different manner. Some of them, the oldest and the largest, are conscious about the need to protect IP, whereas new and usually smaller ones sometimes completely ignore the need to protect until one day they are sued for infringement. “Difficult to estimate the scale of trademark crime in the absence of complete information. One thing is for sure: customs authorities are very active and destruction of infringing goods functions well. Meanwhile, cross-border enforcing is difficult, particularly when one of the countries is outside EU.” She concluded: “Recently, we have noted a rise of interest of our local clients in protecting their trademarks abroad, including new litigation cases in other jurisdictions. Therefore, the objective is to create more value from services associated with trademark protection in other jurisdictions.”

End of Year Review

Targeting Corporate Viability of Insolvency in Spain PLUTA is an international law and economists firm with large experience in the management – both judicial and extrajudicial – of corporate insolvency and pre-insolvency situations. The firm offers the necessary experience, know-how and material, as well as technical and human resources required to accomplish that purpose. It has managed more than 2,000 bankruptcy proceedings in Europe, some of them on international scale, enjoying high visibility and prestige among the usual operators in the insolvency sector. Executive director Áticus Ocaña Martin noted: “Our area of action is to advise on all types of economic law issues, to actively assist during the restructuring processes of companies, or to guide them in pre-insolvency proceedings, refinancing agreements (own or of their debtors) as well as in insolvency proceedings. PLUTA’s main objective is to achieve – with the urgency typical for this type of situations – reasonable results from the economic and financial point of view.” Moreover, the firm belongs in the leading group in the sector of restructuring, always seeking to improve its market position. With more than 30 years’ experience, more than 40 subsidiaries in Germany, Italy, Spain and Poland, 380 employees (lawyers, tax advisers, auditors and chartered accountants), PLUTA is characterised by possessing a solid business base, as well as a vast expertise and experience in both law and economics fields. “Our experts and their teams use both the expertise acquired in hundreds of insolvency proceedings and numerous restructuring projects, as well as the know-how of the particularities of the companies depending on their size and activity,” said Mr Ocaña Martin. “Our strategic partnerships, for example with financial insiders, networks of bankruptcy experts and restructuring experts, open up other alternatives for the benefit of our clients. Depending on the needs of the client, our teams of experts either work in a unique or multidisciplinary way, covering several business fields. In this manner, we provide, in every case, viable solutions adjusted to legality; and for this reason, we are positively valued and highly estimated by our clients.” The working method developed by PLUTA is largely characterised by an efficient and assiduous management, focused all the time on conserving the maximum value of the debtor´s assets (tangible and intangible). To this end, PLUTA is targeting the corporate viability through agreements or alternatively through formula, that is, the sale of the productive unity – “an area in which we have gathered a great deal of experience throughout Europe”, said Mr Ocaña Martin. He added: “This formula allows us to maintain the maximum number of employees, and at the same time admits a fast parcial recovery of the loans by the creditors.” Te recent refinancing agreement achieved by ABENGOA brought to light the vast capacity and experience acquired by the experts in the areas of restructuring and

management of companies with economical tensions provoked by the last economic crisis in Spain. Mr Ocaña Martin explained: “We understand that the refinancing agreements are an asset of our economy and our legal system that should be protected, and we shall not allow to act in a wrong way.” According to Mr Ocaña Martin, the number of insolvencies (of both individual persons and companies) declared in 2015 was reduced by half compared with 2013, as it reached almost 10,000 insolvencies. During 2016, the number continues falling – there have been approximately 3,000 insolvencies declared thus far, which is the lowest number since 2008 and more or less 20% decrease in cases than in the same period last year. “This is a good sign and a proof that our economy is recovering,” he said. Mr Ocaña wants to say that it is a vital step to be taken by every company, to do their reviews periodically, so that in case they detect any problem, they can contact with PLUTA or other experts to see what can be done to solve it. He added: “Another vital area to be taken by every company is business reviews. It is important for any company to do business reviews periodically and precisely, in order to ensure that it is in a healthy position, and – in case of detecting that it´s not healthy enough or in case of changes at the market – to have the capacity to react fast and adjust the management to the current situation, by contacting PLUTA or other experts to see what options are available.” “You have to plan your steps,” he said, “always keeping in mind that economics was, is and always will, be cyclical. Hence, it is not a good idea to look always for the maximum growth by an excessive leverage, because this way we put into danger the company in case of a cyclical change. Insolvency proceedings are normally characterised by a distribution in an equal way of prejudices and sacrificies, which leads to common tensions and stress among all those involved. In such situations, besides having the technical and theoretical expertise, it is crucial to have experience when dealing with persons in such hard conditions. In Spain we have insolvency administrators with vast experience and qualifications, who offer highly trained teams, able to manage situations of this kind.” When asked about the key issues when assessing a distressed business and effectively implementing a successful turnaround, Mr

PLUTA Abogados y Administradores Concursales, SLP Áticus Ocaña Martin Executive Director Tel: +34-915 777 241

Ocaña Martin concluded: “You should focus and distinguish if the sources of the company´s problems have arised due to a transitory situation, that is, a single break in the liquidity caused by a non-payment from third party, or rather due to a structural problem with grave economic imbalances, an excessive indebtedness or a gross patrimony with problems because of recurring losses. According to the former analysis, we are implementing different restructuring, financial and legal means in order to turn around the situation – and those means vary from client to client.”

The working method developed by PLUTA is largely characterised by an efficient and assiduous management, focused all the time on conserving the maximum value of the debtor´s assets (tangible and intangible). December 2016 Corporate INTL


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The Americas

Healthy growth and strong fundamentals in the US economy support a case for investor optimism and opportunism, according to BofA Merrill Lynch Global Research. However, in the lower-return, higher-volatility environment projected ahead, selective allocation and defensive portfolio moves will be crucial for performance. Against this backdrop is moderately accelerating global growth, offset by the very real threat of deflation outside the US, particularly in Europe. Economic growth in Latin America and the Caribbean has slowed more than anticipated, as weak growth in South America has outweighed an incipient recovery in Mexico, according to an IMF forecast for the region. “A sharper slowdown in China remains a key risk for commodity exporters in Latin America and the Caribbean,” said Alejandro Werner, director of the IMF’s Western Hemisphere Department. The outlook for Latin America could also be undermined by renewed financial volatility, including a faster-than-expected rise in US interest rates. Economic activity in the financially integrated economies – Brazil, Chile, Colombia, Mexico, Peru, and Uruguay – is expected to pick up modestly. Brazil’s economy suffered a further sharp slowdown, entering a “technical recession” in early 2014. Economic conditions also dimmed markedly in Chile and Peru, where investment and durable consumption led the slowdown. Growth in the other commodity exporters will continue to diverge. Argentina and Venezuela are projected to be in recession in the coming years, whereas Bolivia, Ecuador, and Paraguay are expected to maintain fairly strong growth of 4–5%. In Central America, growth for the next few years is projected to remain steady at around 3%. Growth in the Caribbean has continued to disappoint, amid high external, fiscal and financial vulnerabilities in many countries. The tourism-dependent economies are expected to expand by only 1.7%. Facing lower prices for oil and other commodities, challenging domestic business climates and widespread droughts, growth in Latin America and the Caribbean has slowed recently. South America, deeply affected by the oil price decline, was also impacted by domestic macroeconomic challenges among its largest economies. In contrast, developing Central and North America, along with the Caribbean, benefited from the strengthening US, and saw an acceleration of activity. The ongoing recovery among advanced countries is expected to support external demand in the medium-term. As of 2016, the US is in its seventh consecutive year of expansion. The unemployment rate has fallen to 4.9% and household net worth is close to pre-crisis peaks. Still, the economy has gone through a temporary growth dip in the last two quarters. Lower oil prices led to a further contraction in energy sector investment and a strong dollar and weak global demand have weighed on net exports. On the upside, the housing market is growing, and the current fiscal and monetary policy mix is supporting the economy. 30

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But could everything be about to change, now that Donald Trump is President-elect? Donald Trump’s trade policies could amount to the single biggest change to the way America does business with the rest of the world in decades. He has threatened to discontinue a number of free trade agreements, including the North American Free Trade Agreement between the US, Canada and Mexico. He has even suggested withdrawing the US from the World Trade Organization. He is also in favour of taxing imports, and has talked about imposing tariffs of 45% on China and 35% on goods shipped from Mexico. Recent US monetary policy has come from the Fed lowering interest rates to nearly zero in an effort to pump up the economy. This policy has led to tepid growth, and essentially run its course. There is only so much the Fed can do. Fiscal policy is a combination of reforming the corporate tax code and government spending on big projects that will pump money into the economy and create new jobs. With Republicans now in control of the White House and both houses of Congress, the years-long standoff may be broken. The first thing Mr Trump mentioned in his victory speech was spending on infrastructure. “We are going to fix our inner cities, and rebuild our highways, bridges, tunnels, airports, schools, hospitals,” he said. “We’re going to rebuild our infrastructure, which will become, by the way, second to none. And we will put millions of our people to work as we rebuild it.” During the election, Mr Trump promised to spend heavily on programmes that would create untold numbers of jobs in construction, steel manufacturing and other sectors. He said his focus would be on transportation, water, telecom and energy. “We can work together to quickly pass a robust infrastructure jobs bill,” House Minority Leader Nancy Pelosi said, according to a tweet by Jonathan Martin of The New York Times. Beyond the infrastructure spending, Mr Trump’s economic policies include across-the-board tax cuts for individuals and a slashing of corporate taxes down to 15% from 35%. In addition, he pledged to slash regulations that he said are burdening businesses and holding back job creation. Finally, he said he would “repeal and replace” Obamacare, a pledge that he likely will be able to fulfil with a Republican Congress. According to CNBC’s most recent analytics, economists generally have feared that Mr Trump’s spending stimulus and tax cuts would increase the national debt by $5 trillion or more; however, Mr Trump has maintained that economic growth would more than compensate and not necessitate tax hikes to pay for the infrastructure spending in particular.

End of Year Review

A Plethora of Tax Considerations for Brazil Leonardo Braune is a respected and highly experienced consultant in the areas of international tax, real estate planning, wealth preservation, fiduciary advice, implementation and management of management of international structures and projects. With a vast experience in tax, an extremely diversified client base and a very strong global network of top specialists in many different business-related areas, Mr Braune has led a large number of successful projects in several industries including oil and gas, telecommunications, real estate, international services, investments funds and asset management. Intercorp Group was established under the supervision of Mr Braune, with the objective of becoming one of the few truly international tax consulting boutiques, fully capable of providing high quality tax, estate planning and fiduciary structuring services, delivering to its clients only the most efficient and practical solutions. A primary concern of high-net-worth families is ensuring their wealth is sustainable, protected both now and for future generations. As a result, many families have long mobilised their assets internationally, safeguarding them against political, economic or social instability. Intercorp assists in expanding family companies into other territories, as well as the necessary safeguarding of both intellectual property and the potential for multijurisdictional wealth generation.

Intercorp Group Leonardo Braune Founder and Managing Partner Tel: +44 203 427 3308

As a natural consequence of family members moving abroad, many family businesses are expanding into other territories, bringing forth a plethora of considerations regarding the protection of the business. In terms of intellectual property, while clients will have taken care of the processes required to register and protect their brand under domestic legislation, this protection will often not survive under another jurisdiction. As the business expands, both the brand identity and the fundamental concept - the processes or products it trades on are vulnerable to exploitation by competitors. Intercorp also safeguards wealth and protects assets against liability arising from new investments. In making new investments internationally and outside of the family business, the potential liability for risk naturally increases. Intercorp works alongside both the families and their existing advisers to identify ways in which to minimise such risks. Intercorp’s consultants will assess and properly protect the invested assets and effectively structure the business to ensure the risks fall directly and solely on the capital to be invested. The firm’s global perspective is particularly valuable for these types of engagements, as its experts ensure that any structuring undertaken is enforceable and reliable across all territories. While Intercorp Group is wholly independent, relationships and business agreements form its lifeblood. As a consultancy that advises on an international basis, business joint ventures for specific jurisdictions are pivotal in providing the best advice and outcomes for clients. The responsibility rests with Intercorp to sustain a quality service that firms respect and which clients want to employ. This structure has, to date, proven extremely productive. The client continues to deal solely with Intercorp, reducing time and costs; moreover, Intercorp is meticulously honest and transparent about its capabilities: leveraging longstanding and trusted relationships to provide solutions in the most efficient way - and operating with the connections, relationships and fiduciary responsibility of acting on behalf of the client.

Meeting Ecuador’s Economic Criteria for Corporate Law Almeida Guzmán & Asociados is a law firm established in 1981, specialising in legal-corporate counselling and assessment.

and effectively, with the participation of personnel to meet high academic and professional standards.

The firm’s professional practice includes the following fields:

The academic training and professional experience of those who make up Almeida Guzman & Asociados provides for a service offering with a truly global focus. The company pays particular attention to legal and tax frameworks - applying a holistic approach in order to efficiently meet all relevant economic criteria.

• Corporate, Commercial and Mercantile Law • Tax Law • Finance, Bank and Securities Law • Energy Legislation: Oil, Electricity and Alternative Energy • Economic Integration and Foreign Investment Legislation, International Trade • Labour and Immigration Law • Legislation on Consumer Rights, Antitrust and Competitiveness • Real Estate, Property, Construction and Public Works Legislation • Legislation on Government Contracts • Mining Law • Arbitration and Mediation Almeida Guzmán & Asociados also retains professionals in the fields of economics and accounting. The firm’s experience is comprised of consultation on legal, tax and economic undertakings, as well as project finance, mergers, split-offs, takeovers, acquisitions, and general business restructuring. The client base of the firm includes companies engaged in industry, commerce, tourism, real estate, pharmaceutical, agriculture, construction, oil, energy, telecommunication, services, banking, insurance, finance and securities. Almeida Guzman & Asociados’ vision is to be the leading law firm in Ecuadorian society, creating value for its customers and partners. Its mission is to provide personalised service to all customers proactively

The firm also specialises in critical-conceptual analysis of cases and issues under consultation. Its advisory professionals develop and propose alternatives, framed in full compliance with the applicable legislation under consideration practical and workable solutions. The exercise of the profession is understood as responsibility towards customers. The firm’s basic premise of practice is its observance of ethical standards. It guarantees absolute confidentiality in handling the information accessed in the exercise of advice, while avoiding any conflict of interest regarding the services provided. All members of the firm are aware of their role as members of the community. All staff base their daily work on clear guidelines for corporate social responsibility, solidarity, tolerance as well as mutual respect.

Almeida Guzmán & Asociados Diego Almeida Guzmán Partner Tel: +593-2 298-1578 / 1579 Fax: +593-2 298-1584 December 2016 Corporate INTL


End of Year Review

Commercial Realism in Accountancy in Mexico KSI México is a global network, member of KS International, an association of independent accountancy firms with over 100 offices; the firm operates in some 50 countries around the world to deal with your international business needs. KSI México offers a personal service, focused on the growth and success of its clients. The firm provides an outstanding service quality, offering a complete solution for each client. Moreover, the firm provides a wide range of business services to companies in a variety of industries, specialising in corporate finance advice, accounting, tax planning, consultation, and auditing services. KSI México also belongs to the PCAOB (Public Company Accounting Oversight Board), as a corporation to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports.

KSI México offers a personal service, focused on the growth and success of its clients. The firm provides an outstanding service quality, offering a complete solution for each client.

Its commitment is to help your business succeed by keeping up-to-date with your affairs and offering a high standard of both commercial and supportive advice. The key to the firm’s approach is to build a close relationship between partner and client. Qualities you will find in a KSI México firm include: • a real understanding of your business; • the partners are in tune with your needs and aspirations; • regular attention and support from accessible partners; • commercial realism in the advice you receive; • technically reliable responses to your enquiries. In addition, KSI México firm attaches great importance to recruiting and training quality staff.

KSi Mexico David Hernandez Partner Tel: +52 (55) 5520 5353

Complex M&A Transactions in Mexico Vázquez Aldana, Hernández Gómez & Asociados (VAHG) operates in Mexico City and Guadalajara, Mexico VAHG, consolidating more than 50 years of legal practice. “VAHG is formed as a result of the prestige, experience, reputation, business approach, high ethical values and professional standards, responsiveness, accountability and trust of its partners,” said Fernando Hernández Gómez, partner.

legal counsel under the highest quality standards in the transactions engaged in by its clients, working professionally in their decisionmaking processes, preventing conflicts and resolving them only when needed, thereby facilitating the conduct of their business. VAHG has one of the leading practices in mergers and acquisitions. Its partners and associates have participated in complex transactions involving investors, markets and jurisdictions of different countries.

VAHG is now recognised as a leading legal firm in M&A, contract law, banking and securities law, real estate law, as well as corporate transactions in general, including notary public and commercial notary public services, within its geographic area in Mexico.

“VAHG`s expertise and knowledge in mergers and acquisitions, concentrations, joint ventures and strategies alliances within regulated or unregulated sectors is unique; and it has focused on representing both Mexican and foreign investors,” continued Mr Hernandez.

“As a result of its non-stop search for high added value, VAHG is proud of having the trust of worldwide known Mexican and multinational companies as a result of the adoption of its professional service model,” continued Mr Hernandez. “We have immediate access to different local jurisdictions around the world through Consulegis, EEIG, an international network of independent law firms to which we are members.”

The firm has participated in public and private placements in domestic and foreign markets. Mr Hernandez believes that the firm’s perspective on business and financial matters allows it to be sensitive and propose alternatives that address the needs of its customers.

Mr Hernandez believes that VAHG represents an invaluable sum of prestige and reputation with strengths and capabilities to conduct international transactions, operating under the highest standards of services and quality, together with a singular personal approach, developing a unique strategic competitive factor and high appreciation of its clients. He stated that the firm values each of its members, noting that the human and professional capabilities of the team allow it to be able to know each and every one of its clients. The firm develops long term relationships with clients as a result of its quality and personal treatment. The firm’s mission is to be the leading firm in providing services in each of its areas of expertise to ensure legal certainty and strategic 32

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“Our perspective on business and financial matters allows us to be sensitive and propose alternatives that address the needs of our customers. Our level of service in this area ensures the implementation and development of transactions with the best results for our clients in the necessary and appropriate timing,” he concluded. Vázquez Aldana, Hernández Gómez & Asociados Fernando Hernández Gómez Partner Tel: +52 3630 0906, +52 3817 1731

End of Year Review

Real Estate Activities in Peru Estudio De la Flor, García Montufar, Arata & Asociados, founded in 1987, is an organisation of lawyers with extensive experience and a proven track record in diverse areas of law, with special emphasis on the fields of constitutional law, urban and real estate, civil, corporate, procedural, administrative, tax and labour as well as alternative means of dispute resolution (negotiation and arbitration) and draft formalisation or regularisation of properties and legal persons. In developing its activities, the firm has provided and provides specialised legal advice, among others, to various individuals and domestic and foreign companies, international organisations as well as governments and public and private entities. To provide an attentive and up-to-date service, the firm employs a recognised legal team consisting of partners and consultants, also maintaining strategic alliances with other law firms and notaries domestically as well as abroad. The study also maintains the infrastructure and necessary support staff (assistants, practitioners, attorneys, secretaries and auxiliary servers), all ensuring a timely and quality service. Some of the firm’s lawyers complement their professional activity with academic teaching in law schools of the most renowned universities. Some have published articles on current issues with legal

Estudio De la Flor, García Montufar, Arata & Asociados Laura Banda Saravia Partner Tel: +(511) 512-3870

relevance in media and law journals, while others have participated as speakers at conferences and seminars in Peru and abroad. Urban Planning and Real Estate The firm has specialists in diverse issues relating to property, such as: territorial planning; zoning; urban development; environmental protection standards; design and legal project management of urban qualification; study of the legal status of property (title reports); management of legal procedures construction of all types of buildings; constitution of horizontal property regime; processing procedures accumulation and divestiture of land; legal reorganisation of the degree of property; regularisation of buildings (factory declaration, rules of procedure and board owners, etc); notarial or judicial handling procedures formalisation or regularisation of property (acquisitive prescription, supplementary title, correction of areas and boundaries, among others); and advising on privatisation of public enterprises (with special emphasis in sanitation certification of real estate assets and the transfer of such assets). Laura Banda Saravia Born in Lima, Peru, in 1979. Education: Bachelors degree from the Pontificia Universidad Catolica del Peru. Registration Law Diploma from the University Inca Garcilaso de la Vega. Experience: Attends International Affairs and Technical Cooperation on Migration Issues, Tax Law, Registration Law and Regional and Municipal Law. With experience in advising Non-Governmental Development (NGO), Foreign Entities for International Cooperation (ENIEX), not-forprofit foundations and other agencies’ international cooperation. She also has experience in civil and administrative procedural law as well as in government auditing, and is a specialist in the creation of national associations and legal advice to microfinance projects.

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End of Year Review

Team Approach to Family Law in Illinois, US Schiller DuCanto & Fleck LLP is the family law firm that works with clients to solve problems and seeks to achieve the best possible results. We are the largest law firm in the country focusing exclusively on family law, and internationally recognised as a model for firms practising in that field. We are a Chicago family law firm with offices in downtown Chicago, Lake Forest and Wheaton. Our family lawyers are uniquely talented and have served the profession in many capacities, including the National President of the American Academy of Matrimonial Lawyers, President of the Illinois State Bar Association, Chairs of the American Bar Association Family Law Section and Illinois State Bar Association Family Law Section, former Justices of the Appellate Court, former Chief Judges of county Domestic Relations Divisions, and Judges of the Illinois Circuit Court. Firm members are on the faculties of several Chicago law schools and continuing legal education programmes as well as authors of numerous published articles. Our metropolitan Chicago divorce law firm has the distinguished honour of having the DePaul University’s College of Law rename its Family Law Center the Schiller DuCanto & Fleck Family Law Center.

Schiller DuCanto & Fleck LLP Jay P. Dahlin Partner Tel: +1 312 609-5501

Each client’s interests are paramount to us; we respect and maintain their privacy and confidences. The firm’s loyalty is never compromised. We understand and are sensitive to the trauma associated with divorce. A client’s concerns are not trivialised, and we take great care to achieve the client’s overall goals with the utmost discretion. Because of our reputation, our clients include prominent figures or their spouses – leaders in business professions, influential civic and political personalities, celebrities, and professional athletes. As well known as they may be, in most instances we are able to keep their problems from public view while quietly resolving their cases. Most of Schiller DuCanto & Fleck’s family law attorneys have been recognised as outstanding lawyers in peer ratings and publications including Best Lawyers in America, Illinois Super Lawyers, The Leading Lawyers Network, Martindale Hubbell Bar Register of Pre-Eminent Lawyers, Law Dragon Top 500 as well as in newspapers and magazines of general circulation. Our Illinois divorce lawyers are known not only for their ability to litigate contested matters, but also for effective use of their experience, knowledge and talents to achieve negotiated settlements. In fact, there are lawyers in the firm whose practices focus primarily on mediation and collaborative law in family law matters. Schiller DuCanto & Fleck LLP’s large size is unique for family law firms and permits our Illinois family law attorneys to concentrate on particular practice areas within family and matrimonial law. Schiller DuCanto & Fleck uses a team approach to manage cases efficiently. Our team approach assures clients ready access to a team of several Chicago family lawyers and paralegals with knowledge and understanding of their case. Clients benefit when working with a team with varied backgrounds and particular experiences as needed to best resolve their particular case.

Healthcare Litigation Climate in New York and Connecticut, US Since 1972, James Rosenblum has focused his practice of law in the area of civil litigation, largely in medical liability litigation and healthcare. During his career, he has successfully defended scores of physicians in a variety of at-risk specialties against medical malpractice claims. Mr Rosenblum began this area of practice in New York, where there are abundant resources to bring to bear in these matters. In 1992, when he founded Rosenblum Newfield, Connecticut had far fewer legal defence resources with which to support its healthcare community. His intention was to provide a broader level of service, a two-state perspective, a diversity of knowledge and experience, and specialists and experts from different legal cultures. Rosenblum Newfield sets itself apart by devoting considerable effort to research and education in medical issues, as well as in the legal, regulatory and risk management arenas. This allows the firm to provide in-depth and well-rounded counsel in these complex cases. In addition to other advantages, their specialised knowledge enables them to develop credible and compelling expert testimony. They are also sensitive to and knowledgeable about the jury view of medicine and how technical information gets filtered through communication. Mr Rosenblum described his experience as a litigator as: “Extensive, representing healthcare providers and other defendants in civil litigation and jury trials in New York and Connecticut.” Rosenblum Newfield provides: liability litigation defence; counsel in regulatory matters before the Department of Public Health in Connecticut and the Office of Professional Medical Conduct in New York; liability prevention through risk management consulting; and commercial litigation defence. Mr Rosenblum noted: “We have established a model whereby every client works directly with a senior-level attorney with a track record of success in his or her area of legal practice. Our partners, associates and of counsel members receive support from a top-notch staff of paralegals with expertise in medical and legal research. Many of our firm’s client 34

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Rosenblum Newfield LLC James Rosenblum Partner Tel: +1 203.358.9200 relationships span decades, which is testimonial to the emphasis I have always placed on proactive and empathic client service.” The firm’s client base comprises healthcare providers such as physicians, nursing homes, home health providers, allied professionals and commercial businesses, as well as specialists including obstetricians, neurosurgeons, anesthesiologists, cardiologists, pathologists, general surgeons and gastroenterologists. On the current climate, he explained: “Fewer cases are tried before juries. However, the stakes of cases which are tried have increased. Meanwhile, courtroom technology is a major component of the process, and neuropsychology has had a significant impact upon the process.” Regarding the potential pitfalls that clients should consider when seeking advice, Mr Rosenblum identified: “A lack of thorough analysis insofar as possible at the outset of litigation; clients or employees who have difficulty dealing with the process and respond by denial rather than accepting support and guidance; a lack of appreciation as to how juries perceive information differently than experts in particular fields; a lack of appreciation that juries perceive information as consumers rather than providers; the substantial time commitment of litigation and diversion from business activities; as well as a lack of control over the process including jurors, judges and procedural constraints.”

End of Year Review

Asia & Oceania

The region’s economy expanded by 6% in 2015 compared to 5.4% in 2014, potentially making it the second fastest growing region in the world after East Asia and the Pacific. Reviewing the risks facing South Asia’s economies, home to a fourth of mankind, the report notes that all developing economies are vulnerable to the effects of monetary tightening in a recovering US economy and of stagnation in the weaker Eurozone. However, significant impacts on the fortunes of the region could come from domestic developments. Political turmoil and non-sustainable fiscal policies could undermine stability and investor confidence, whereas sound macroeconomic policies and economic reforms could spur faster growth. As East Asian labour costs increase, South Asia has an opportunity to become the manufacturing hub of the world; but achieving this will require boosting competitiveness. Further, East Asia and Pacific region growth eased to 6.7% in 2015 and is expected to remain stable for two years, according to the June 2015 issue of Global Economics Prospects. This analysis reflects a continued slowdown in China that is offset by a modest pickup in the rest of the region. A net oil importer, the region is expected to benefit from lower fuel prices, although commodity exporters Indonesia and Malaysia face pressures from lower global prices of oil, gas, coal, palm oil and rubber. Growth in China eased 7.1% in 2015. Regional growth (excluding China) was 4.9%, and is projected to rise to 5.4% for 2016’s final figures, due to strengthening external demand – notwithstanding slower growth in China, less policy uncertainty in Thailand, and easing domestic pressures elsewhere. Growth in combined Central Asia and Europe weakened further to 1.8% in 2015 from an already weak 2.4% as the oil price decline, geopolitical tensions and related spillovers, including from Russia, are only partly offset by a moderate recovery in the euro area, according to Global Economics Prospects. In Russia, a 2.7% contraction was reported although a moderate recovery is forecast for 2016 supported by policies that are shifting the economy to a lower oil price environment. In Turkey, there was 3% growth in 2015, with private spending recovering after the June elections. Assuming a slight rise in oil prices in 2016-17, no further deterioration in the geopolitical situation, and continued macroeconomic stabilisation policies in major economies, regional growth is expected to strengthen to 3.5% in 2016-17.

Economic growth in South Asia is forecast to accelerate in 2016’s final figures, led by an increase in activity in India. Indonesia, the largest economy in Southeast Asia, has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. During the global financial crisis, Indonesia outperformed its regional neighbours and joined China and India as the only G20 members posting growth. Indonesia’s annual budget deficit is capped at 3% of GDP, and the government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to less than 25% today. Fitch and Moody’s upgraded Indonesia’s credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO – elected in July 2014 – has stated that he seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move that has helped the government redirect its spending to development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration has not yet materialised. ASEAN - the Association of Southeast Asian Nations – is a regional organisation comprising ten Southeast Asian states that promotes intergovernmental cooperation and facilitates economic integration among its members. Since its formation on August 8, 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand, the organisation’s membership has expanded to include Brunei, Cambodia, Laos, Myanmar and Vietnam. Its principal aims include accelerating economic growth, social progress and sociocultural evolution among its members, alongside the protection of regional stability and the provision of a mechanism for member countries to resolve differences peacefully. December 2016 Corporate INTL


End of Year Review

Expanded IP Offering in India Main areas of practice: Intellectual property, trademarks, patents, copyright, broadcasting, designs, geographical indications, IP and non-IP litigation, dispute resolution, corporate, compliance and secretarial, foreign investment and joint ventures, infrastructure, labour & employment, regulatory & compliance. Lall Lahiri & Salhotra was established in 1983 as a small, family-run IP practice. Under the leadership of Rahul Chaudhry, it has developed into a professionally managed, business-orientated, full-service law firm with immense respect the world over. Mr Chaudhry has been at the helm of LLS’s practice since July 2007. Mr Chaudhry has committed himself and the firm to develop with the needs of the clients. While creating extensive depth in practice areas and expertise, he places special emphasis on meeting business goals of the client through legal services. As a result of his efforts, today LLS has an enviable legal practice, with a team consisting of the most eminent legal practitioners with specialist intellectual property (IP), corporate, commercial and transactional expertise. The firm’s comprehensive range of legal services is custom-designed to meet the clients’ needs and exceed their expectations. The firm handles all facets of IP related work, including but not limited to creation, management and protection of large-scale IP portfolios,

Lall Lahiri & Salhotra Rahul Chaudhry Managing Partner Tel: +9111 4350 0000,

enforcement, transactions including licensing, assignments, acquisitions, monetisation, strategy and planning for long-term IP optimisation. In recent years, the firm has been responsible for handling the IP Portfolios of some of its major clientele, both in the public and private sector, including the Council of Scientific and Industrial Research (CSIR), Technology Information, Forecasting and Assessment Council (TIFAC), Defence Research and Development Organisation (DRDO), Maharashtra Maritime Board (MMB), Gujarat Infrastructure Development Board (GIDB), National Institute of Food Technology Entrepreneurship and Management (NIFTEM), National Innovation Fund (NIF), National Horticulture Board (NHB) and some of the largest names among the Fortune 500 companies. The firm also assists a large number of clients before judicial as well as quasi and non-judicial forums, and has more than 30 years’ experience in both contentious and non-contentious matters. LLS has grown from a handful of attorneys and family ownership to more than 58 attorneys and a support staff of more than 90. Meanwhile, the firm has recently expanded its patent practice with the induction of experienced engineers, scientists and patent agents and has ventured into non-IP litigation services. It is also in the process of switching to 100% automated IP management systems. Some of the recent recognitions awarded to LLS and its team include: WIPR Leaders 2017 [Patent & Trademark] Rankings – Rahul Chaudhry as WIPR Leader for Trademark & Patent in India; WTR 1000 2016 – Rahul Chaudhry – Gold Band (Prosecution & Strategy); WTR 1000 2016 – Lall Lahiri & Salhotra – Silver Band (Enforcement & Litigation); WTR 1000 2016 – Lall Lahiri & Salhotra – Recommended (Prosecution & Strategy); Chambers Asia Pacific 2016 – Lall Lahiri & Salhotra – Recommended Law Firm of the Year (Band 2); Asialaw Profiles 2017 – Highly Recommended law firm for Intellectual Property [Lall Lahiri & Salhotra]; Asialaw Dispute Resolution Review 2016 – Leading local expert for Dispute Resolution matters in India.

Dispute Resolution Adviser and Speaker in Japan Koga & Partners (K&P) has represented Japanese and foreign clients in numerous cases of international commercial dispute resolution, including litigation, arbitration and mediation, and won excellent results for them. The cases encompass a broad area of disputes arising from contract, corporate matters, competition, trademark and unfair competition, aviation and security fraud. The firm’s clients include foreign and Japanese companies of all sizes, financial institutions, trade associations, media, sports and private associations. It is currently representing many foreign institutional investors in a few security fraud cases involving tens of billions of Japanese yen. It is also working on a few international cartel cases together with a number of foreign law firms. Seiichi Yoshikawa, a senior partner, has been a regular speaker at seminars on international dispute resolution sponsored by the Japanese Institute of International Business Law for more than 20 years. Mr Yoshikawa noted that, apart from the court system, practically the only dispute resolution institute for commercial cases in Japan is the Japan Commercial Arbitration Association (JCAA). However, it handles a rather small number of cases (around 20 cases each year). “This is partly because, unlike such countries as Singapore, English is not widely spoken in Japan and therefore it is not considered a favorite forum for international arbitration and partly because in Japan disputes tend to be brought into court which is well trusted,” he explained. Discussing the key factors affecting arbitration, dispute resolution and litigation in Japan, Mr Yoshikawa highlighted one major issue facing the Japanese civil procedure: a lack of the discovery system available in the US and other countries. He believes that this imposes a substantial burden on the litigants in collecting evidence. 36

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Koga & Partners Seiichi Yoshikawa Senior Partner Tel: +81-3-3578-8681

“Such burden can be avoided in arbitration if the parties agree on using the proper discovery system,” he elaborated. “On the other hand, since there is no cost for discovery, the total cost of litigation tends to be much cheaper here than in some other countries where discovery plays a central role in the civil procedure.” While mediation is often used for resolving small and family cases in Japan, it is not used as much for major international commercial cases. However, Mr Yoshikawa noted that in the course of litigation, judges often try to resolve the dispute by way of a court sponsored discussion for settlement, which is the equivalent of mediation. “Since arbitration is not open to the public, it is suited to resolve a dispute which the parties wish to handle in secret. Otherwise, we do not see much advantage in using arbitration over litigation in Japan. “Even though it is sometimes said that arbitration is cheaper than litigation, based on our experience, arbitration is often more expensive than litigation because parties must bear the arbitrators’ fees, together with the cost of JCAA. Also, a losing party cannot appeal, which makes arbitration more risky than litigation,” he concluded.

End of Year Review

Current State of IP Rights in the Philippines Sapalo Velez Bundang & Bulilan (SVBB) has been active in the field of IP practice for the past 40 years. The firm is managed by Ignacio S Sapalo, former director of the then Bureau of Patents, Trademark and Technology Transfer (1987-1996). Sapalo is the author of “Background Reading Material on the Intellectual Property System of the Philippines”, published by the WIPO in 1994, and a professor of Intellectual Property at the Ateneo School of Law since 1991 and the Jose Rizal University School of Law since 2015. The head of the IP department of the firm is Neptali L Bulilan, a mechanical engineer who has been a patent examiner at the BPTTT for 11 years. Among the firm’s lawyers are Leonides M Madrilejo, a licensed chemist and a graduate of BioChemistry at the University of Santo Tomas; and among its paralegals are Maryneck Daulong, a computer engineer; Dyan Hazel Lumapas, a chemical engineer; and Josel Bonifacio, a biochemist. In 2015, IPOPHL ranked SVBB eighth and sixth in terms of volume of filings of trademark and patent applications. In 2016, it was ranked as tiers two and three, respectively, for patent prosecution and patent contentious categories, and trademark prosecution and trademark contentious categories by the Managing Intellectual Property’s IP Stars Handbook. The firm also earned the tier one ranking for the categories of patent prosecution and patent contentious in a patent survey undertaken by the Asia IP in 2016. The scope of the IP Code of the Philippines, according to Ignacio S Sapalo, covers copyright and related rights, trademarks and service marks, geographical indications, industrial designs, patents, layout designs of integrated circuits and undisclosed information. Mr Sapalo noted: “The Philippines, among the countries in the world, is one of the few that requires the filing of a Declaration of Actual Use (DAU) within three years from the date of filing of the trademark application. In its provision of IP advice, SVBB handles patent and trademark prosecution, inter partes cases, third party

Sapalo Velez Bundang & Bulilan (SVBB) Ignacio S Sapalo Managing Partner Tel: +(632) 8911316 observations, pharmaceutical patent infringement and has been successful in obtaining the Writ of Search and Seizure which is patterned after the Anton Piller order. The music, software, pharmaceutical and consumer products industries are very keen on protecting their intellectual property rights, and so this is a particularly active area.” Mr Sapalo went on to explain that IP rights in the Philippines are acquired by foreigners only through their local agents, as the law prohibits foreigners from directly dealing with the IPOPHL. Consequently, the firm assists its clients in overcoming and enforcing IP rights on a cross-border scale by partnering with governmental and non-governmental bodies that will help the client in protecting, promoting and enforcing its IP rights in this jurisdiction. On the topic of new and pending legislation, he added: “The director general of the IPOPHL issued Memorandum Circular 16007 on July 11, 2016, amending the existing Rules and Regulations on Inter Partes Proceedings. As amended, the new rules authorise hearing officers and adjudication officers to issue and sign decisions and final orders, for which decisions may be appealed to the director of the Bureau of Legal Affairs.”

Mining Law Challenges in the Philippines The Philippines has been ranked as the fifth most mineralised country in the world, with an estimated US$1 trillion in untapped reserves of copper, gold, nickel, zinc and silver. Patricia A O Bunye, senior partner at Cruz Marcelo & Tenefrancia, noted that the mining industry in the Philippines is governed by the 1987 Philippine Constitution and the Philippine Mining Act of 1995, as well its implementing rules and regulations [Department of Environment and Natural Resources (DENR) Administrative Order No. 2010-21 (Mining Act IRR)]. Mining companies must also comply with the regulatory requirements for corporations in the Philippines. The key regulatory authorities are the DENR and the Mines and Geosciences Bureau (MGB). On the topic of the Philippine stock market’s role as an optimal location for natural resources companies, Ms Bunye noted: “For energy, mining and natural resource companies that require extensive capitalization, the stock market remains a good option for raising capital. In fact, the Mining and Oil index of the Philippine Stock Exchange (PSE) has the highest value in Philippine Pesos among all the indexes. “Furthermore, certain types of industries may be required by law to list in the PSE. As an example, companies engaged in oil refining must make a public offering of at least ten per cent (10%) of its common stock.”

Cruz Marcelo & Tenefrancia Patricia A O Bunye Senior Partner Tel: +632 810 5858

Regarding the key challenges involved in bringing these types of companies to the market and assisting them to raise finance, Ms Bunye explained that the global downtrend in metal prices has made investors cautious in developing mining and other extractive industries in the Philippines. Philippine mining companies put on hold plans to list in the PSE, possibly due to the low metal prices, among others. Due to the foregoing, many of these mining companies resort to loans for fresh capital. She added that among challenges faced by investors in the Philippine mining industry are numerous regulatory requirements and consents from indigenous communities and local government units (LGUs). “It is therefore advisable to work with a reputable local partner, who can help them navigate the regulatory and political arena,” she said. “Success can be found when a responsible nonPhilippine company joins forces with conscientious local partner, particularly to obtain social licence to operate. “Moreover, Executive Order No. 79 was issued in 2012 (EO 79) as the policy of the administration of then President Benigno Aquino III. EO 79 imposed a moratorium against the approval of new mineral agreements (MAs) until the enactment of legislation rationalising existing revenue sharing schemes and mechanisms, among others.” Under the current administration of President Rodrigo R. Duterte, EO 79 remains effective. In fact, DENR Memorandum Order No. 2016-01 extends the moratorium to the “acceptance, processing and/ or approval of mining applications and/or new mining projects”, and not just the issuance of MAs. Looking to the coming 12 months, Ms Bunye concluded: “There are pending bills in both houses of the Philippine Congress (Senate and House of Representatives) that propose either the repeal or amendment of the Philippine Mining Act of 1995. There are also bills embodying the proposed new revenue sharing schemes for mining agreements, which will, if passed, greatly affect the attractiveness of investments in the Philippine mining industry.” December 2016 Corporate INTL


End of Year Review

Africa & the Middle East South Africa is a middleincome emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy and transport sectors; and a stock exchange that is Africa’s largest and among the top 20 in the world.

Economic growth has decelerated in recent years, slowing to just 1.5% in 2014. Unemployment, poverty and inequality remain a challenge. Even though the country’s modern infrastructure supports a relatively efficient distribution of goods to major urban centres throughout the region, unstable electricity supplies retard growth. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability. Load shedding and resulting rolling blackouts gripped many parts of South Africa in late 2014 and early 2015 because of electricity supply constraints due to technical problems at some generation units, unavoidable planned maintenance, and an accident at a power station in Mpumalanga province. South Africa’s economic policy has focused on controlling inflation; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness, and frequent work stoppages due to strike action. The developing countries of the Middle East and North Africa region experienced a recovery in 2014, following a 0.1% contraction in 2013, on the back of domestic and regional turmoil and weak external demand, according to The World Bank’s Global Economic Prospects Report. Recovery in oil production, industrial activity and exports is contributing to the pick-up in growth. This modest upturn, however, remains fragile and well below the region’s potential as structural reforms needed to spur growth, lower unemployment and alleviate poverty remain unaddressed. Security challenges in several countries are a key source of instability. Fiscal and external accounts remain weak and are benefiting from the exceptional official support from the high-income Gulf Co-operation Council (GCC) countries. In oil-importing developing countries, economic activity is stabilising, but the recovery remains fragile. Strong growth in the first half of 2013 was offset by a sharp drop in the second half such that growth in oil-importers rose, on average, by just 0.2 percentage points to 2.7% in 2013. Exports in several Mediterranean economies are rebounding due to the recovery in the euro area during Q1 2014. While activity has picked up from low levels in Egypt, in Lebanon spillovers from the conflict in Syria continue to depress activity, exports and sentiment. In oil-exporting developing countries, growth has been highly volatile, with GDP contracting by 1.8% in 2013, reflecting production setbacks in Libya and Iraq, sanctions in Iran and civil war in Syria. However, oil output now appears to be recovering, averaging 7.7 million barrels per day (mb/d) in Q1 2014, due to rebounding production in Iraq, the region’s largest producer. However, output is still below the 2013 average and the pre-Arab Spring average. 38

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By participating more effectively in the global production of goods and services, Africa can transform its economy and achieve a development breakthrough, according to the African Economic Outlook, released at the African Development Bank Group’s Annual Meetings. Produced annually by the African Development Bank (AfDB), the OECD Development Centre and the United Nations Development Programme (UNDP), the report shows that Africa has weathered internal and external shocks and is poised to achieve healthy economic growth rates. “In order to sustain the economic growth and ensure that it creates opportunities for all, African countries should continue to rebuild shock absorbers and exercise prudent macro management. Any slackening on macro management will undermine future economic growth,” said Mthuli Ncube, Chief Economist and Vice-President of the African Development Bank. “In the medium-to-long-term, the opportunity for participating in global value chains should be viewed as part of the strategy for achieving strong, sustained and inclusive growth,” he added. The report argues that more effective participation in regional and global value chains – the range of activities in different countries that bring a product from conception to delivery to the consumer – could serve as a springboard for Africa in economic diversification, domestic resource mobilisation and investments in critical infrastructure. In order to do so, however, the continent needs to avoid getting stuck in low value-added activities. “African economies have a great potential to build on their demographic dynamism, rapid urbanisation and natural-resources assets. The challenge for many of them now is to ensure that greater insertion into global value chains is achieved and has a positive impact on people’s lives,” said Mario Pezzini, Director of the OECD Development Centre. In Sub-Saharan Africa, low oil prices have considerably reduced growth in commodity-exporting countries (Angola, Nigeria), where softening oil sectors have also slowed activity in non-oil sectors. Although South Africa is expected to be one of the main beneficiaries of low oil prices, growth is being held back by energy shortages, weak investor confidence amid policy uncertainty, and by the anticipated gradual tightening of monetary and fiscal policy. Growth in the region is forecast to slow to 4.2%, slower than previously expected. This mainly reflects a reassessment of prospects in Nigeria and Angola following the sharp drop in oil prices, and in South Africa, because of ongoing difficulties in electricity supply. For 2016-17, growth is expected to be only marginally higher as these challenges partially offset stronger trading partner growth and the continued expansion in the region’s low-income countries.

End of Year Review

Prevalent Aspects of Litigation Law in Kenya John Ohaga has more than 20 years’ experience in the practice of law. He has specific expertise in commercial litigation and alternative dispute resolution, in particular arbitration, where he has built an enviable reputation. He also has significant experience and expertise in other aspects of civil litigation including employment, landlord and tenant and public procurement. Mr Ohaga began his legal career after he graduated from the University of Nairobi in 1989, with an honours degree in Law. He thereafter applied to, and was accepted for, pupillage at one of the oldest law firms in Kenya, Hamilton Harrison & Mathews (HHM). After undergoing a successful one-year pupillage programme, he was admitted as an advocate of the High Court of Kenya in 1990. He then spent two years working at HHM, between 1990 and 1992, and left in late 1992 to join the firm of R.A. Kassam & Company Advocates. He spent a further year at this firm before leaving in April 1993 to found the firm of Onyango, Ohaga & Company, in partnership with Tom Onyango.

TripleOKLaw Advocates John Morris Ohaga Managing Partner Tel: +254 (20) 2727171

Subsequently, he and Mr Onyango joined up with James Ochieng Odoul and Jinaro Kibet to form the present firm of Ochieng, Onyango, Kibet & Ohaga (now TripleOKLaw Advocates). Mr Ohaga is a fellow of the Chartered Institute of Arbitrators, and the convenor of the Law Society of Kenya Committee on Alternative Dispute Resolution. He also chairs the Appeals Committees of the Kenya Rugby Union and the Advertising Standards Board. He was recently appointed to the Board of the Nairobi Centre for International Arbitration, a statutory body whose primary purpose is to promote Nairobi as a destination for international arbitration. Mr Ohaga has been the managing partner of TripleOKLaw since 2002, and also sits on the boards of several companies.

Mr Ohaga is a fellow of the Chartered Institute of Arbitrators, and the convenor of the Law Society of Kenya Committee on Alternative Dispute Resolution. He also chairs the Appeals Committees of the Kenya Rugby Union and the Advertising Standards Board.

Tax Seminar and Workshop Speakers in Kuwait Alok Chugh is a Chartered Accountant by profession, and started his career with Ernst & Young (EY) in India in 1992. He moved to the Middle East in 1993 to join the Tax practice of EY. He is currently a Tax Partner with EY’s Middle East practice, and is the Market Segment leader for Tax in Kuwait. Mr Chugh is also Tax Leader for Middle East and North Africa (MENA) for Government & Public Sector and an account leader for certain very large US, UK, European, Korean, Japanese and Chinese multinationals operating in the region. He has extensive experience of advising multinational companies on tax matters involving tax planning, compliance and cross border tax restructuring. In addition, Mr Chugh has been involved in several engagements relating to private placement, mergers and/or acquisition of companies and tax-efficient structuring of such transactions. He has expert knowledge of tax laws in Kuwait, offset regulations and Kuwait Direct Investment law, and he regularly advises companies on doing business in Kuwait. He is on the Board of Directors of the American Business Council in Kuwait, and is an active member of various business forums in Kuwait, including British, French, Canadian as well as the Kuwait Chapter of the Institute of Charted Accountants of India. He is a regular speaker at various seminars and workshops organised by EY, the International Fiscal Association, the Middle East Chapter and at various Embassies in Kuwait. He has received a number of awards for contribution to various business communities, including recognition by Madison Who’s Who during 2011.

Ernst & Young Alok Chugh Partner - Tax Advisory Services Tel: +965 22 955 104 EY clients in Kuwait include multinational companies in the field of oil & gas, EPC contractors, financial services and software consultants. Mr Chugh has extensive experience in advising entry-level strategies for foreign multinationals wishing to do business in the country. Moreover, he has been involved in a number of consulting assignments, including cross-border planning, application of double tax treaties and handling of tax affairs efficiently and has assisted a number of foreign companies to obtain licences to establish 100% foreign owned legal entities/ branches in Kuwait. Mr Chugh has good working knowledge and experience of the regulatory environment in Kuwait and in this regards works very closely with a number of government institutions such as the Ministry of Finance, Kuwait Direct Investment Authority, Kuwait Authority for Advanced Projects etc. and is regularly consulted on and various fiscal and regulatory reforms in Kuwait, including encouragement of foreign investments. December 2016 Corporate INTL


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Commercial Litigation and Ongoing Banking Reforms in Nigeria Kola Awodein & Co. was founded in 1984 and has firmly secured its place as a leading dispute resolution and full service commercial law firm in Nigeria with a goal to represent and advise clients in the best traditions of the legal profession taking cognisance of modern realities and developments. The firm prides itself in its reputation for excellence, responsiveness and uncompromised professionalism. In all our transactions, we ensure that we provide competent, efficient and effective legal representation and counsel clients in an atmosphere of absolute trust and confidence. We pride ourselves in our ability to think creatively in providing efficient, pragmatic and cost-effective legal solutions to problems faced by our clients. Essential aspects of our approach are: understanding our client’s commercial and transaction objectives; assembling a core team with the right blend of legal skills and relevant experience to effectively attain our clients’ objectives; ensuring efficiency and the delivery of personalised service; and proffering a commercial, fully thought-through and pragmatic advice. We work with Corporate organisations, Government agencies and Parastatals, individuals, Non-Governmental organisations, International organisations, multinational companies, etc.

Kola Awodein & Co Kola Awodein Founding Partner Tel: +(234) 8106378271, 9070904654

• The Firm has acted on behalf of the Central Bank of Nigeria (“CBN”) and related institutions as lead firm in more than 60 Court cases that arose from the banking reforms in 2010. • Acted for a leading first generation Commercial Bank in Nigeria in a US$ 40 million share conversion dispute with an international Mobile Communication Company. • Acted for a leading first generation Commercial Bank in Nigeria in an international commercial arbitration proceeding in respect of an offer of shares valued at US$ 150 million. • Acted for a leading first generation Commercial Bank in Nigeria as debenture holders in a €500 million suit. • Acted for the British firm Kendall Freeman (in turn acting for the Nigerian Television Authority) in proceedings to set aside an international arbitration award in the sum of GB £4.7 million entered in favour of JVC Professional Europe Ltd. • Acted for Nigerian Airspace Management Authority, Federal Airports Authority of Nigeria, the Nigerian Civil Aviation Authority (“NCAA”), and the Federal Government of Nigeria in a US$ 30 million negligence suit instituted by Hydro Air (Pty) Ltd of South Africa in respect of damage to Hydro Air (Pty) Ltd’s B47-500s aircraft at Murtala Mohammed Airport, Ikeja Lagos. • Acted for G. Koepeke & Co GmbH, a German company and two others in a €50 million breach of contract case instituted by Toland Investment Ltd. • Advised and acted for Ocean Energy Nigeria Ltd, a subsidiary of Devon Energy Corporation on several tax issues relating to its production sharing contracts with the NNPC. • Acting for a diversified conglomerate in a Claim of more than US$ 60 million dollars for breach of an Oil Production Licensing sharing Contract. Legal complexities associated with commercial litigation: The issue of the proper Court to institute an action in Nigeria has been the bane of many commercial litigations. Our firm ensures that we thoroughly consider the appropriate Court to institute an action and also ensure that our clients are not impleaded in the wrong court.

Negotiating and Drafting Tax Matters in Uganda Tax Birungyi, Barata and Associates is internationally recognised as the pioneer specialist tax law firm in Uganda. Headed by the distinguished tax lawyer, Cephas K Birungyi, the tax department is made up of two highly qualified tax experts, three tax consultants and a team of qualified lawyers with diverse and unique detailed tax work exposure. We act for and represent individuals, multi-national corporations, international organisations, and government agencies in diverse tax advisory areas, tax planning, consultancies, tax refunds, negotiations and litigations. Our tax team has a track record of delivering a highly efficient and quality result to our clients in Uganda, Sub-Saharan Africa, Europe, Asia and the rest of the world. We are also involved in the negotiations and drafting of various tax and tax related legislation and cross-border agreements. Dispute Resolution We are able to advise on a diverse range of matters requiring dispute resolution including on all levels of litigation in the courts Birungyi, Barata and Associates


of law, the tax tribunal, land courts and commercial courts and all higher courts of Uganda. The team in charge is made up of well trained and qualified advocates with unique skill and experience in dispute resolution. We also act for and represent our clients in alternative dispute settlement methods including negotiations, mediation and arbitration. Banking and Corporate Our lawyers provide advice and support to clients in major national and international banks, private and multi-national companies and financial institutions. Enoch Barata heads the Banking and Finance, Corporate and Commercial Departments. As one of the leading lawyers in Uganda, Mr Barata’s unique expertise and skill help to ensure that our clients get a timely, highly efficient and high quality result. Our corporate and commercial team is composed of qualified lawyers who work together and are able to advise on all aspects of matters in banking and finance transactions, corporate mergers and acquisitions, corporate registry tasks, drafting and negotiations of commercial agreements, due diligence, and other diverse corporate and commercial transactions. We also offer advice and support in the following areas:

Cephas K Birungyi Managing Partner Tel: +256 772 444 536;

• Real Estate and Conveyancing • Insurance • Intellectual Property • Oil and Gas • Securities

Enoch Barata Partner Tel: +256 793 658 598

Our People Our firm is composed of two partners, one associate partner, five uniquely qualified and experienced tax consultants, 11 multidisciplinary lawyers and six support staff. Our aim is to offer our clients the best care, team support and dedication in execution of tasks. The partners lead this team of lawyers to provide a well co-ordinated and thoroughly researched high-quality result.

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• Construction • Insolvency • Employment • Telecommunications

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Applicable ADR Laws in Saudi Arabia The Law Firm of Majed M Garoub was established in Jeddah in 1955, and it is one of the first law firms in the Kingdom of Saudi Arabia. The firm also has a branch in Riyadh. Dr Majed Mohammed Hussein Garoub, chairman and founder, commented: “The firm consists of an elite group of legal consultants and lawyers with diverse cultural backgrounds, which gave all our services an international sense, with the grace of Allah and the rich legal expertise of our team and their knowledge of the applicable laws and regulations in the Kingdom of Saudi Arabia and the international commercial regulations, we have been able to provide our services to everyone that came to us seeking legal assistance in a professional manner, providing them the most effective means to fulfil their needs in the Kingdom of Saudi Arabia, the United States of America, Europe, Asia and other Arab Countries.” Dr Garoub believes that his membership in international and regional organisations is a result of a network of solid professional relationships. This gave the firm the opportunity to cooperate with the largest international and Arab law firms, helping it to handle many cases on behalf of its clients outside the Kingdom of Saudi Arabia. “I am truly proud of the success we have accomplished within a few years and of the expertise of our team of legal consultants and lawyers who devote their experience for the purpose of serving our clients and fulfilling their needs in line with the continuous development of the legal industry,” continued Dr Garoub. “The huge trust we acquired and the vast growth of our areas of work and specialisation is the fruit of our relentless pursuit of providing professional services to our clients whether at negotiations or before the courts providing them the most effective solutions to all their cases and lawsuits.” The firm’s contract section is in charge of preparing civil and commercial contracts and reviewing and negotiating their terms and conditions on behalf of clients, in addition to following up their implementation. In commercial contracts, the firm deals with insurance, agencies, franchise, corporate, sale of goods, mortgage, surety, transport, financing, investment, import and financial intermediation. Dr Garoub stated that the firm’s membership in regional and international organisations enables it to select the best and specialised law firms in all legal fields: commercial, investment, taxes, international contracts, banking finance, international commercial arbitration etc. It is a member of:

• Union International Des Avocats – UIA (Former Regional Secretary of Middle EastGulf Countries). • International Bar Association (IBA), (Former Representative of Arab Forum in KSA). • London Court of Commercial Arbitration (LCIA). • The Chartered Institute of Arbitrators (London). • Member of the Scientific Committee of Counsel of Arbitration and Expertise in the France-Arab Chamber of Commerce. • American Bar Association (ABA). • International Trademarks Association (INTA). • Association Internationale pour la Protection de la Propriété Intellectuelle (International Association for the Protection of Intellectual Property) (AIPPI). • GCC Commercial Arbitration Centre (Arbitrator & Expert). • American Commercial Agencies & Franchise Network. • The Association for the Protection of Industrial Property in the Middle East and Africa (APPIMAF). • Former President of National Lawyers Association of Saudi Arabia. • Former President of the Lawyers Commission at Jeddah Trade and Industry Chamber. The firm is the legal representative in Saudi Arabia for the Counterfeiting Intelligence Bureau (CIB), of the International Chambers of Commerce Paris, which is located in London. This allows the firm to provide the following intellectual property services:

He is also a member of: the Bureau of Investigation for Fraud and Counterfeiting, International Chamber of Commerce (ICC-CIB); the Honorary Committee for Reconciliation, Emirate of Makkah Region; Co-Chairman of Legal Activities Committee, UIA; Jeddah Businessmen Council for Serving the Holy Quran; the Board of Trustees, Arab Chamber for Conciliation and Arbitration; FIFA Legal Committee; the Board of Directors of the Sports Law Commission, UIA; the National Society for Human Rights; the Scientific Committee, Saudi Law Training Centre; and the Saudi Arabian Olympic Committee. He is the legal adviser of the Charitable Society for the Memorization of the Holy Quran (Khairokum) and the Charitable Foundation for Domestic Health Care. Dr Garoub is a lecturer at a number of international and Arab universities and arbitration centres, and a legal writer for a number of general and professional newspapers and magazines.

The firm is the legal representative in Saudi Arabia for the Counterfeiting Intelligence Bureau.

• Providing advice and assistance in relation to anti-counterfeiting technologies. • Investigations in the field of counterfeiting worldwide including the legal procedures against counterfeiting companies. • Obtaining international reports relating to counterfeiting and information pertaining to the international commercial crimes. • Access to the confidential data and information which CIB maintains on the activities of counterfeiting throughout the world. Dr Garoub is a member of the Consulting Group for Arbitration, Saudi Ministry of Justice and the Scientific Committee for Conciliation and Arbitration, Arabian French Chamber of Commerce. He is ex-president and current member of the National Lawyers Committee, Saudi Council of Chambers and Jeddah Lawyers Committee, Jeddah Chamber of Commerce.

The Law Firm of Majed M Garoub Dr Majed Mohammed Hussein Garoub Chairman and Founder Tel: +966 2 651 8222

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Accountancy Solutions in Yemen SG partners have worked for several years in the field of consulting. SG partner’s average experience exceeds 15 years in consulting and executive management. SG’s staff average 10 years’ experience.

- Taxation advisory and law services - Marketing and economic studies - Franchising - Training and development

SG resources are assigned on work based on industry and functional expertise.

- Executive search

Solution Group is a consulting and services, training and executive search company established in 2006 with representative offices in Yemen.

- Meet client for briefing

Today, SG operates from a base office in Yemen, three associate regional partners and around five supporting staff between fulland part-time consultants, advisers and industry specialists. Their business backgrounds contribute to the overall expertise of SG. Range of Services - Corporate development consulting

SG Methodology - Carry out fact finding visit / survey - Prepare proposal document - Submit proposal in a presentation format - Include implementation as essential scope of work - Submit progress reporting to keep client informed

- HR consulting

Project Resources are:

- IT consulting

- Partner responsible for quality control

- Financial and accounting consulting

- Project manager for day-to-day management and guidance

- Corporate finance services

- Consultants with relevant industry and functional expertise

Solutions Group for Consulting & Services Ahmed Mohammed Kaid Saif Managing Partner Tel: +967 1 404765; +967 733820557


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Today, SG operates from a base office in Yemen, three associate regional partners and around five supporting staff between full- and part-time consultants, advisers and industry specialists.

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Global IP Who’s Who Legal protection for the expression of creative ideas and the outcomes of scientific research is essential for the development and long-term growth of business and innovation. Intellectual property encompasses the legal property rights over creations of the mind, both artistic and commercial, and the corresponding fields of law. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets such as musical, literary and artistic works; ideas, discoveries and inventions; as well as words, phrases, symbols and designs. Common types of intellectual property include copyrights, trademarks, patents, industrial design rights and trade secrets. For many companies, intellectual property is an extremely valuable, but not fully appreciated or understood, asset. All businesses have intellectual property, regardless of their size or sector. A company’s IP is likely to be a valuable asset. Securing and protecting it could be essential to a business’s future success. The first step to protecting and exploiting a business’s intellectual property successfully is carrying out a systematic IP audit. This is not always a straightforward task, as IP doesn’t just reside in patents held or trademarks registered. One must also consider items such as any bespoke software, written material, domain names and customer databases. The majority of IP rights provide creators of original works with economic incentive to develop and share ideas through a form of temporary monopoly. Although many of the legal principles governing intellectual property have evolved over the centuries, it was not until the late 20th century that the term “intellectual property” began to be used as a unifying concept. Solicitors within this field work in a broad range of areas, but most commonly ones for which design is central to their business, such as manufacturing and the creative industries. Intellectual property essentially provides a controlled monopoly for designers to exploit. An intellectual property solicitor works on the sale and purchase of IP, its registration and licensing – as well as dealing with third-party IP claims.

Key Trends The Future Is Open: State of Innovation, an analysis of global scientific literature and patent data across 12 technology areas, shows that although overall patent activity has reached an alltime high, year-over-year growth in new inventions has slowed considerably and scientific literature production has declined in almost every industry. Key findings from the report include: • Year-Over-Year Innovation Growth Slows Total, worldwide patent volume increased just 3% over the past two years, the slowest rate of patent volume growth since the end of the global recession in 2009. The total volume of new scientific research decreased 34% over the same period. The largest declines in patent and scientific research volume were in the Semiconductor industry. • Overall Patent Volume Reaches New High Despite the slowdown in year-over-year growth rate, total, worldwide patent volume has reached a record high, with over 2.1 million unique inventions published over the last two years. The industries showing the largest growth in patent volume were Food, Beverages & Tobacco (21%); Pharmaceuticals (12%); Cosmetics & Well-Being (8%); and Biotechnology (7%). • Businesses Embrace “Open Innovation” Across virtually every industry studied, the trend toward “open innovation,” whereby companies partner with academic institutions, individual researchers and other companies (in some cases, even competitors) has been on visible display. Samsung, for example, has moved to aggressively partner with academic institutions in the development of semiconductor technologies, filing 129.1 of every 10,000 patent filings in this space jointly with an academic institution. • Traditional Industry Lines Blur

Key Contacts: International Bar Association Patricia Hoet-Limbourg Co-Chair – Intellectual Property and Entertainment Law Committee Alexander Birnstiel Co-Chair – Intellectual Property and Entertainment Law Committee


December 2016 Corporate INTL

Driven largely by the rise of the Internet of Things, the traditional boundaries between industries and companies’ areas of specialisation have continued to blur. Dozens of companies featured in the study, such as Apple, DuPont, General Electric, IBM, and Samsung, appear among the top patent assignees in multiple industries outside of their core areas of focus. Samsung is the most extreme example, ranking among the top 25 patent assignees in nine of the 12 industries analysed in the study. “We are standing at a fascinating inflection point in the history of technological innovation,” said Basil Moftah, president, Thomson Reuters IP & Science. “The organisations in this study clearly recognise the challenges inherent in continuing to break new ground at the pace they’ve maintained for the last several years. They’re taking clear strides, with strategies such as open innovation and aggressive expansion into new industries, to try to achieve even faster, better results.”

Global IP Who’s Who

China Eagle IP Limited Jacqueline Lui is a US Registered Patent Agent. She started her intellectual property (IP) practice in Singapore and has drafted and prosecuted patent cases worldwide for Fortune 500 firms, multinational firms and publicly listed companies in SG, HK and abroad. Besides her own biotechnology specialisation, Dr Lui also has considerable IP experience in the areas of pharmacology, materials science, internet, manufacturing, medical devices, and mechanical and chemical engineering.

Eagle IP Limited Dr Jacqueline Lui Managing Director Tel: +852 8101 4006

Germany PATENTSHIP Patentanwaltsgesellschaft mbH Robert Klinski is the managing partner of PATENTSHIP, a patent firm specialised in prosecuting and litigating national and international intellectual property rights in the fields of electrical engineering and information technology, physics, mechanics and chemistry. The firm is located in Munich – close to the German Patent and Trademark Office, the European Patent Office as well as the German Federal Patent Court. Another branch of the firm is located in Aschaffenburg, from where clients from the entire Rhein-Main-Area are serviced directly and on-site. PATENTSHIP’s team supports leading technology companies, universities and

PATENTSHIP Patentanwaltsgesellschaft mbH Dr Robert Klinski Managing Partner Tel: +49-(0)89-75969869-0

Dr Lui returned to HK in 2000 and was former head of patent registration at Wilkinson & Grist and executive director of Ella Cheong (HK). She joined Eagle IP Limited as managing director in 2005. She specialises in international patent prosecution and has been involved in advising clients on IP-related matters including strategic planning, rights procurement, portfolio management, technology transfer, due diligence and enforcement. She heads a large team of patent professionals and provides them with training on both Chinese and US patent law. In 2015, Dr Lui was recognised as The World’s Leading Patent Firms & Individuals by Intellectual Asset Management (IAM). According to Dr Lui, the Chinese government is very proactive in raising the standard of IP law to international levels. She highlighted the setting up of IP courts in Beijing, Shanghai and Guangzhou.

In addition, language and cultural barriers continue to be a significant hindrance to understanding local practice. It is therefore very important to engage a practitioner who has both western and local knowledge.” Dr Lui stated that companies in Hong Kong and China are becoming more and more aware of the importance of having their IP protected. She added that “they are also beginning to appreciate the value of quality patent drafting, like what we have been offering”. In China, requirements for patent protection of software, life science and pharma-related inventions are very different/strict compared to the requirements in the US and Europe. Dr Lui added that the interpretation of patent claims by the courts and with the re-examination board of the Chinese patent office is also different compared to the West.

“We understand that the best IP judges are all transferred to these special courts, so we believe that the quality of their ruling will be good and acceptable,” she commented. “However, many Western companies still do not understand the unique way the civil law is practised in China and have unrealistic expectations about the discovery and the trial process.

“As such, it is critical that the patent attorney working on a case for a foreign (non-Chinese) company be able to understand the needs of the foreign company and at the same time be able to come up with strategies that would work for the company in China. We access this bridge with our knowledge of both East and West, both culturally and legally,” she concluded.

start-ups in Germany and worldwide. The firm has a profound patent prosecution experience in Germany, the EU, the US, China and Japan. Its team members have comprehensive scientific and industrial background, enabling the efficient prosecution and litigation of most demanding technologies. PATENTSHIP further has a strong patent litigation experience resulting from national and international patent litigations, including US proceedings, which have been successfully handled by the firm for years. PATENTSHIP’s further services include IP monetisation, IP valuation, technology transfer and startup incubation services. “We strive to offer our clients the best possible service at affordable prices,” said Dr Klinski. “We believe that this can be accomplished only through a close cooperation with our clients. Understanding our clients’ technology and needs is the key for us to provide goalorientated services in all fields of IP. “While the focus of our work is the prosecution of patents and other protective rights including utility models, trademarks and designs in Europe and throughout the world, a close cooperation with attorneys at law specialised in IP allows us also to offer qualified services in nullity and infringement proceedings. Moreover, a wide network of associate patent firms throughout the world enables us to implement multinational IP strategies for our clients.”

PATENTSHIP provides worldwide full cover service for intellectual property matters such as German, European, Asian and US patents, German and foreign utility models, applications under the Patent Cooperation Treaty (PCT), national, international and community trademarks, national and international design models and topographic designs, trademark and patent searches, expert analysis, litigation, licence matters, the law of employees’ inventions, portfolio and intellectual property right strategies. Dr Klinski studied electrical engineering and telecommunications at the Technical University Hamburg-Harburg and received his doctorate with honours from the Munich Technical University in the field of mobile communication technologies. He also worked as researcher with the Fraunhofer Institute in Munich where he designed wired and wireless communication systems. Dr Klinski has extensive experience in patent prosecution and litigation, particularly in the area of telecommunication systems and communication networks. Dr Klinski has been successfully representing a globally operating network operator in a number of initiated infringement lawsuits initiated by NPEs and corresponding nullity proceedings in the field of DSL technologies. He further successfully defended a telecommunications enterprise in a German part of international infringement proceedings in the field of wireless communication networks. December 2016 Corporate INTL


Global IP Who’s Who

Greece VAYANOS KOSTOPOULOS VAYANOS KOSTOPOULOS, founded in 1900 by the pioneer IP Law attorney Dr Alkiviadis Zoiopoulos is one of the leading law firms in Greece. Through dedication, commitment and flexibility, the diverse needs of businesses and associates are catered for by client-tailored solutions and state-of-the-art legal advice in a timely and precise manner. Its broad client base encompasses both multinational as well as local enterprises, consisting of not only businesses, but also individual inventors, creators, designers, authors and other IP holders.

VAYANOS KOSTOPOULOS Dr Nikolaos Lyberis Managing Director Tel: +30-210-3808501

India Lall Lahiri & Salhotra Lall Lahiri & Salhotra (“LLS”) is today one of the most reputed and well regarded law firms in India with exceptional team experience, domain expertise and a business centric approach. LLS is also known for its proactive measures, fresh thinking as well as providing services of the highest calibre to all its clients. Consisting of more than 55 attorneys (including six partners) and a support staff of 85, including attorneys, patent agents, scientific and engineering experts, life sciences experts, transactional attorneys and company secretaries in two locations, LLS is fast expanding to become the foremost legal advisory practices in the country.

Lall Lahiri & Salhotra Rahul Chaudhry Managing Partner Tel: +91 11 435 000 00 46

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Since 1993 the firm is under the direction of Dr Nikolaos Lyberis who, being a litigator, is admitted before the Supreme Courts for civil and administrative matters. Nikolaos represents prestigious clients in trademark, patent and other IP rights conflicts from all sectors of industry and commerce and is also a member of numerous international associations focusing on IP law, such as ECTA, AIPPI, INTA, FICPI, GRUR and others.

consumer, advertising and privacy), legal consultancy and supporting services (administration, translations and IPR maintenance) constitute the core of the VAYANOS KOSTOPOULOS team’s activities.

The original establishment location of the law firm has been retained in the vicinity of the centre of Athens at Stournara Str. 37, opposite the Athens Polytechnic University and the National Archaeological Museum.

service to its broad client base. Some of the market leaders in the industry and service provision sectors are included among the clientele, such as pharmaceutical companies, automobile manufacturers, chemical industries, electronics, tobacco, food beverages, cosmetics, entertainment and financial enterprises, et al.

A wide range of IP related services are rendered, including prosecution and litigation of all kinds of rights on intangible assets such as trademarks, patents and Supplementary Protection Certificates (SPCs), domain names, copyright, IP rights maintenance and representation before State and Regulatory Authorities. Further areas of IP practice are successful representation in Customs Interventions, IPR infringement proceedings before all court instances, including interlocutory injunctions. The drafting of contracts, market supervision law (health,

The firm handles all IP related work, including management, protection of large scale IP portfolios, creation and protection of IP, enforcement, transactions including licensing, assignments, takeovers and acquisitions, monetisation, strategy and planning for long-term IP optimisation etc. LLS also acts as a point of contact for various multinational entities for IP management and protection across South East Asia and the Middle East; hub-andspoke arrangements for clients based on their requirements. The IP department at LLS has more than 30 years’ experience in both contentious and non-contentious matters. Our firm and the attorneys have been committed to providing high-quality services to our clients and have had the privilege of assisting some of the most well-known names in fields as diverse as oil & gas, pharmaceuticals, FMCG, consumer goods, IT, fashion, telecom, electronics, entertainment, media & publishing, retail and automotive, among others. The firm is headed by Mr Rahul Chaudhry, the managing partner of LLS. Mr Chaudhry has been at the helm of the firm’s entire practice since June 2007, turning it from a small familyrun law practice into one of the finest, professionally managed, businessorientated full-service law firms in India.

A diverse workforce comprising European Patent Attorneys, Lawyers, Trademark Attorneys and Litigators, Technical Advisors, Paralegals and IP Rights Administrators, enables the firm to offer a top-class, comprehensive

The efficient operation of the offices is supported through the use of up-to-date customised software and hardware facilities, enabling fluid execution of necessary functions, including the maintenance of reliable electronic records, an indispensable tool in serving the needs of not only large, but also small and mediumsized enterprises.

He has directed and managed the changes in LLS’s operations, structure and business approach, resulting in a considerable increase in the strength of the whole team and the expertise of LLS. His vision of ensuring that the best legal talents be pooled at LLS has resulted in immense depth of knowledge available for clients to rely upon. Mr Chaudhry adopts a solutions-based approach to all matters entrusted to him by his clients. Not satisfied by merely elucidating the law, he encourages his clients to develop long-term strategies based on business goals and long-term cost-benefit analysis. His personal involvement in all aspects of the firm’s operations and ability to anticipate client needs has made him, and LLS, the first choice for both national and international clients who seek his expertise on legal matters and business operations. Clients from diverse industrial backgrounds seek his legal and business acumen, making him among the leading advisers in the country. As a result, LLS has developed an enviable legal practice with decades of experience and a team consisting of the most eminent legal practitioners with specialist intellectual property, corporate, commercial and transactional expertise.

Global IP Who’s Who

Japan Uchida & Samejima Law Firm Uchida & Samejima Law Firm (USLF) is one of the leading law firms in the field of IP/IT law. Most of the firm’s 20 attorneys have legal and IP experience in larger Japanese corporations such as Toshiba, Hitachi, Sony and Mitsubishi; as well as having qualified both in Benrishi (Patent Agent) and Bengoshi (Attorney at Law), with backgrounds in various technologies such as life science, chemicals, mechanics, electronics and software. Masahiro Samejima, founder and senior partner, practised IP at IBM Japan, followed by 15 years’ practice of IP litigation and licensing in various law firms, before establishing USLF in 2004.

Uchida & Samejima Law Firm Masahiro Samejima Founder, Senior Partner Tel: +813-5561-8550

The Philippines Sapalo Velez Bundang & Bulilan (SVBB) Sapalo Velez Bundang & Bulilan (SVBB) has been involved with intellectual property practice for 39 years. As managing partner, Atty. Ignacio S. Sapalo was a former director of the Bureau of Patents, Trademarks & Technology Transfer (BPTTT) and a consultant of the Department of Trade & Industry (DTI) of the government of the Philippines from 1987 to 1996. The head of the IP department of the firm is Atty. Neptali L. Bulilan, a mechanical engineer, who has been a patent examiner at the BPTTT for 11 years. Among its lawyers is a chemist who obtained a masteral degree from Ateneo de Manila, Atty. Anne Mariae

Sapalo Velez Bundang & Bulilan (SVBB) Ignacio S. Sapalo Managing Partner Tel: (+632) 8911316

“This unique portfolio of attorney is most significant point to distinguish our law firm,” said Mr Samejima. “Generally, attorneys in Japan do not have any business background or technological knowledge. With this advantage, we can complete our legal work in a relatively short time which is cost-effective to the clients, with a taste of business strategy.” He also highlighted the relatively small size of law firms in Japan compared to other countries – with 20 attorneys, USLF is now one of the largest IP boutique law firms in Japan. According to Mr Samejima, many Japanese companies have recently become aware that IP is one of the major factors required to be competitive in the market. He noted that this trend came late compared to the US and Europe, as before 2000 Japanese companies were competitive in product cost and quality. “Now, the situation has changed as Asian companies have become players in the market to provide more costly products,” he explained. “This change of situation led Japanese companies to be aware of another factor to compete, which was IP.” Discussing complexities associated with Japanese patent litigation, Mr Samejima noted that both literal infringement and

Celeste V. Jumadla; and a graduate of bio-chemistry at the University of Santo Tomas, Atty. Leonides M. Madrilejo. Its paralegals include Maryneck Daulong, a computer engineer; Dyan Hazel Lumapas, a chemical engineer; and Josel Bonifacio, a bio-chemist. SVBB’s awards include Patent Law Firm of the year from IP Asia; Top 10 filers for trademark and patent categories for 2015 from IPOPHL; and an IP Star for Atty. Ignacio S. Sapalo in 2014 by Managing IP. SVBB handles patent and trademark prosecution, inter partes cases, enforcement and litigation. SVBB is active in enforcement action and litigation for patent infringement of pharmaceutical drugs and has been successful in obtaining Writ of Search and Seizure which is patterned after the Anton Piller order. According to Mr Sapalo, the IP Code in the Philippines enumerates copyright and related rights; trademarks and service marks; geographical indications; industrial designs; patents; layout designs of integrated circuits; and undisclosed information, but effectively limits its scope to copyright (and related rights), trademarks, and patent laws (including utility models and industrial designs) only. “A unique provision of our trademark law that makes the Philippines standout among the countries in the world is

validity are dealt with in one district court jurisdiction, and that the latter can also be challenged in JPO. “This means a ‘double track’: one process in the district court (patent infringement litigation), another process in the JPO, if appealed; two processes in IP High Court; which is, in total, four procedures at most. However, it is an effective procedure because the scope of the claim is deeply dependent onto the validity of the patent. If you construe the claim wording as broad as you assert, the claim may include scope which is not valid. This is a typical way to assert in Japanese patent court, which is possible because the judges are engaged in considering the scope of the claim and validity of the patent simultaneously.” He also pointed out that Japanese patent litigation is relatively inexpensive compared to that in the US. “Despite that the double-track seems to be complex, there is no heavy, timeconsuming procedure such as discovery in Japanese lawsuit. This effectively saves client attorney fees, besides the fact that Japanese attorney’s time charge rate is not so expensive. The relatively short procedure is also an advantage to enforce patents in Japan.”

the fact that it requires the filing of a Declaration of Actual Use (DAU) within three years from the date of filing of the trademark application,” he added. He also noted that the Philippines acceded to the Madrid Protocol on April 25, 2012, stating that amended rules on UM and ID have removed the substantive examination requirement for UM and ID applications. Discussing complexities associated with enforcing IP rights, Mr Sapalo stated that stricter monitoring and control of entry and registration of infringing pharmaceutical products is imperative. “Generic drugs are allowed entry by the Bureau of Customs (BOC) and registered by the Food and Drug Administration (FDA) purportedly under the Cheaper Medicines Law notwithstanding that they are covered by valid patents issued to innovators. Under existing regulations, the FDA does not concern itself with IPR but leave the issue to IPOPHL jurisdiction. This results to substantial losses in sales of innovator drugs. “Furthermore, the FDA and IPOPHL should amend the rules to prevent registration of a drug still covered by a patent, or, as a compromise to avoid delaying the entry of generic drugs in the market, wait until the life of the patent is about to expire before allowing generic companies to start clinical tests needed to obtain FDA approval,” he concluded. December 2016 Corporate INTL


Global IP Who’s Who

Nigeria Olaniwun Ajayi LP

Olaniwun Ajayi LP Toyosi Alabi Partner Tel: +234-1-2702551 Ext 2706

A trademark, when registered, shall be registered as of the date of the application for registration and that date shall be taken for the purposes of the Act (emphasis mine) to be the date of registration (Section 22(2) of the Trademarks Act Nigeria (TMA)).

Non-Use of a Trademark: When Does Time Begin to Run? The “retrospective” effect of this provision undoubtedly enhances investor confidence, as any commercial obligation which is hinged on date of registration, will not be hampered by lengthy registration procedures. It is perhaps in the same spirit that the food and drugs agency in Nigeria (NAFDAC1 ) has taken a liberal approach to its regulation on procedure by accepting evidence of potential proprietorship as evidence of proprietary ownership or approval 2 . There is a contrary effect of Section 22(2) TMA however, which may frustrate or deter proprietors in making a business decision on when to register their marks. By Section 31 TMA, a trademark is liable to revocation if it is not used within a certain timeframe and on a combined reading of Section 31 and Section 22(2) TMA, a proprietor of a mark may be caught, if commencement of use of his mark is commercially tied to issuance of his certificate. Section 31(2)(b) TMA provides that a registered trade mark may be taken off the register if up to the date one month before the date of the application (for revocation) a continuous period of five years or longer elapsed “during which the trademark was a registered trademark” and during which there was no bona fide use of the mark. Interpreting this section in the light of Section 22(2) of the TMA could thus mean that the mark of a lawful proprietor whose registration process for the purposes of argument, takes five years, may be liable to be revoked on the date his certificate issues. It is very doubtful that the draftsman could have intended that the operative date for computation of the period of non-use would be the date of application as envisaged in Section 22(2), TMA. Literally interpreted, the explicit reference to the period, “during which the trademark was a registered trademark” in Section 31(2)(b) TMA must mean that the relevant date for the purpose of non-use, must be the date upon which the certificate of trademark registration issues and the mark is placed on the trademark register, since, a mark is not registered unless it is entered on the register. Curiously, the Nigerian Courts seem to have interpreted Section 31(2)(b) TMA to align with the application of Section 22(2) TMA. The Court of Appeal in Procter & Gamble Co. v. Global Soap & Detergent Case3 did not agree that time begins to run, in relation to the non-use provisions in Section 31 TMA, when a mark is entered on the register. In contrast, The UK Trademarks Act 1994 Act explicitly spells out the draftsman’s expectation in relation to the computation of length of time for “non-use”. Section 46(1)(a) of the UK Act provides that the


December 2016 Corporate INTL

registration of a trademark may be revoked on the ground: “that within the period of five years following the date of completion of the registration procedure it has not been put to genuine use in the United Kingdom …” The position under the UK Trademarks Act is no doubt appealing and in line with the philosophy of not punishing the proprietor for the sins of the registry. The Nigerian TMA would benefit from an amendment of its Section 31, to more closely accord with Section 46(1) of the UK Trademarks Act. Alternatively, it will be apposite for our apex court to adopt a literal interpretation of Section 31 TMA, which does not unduly divest proprietors of their rights. In the meantime, until there is a beneficial interpretation or amendment of Section 31 TMA, proprietors must themselves exercise diligence in engaging in bona-fide use of their trademark once their trademark application is filed. Olaniwun Ajayi LP Olaniwun Ajayi LP is a fully integrated firm, with over 50 years’ experience in helping our clients achieve their objectives. Our dedicated Intellectual Property Practice is skilled in servicing local and foreign businesses in the registration and protection of their IP and other proprietary rights in Nigeria and other parts of Africa. We handle portfolio management and enforcement of IP rights in Nigeria, Ghana, OAPI and other countries in Africa. Our in-depth knowledge of commercial law and arrangements, coupled with our familiarity with regulators, stand us in good stead to meet our clients’ needs. Toyosi Alabi Our team lead, Toyosi Alabi, has more than 17 years’ work experience as an IP lawyer, having prosecuted and defended law suits involving trademark, design and patent infringement, revocation of trademarks and oppositions. She was part of the team which assisted in improving and reshaping operations at the trademarks registry in Abuja. Her experience also spans revocation of infringing company names at the Corporate Affairs Commission and revocation of conflicting NAFDAC registrations4. 1. National Agency for Food and Drug Administration and control 2. The NAFDAC circular on registration of products requires a certificate of brand registration / evidence of trademark approval as a prerequisite to registration. In practice, provision of a Notice of Acceptance of trademark from the Trademarks Registry, satisfies this requirement. 3. (2013) 2 NWLR Part 1336 page 409 4. Curiously, the Court of Appeal in the Procter & Gamble case lent credence to the above philosophy where it relied on a Supreme Court’s ratio in Okotie-Eboh v. Manager (2004) (2004) 18 NWLR Pt. 905 pg. 242 at page 282, para. A and held that: “Statutes which encroach on the rights of the subject, whether as regards person or property, are construed as penal laws fortissimo contra preferentes; that is, strictly in favour of the subject.”

Global IP Who’s Who

Portugal Raul César Ferreira (Herd.) S.A. Raul César Ferreira (Herd.) S.A. is a well-established company in the industrial property field, founded in 1929 and one of the leading companies in Portugal. We are an IP-dedicated firm with proved expertise in all fields of industrial property. RCF works in Portugal, in the African Portuguese speaking countries of Angola, Mozambique, Cape Verde and Sao Tome and Principe, in Timor and also in the SAR of Macao, PRC.

Raul César Ferreira (Herd.) S.A. João Jorge COO; Patent and Trademark Attorney Tel: +351 21 3907373

Washington, US Kelly IP David Kelly is a partner at Kelly IP, a firm specialising in intellectual property law based in Washington DC, US. Mr Kelly has represented clients in trademark, copyright, and unfair competition issues for nearly 30 years, with a focus on litigation, disputes and strategic counselling. He is consistently recognised as one of the country’s top trademark lawyers. In 2014, The Legal 500 US named Mr Kelly as a Leading Lawyer, Legal 500’s top category, in both trademark litigation and non-contentious trademark matters. This highest honour was bestowed upon only eight lawyers across the country in each category. These 2014 honours mark the seventh consecutive year that he was named a Leading Lawyer in both categories.

Kelly IP David Kelly Partner Tel: +1 (202) 808-3571

There is no typical client for RCF as our portfolio of clients include some of the most important Portuguese companies, as well as several of the most significant European, American and Asian companies, in various business fields, but also national and foreign SMEs that have chosen us directly or through the reference from our colleagues abroad. Independently of the type of clients all get the attention, dedication, commitment and quality that have always been present in the relationship with our clients and business partners. The Patent and Designs Department has the required expertise in several technical areas (chemistry, biochemistry, molecular biology, mechanical engineering, etc) and in drafting, prosecuting, and in actively cooperating with the enforcement and litigation of IP rights. The Trademark Department has expertise in clearance searches and search opinions, prosecution, enforcement and oppositions in national, community and international trademarks, and also providing counselling and supporting trademark litigation. RCF also has a vast expertise in matters such as utility models, copyrights, and also in IP due diligence, namely validity analysis, infringement

From 2009-2013, Mr Kelly was the only US trademark lawyer to be named a Leading Lawyer in both categories. According to Legal 500, clients describe Mr Kelly as “an outstanding trademark litigator” and “an exceptionally bright and thoughtful advocate”. Clients also look to Mr Kelly for strategic advice based on his reputation for being “full of business savvy” and “a source of much practical advice…that understands our business in a way that most lawyers don’t”. David Kelly is a partner at Kelly IP, a firm specialising in intellectual property law based in Washington DC, US. David Kelly is a partner at Kelly IP, a firm specialising in intellectual property law based in Washington DC, US. Mr Kelly has represented clients in trademark, copyright, and unfair competition issues for nearly 30 years, with a focus on litigation, disputes and strategic counselling. He is consistently recognised as one of the country’s top trademark lawyers. In 2014, The Legal 500 US named Mr Kelly as a Leading Lawyer, Legal 500’s top category, in both trademark litigation and non-contentious trademark matters. This highest honour was bestowed upon only eight lawyers across the country in each category. These 2014 honours mark the seventh consecutive year that he was named a Leading Lawyer in both categories. From 2009-2013, Mr Kelly was the only US trademark lawyer to be named a Leading Lawyer in both categories. According to Legal 500, clients describe Mr Kelly as “an outstanding

analysis, technical expertise in litigation, infringement probative searches, state-ofthe-art and advanced technical searches, skilled surveillance, maintenance and technical translations. Having made a great investment in highly skilled persons, our collaborators are mainly patent and trademark attorneys but also collaborators specifically qualified in the field of mechanics, chemistry, computer science, biology, molecular biology, pharmacy, biochemistry and others, with proved experience in infringement analysis and validity assessment of IP rights, conducting state of the art searches and promoting a very active expert cooperation in IP disputes. Remarkably, RCF has developed a very effective anti-counterfeiting strategy that IP owners have adhered to and that has been revealed to be quite effective in achieving the required results. The RCF team is keen to promote and participate in the discussion of important IP matters, reason why several of our collaborators are strongly involved in the work carried out by national and international organisations, such as ACPI, INTA, ECTA, AIPPI, FICPI, MARQUES, PTMG, ITMA, UNION, VPP, GRUR, CIPA, ABPI, ASIPI and EPI.

trademark litigator” and “an exceptionally bright and thoughtful advocate”. Clients also look to Mr Kelly for strategic advice based on his reputation for being “full of business savvy” and “a source of much practical advice…that understands our business in a way that most lawyers don’t”. In the World Trademark Review 1000, clients report they depend on Mr Kelly because his “substantial proficiency and estimable business acumen single him out in the field” and he is an “absolutely fantastic trademark attorney.” He has been similarly recognised by Managing Intellectual Property, World Trademark Review, IP Stars, Legal Media Group, Super Lawyers, among others. Before joining Kelly IP, Mr Kelly practised trademark and copyright law for 26 years at Finnegan, Henderson, Farabow, Garrett & Dunner, LLP in Washington, DC. He served as chair of Finnegan’s Trademark and Copyright Practice Group for most of his 20-plus years as a partner. Mr Kelly commented: “The legal market is changing. And Kelly IP is leading the way. The owners of the world’s top brands deserve lawyers who are as passionate and innovative as they are about nurturing and protecting their brands and creative works. They deserve lawyers with years of big-firm IP experience who believe in delivering value to their clients. They deserve lawyers who know their business, not just the law. They deserve lawyers who define the cutting edge, but never lose their human touch. It’s a brand new world. Welcome to Kelly IP.” December 2016 Corporate INTL



December 2016 Corporate INTL


HomeBridge to Purchase Operating Assets of Prospect Mortgage, Becoming One of the Largest Mortgage Lenders in the US

Vericlaim Acquires Mid-Texas Claim Service

Vericlaim – a subsidiary of Sedgwick Claims Management Services, Inc., and global provider of loss adjusting and claims management services – has acquired the assets of Mid-Texas Claim Service, Inc., an independent provider of all-lines insurance adjusting and appraisal services in central Texas. Based in Temple with servicing offices in Waco and Bryan-College Station, the company has delivered best-in-class adjusting and appraisal services to insurance carriers, property owners, defence attorneys and self-insured companies in the heart of Texas since 1954. As part of the transaction, the owners of Mid-Texas Claim Service, industry veterans Larry Vardeman and Byron Gilchrest and their team of experienced adjusters and appraisers have joined Vericlaim. “The addition of the Mid-Texas Claim Service team to the Vericlaim organisation brings more than 157 years of combined adjusting and appraisal experience to our ranks,” said Vericlaim President Thomas Simoncic. “This strategic acquisition greatly strengthens our expertise and presence in central Texas and allows us to meet the needs of this highly populated region, where significant weather events are all too common.” “For nearly 40 years, Sedgwick has focused on the care of people in the casualty and disability claims process,” said David A. North, president and CEO of Sedgwick. “Investing in the continued growth of our Vericlaim family of companies enables us to apply our ‘caring counts’ philosophy to the property loss space. With expanded capabilities and more resources on the ground nationwide, we are better positioned than ever to be where our customers need us when they need us most.” A wholly owned subsidiary of Sedgwick Claims Management Services, Inc., Vericlaim is a preeminent global loss adjusting and claims management company committed to helping its clients – insurance companies, corporations, public entities and brokers – manage and control their risk needs around the world. The success of Vericlaim stems from its focus on providing clients with superior claims resolution on the most timely and cost-effective basis in the industry, continually adapting to the evolving service and information needs of its clients, and developing innovative solutions to complex risk management issues. The company has global reach and maintains a distinct local market presence in more than 400 locations throughout the world.

Saint-Gobain Finalises the Acquisition of h-old Saint-Gobain has acquired 100% of the share capital of the Italian company h-old from private equity fund Arcadia Small Cap. Founded in 1982, h-old designs, manufactures and distributes – mostly in Europe – specialty adhesive tapes for various highperformance applications for industrial and automotive markets. Its sales should be around €25m in 2016. h-old reinforces the high-performance plastics business thanks to complementary commercial positions in terms of geography and applications. Saint-Gobain designs, manufactures and distributes materials and solutions that are key ingredients in the wellbeing of each of us and the future of all. They can be found everywhere in our living places and our daily life: in buildings, transportation, infrastructure and in many industrial applications. They provide comfort, performance and safety while addressing the challenges of sustainable construction, resource efficiency and climate change.

HomeBridge Financial Services, Inc., a national independent mortgage lender, has announced the signing of a definitive agreement under which HomeBridge will purchase the operating assets of Prospect Mortgage, LLC from Prospect Holding Company, LLC. The asset purchase consists primarily of the loan production platform. As a result, HomeBridge will become one of the largest non-bank mortgage lenders in the country, originating loans nationwide with approximately 900 retail mortgage loan originators in nearly 250 branches. HomeBridge will continue to operate its two wholesale divisions, ultimately employing more than 3,000 full time associates across the enterprise. The asset purchase is expected to close in January 2017. According to Scotsman Guide’s 2015 Top Mortgage Lenders rankings, HomeBridge should become the sixth largest nonbank mortgage lender for overall production. In addition, the US Department of Housing and Urban Development listed Prospect and HomeBridge first and second, respectively, in its year-end 203(k) endorsement summary report. HomeBridge will become the nation’s largest renovation lender, with more than double the production of the nearest competitor. HomeBridge CEO Peter Norden, President Joel Katz and Chief Operating Officer Joe Sheridan will continue to lead the business. “In today’s mortgage market, size, capital, liquidity and product diversity are critically important to long-term growth and success,” said Mr Norden. “Specifically, our access to capital will improve, impacting our funding capabilities and our ability to increase our presence in existing and new markets. We will remain an entrepreneurial, flexible and nimble mortgage banker by effectively balancing profitability and volume, while continuing our commitment to operating in compliance with the current mortgage lending regulatory landscape.” Michael Williams, Prospect’s Chairman and CEO and the former President and CEO of Fannie Mae, will remain with HomeBridge in an advisory role for the immediate future. He noted: “This arrangement creates a true loan production powerhouse that should become the nation’s premier non-bank mortgage company. I expect a smooth transition because of the similarities in corporate cultures at HomeBridge and Prospect, including strong leadership, a talented workforce and a profound commitment to excellence in everything we do.” In addition, Doug Long, Prospect’s President of National Lending, will take an Executive Vice President role with HomeBridge and manage existing Prospect branch operations that are moving to HomeBridge. Houlihan Lokey served as exclusive financial adviser to Prospect, assisting in structuring and negotiating the transaction. HomeBridge Financial Services, Inc. is one of the largest privately held, non-bank lenders in the US. In the last 25 years, HomeBridge has grown to include more than 1,500 associates in nearly 100 retail branches across the country and two separate wholesale operations, HomeBridge Wholesale and REMN Wholesale. HomeBridge holds FNMA, GNMA, FHLMC, FHA and VA approvals and funded nearly $9 billion in home loans in 2015. Prospect Mortgage is one of the largest independent residential retail mortgage lenders in the US, having funded almost $9 billion in home loans in 2015. It is a leading lender offering a full range of quality home loans, including FHA and VA, conventional, jumbo and super jumbo, renovation and more. December 2016 Corporate INTL


Deals David Chang, Momofuku and Expa’s Delivery-only Restaurant, Ando, Announces $7M in Series A Funding

With its unique approach to food development and delivery, Ando creates consistently high-quality menu items that are guaranteed to taste delicious and fresh upon delivery. The dishes are put through rigorous testing to ensure consistent quality while traveling across the city.

Ando, the delivery-only, online restaurant from David Chang, Momofuku and Expa has closed a $7 million Series A financing round led by Forerunner with participation from BoxGroup and Wildcat Venture Partners. Strategic Angels in this round include, William Lauder, Chairman of Estee Lauder; Neil Blumenthal, Co-Founder and Co-CEO of Warby Parker; Andy Katz-Mayfield, Co-Founder and Co-CEO of Harry’s; Abdur Chowdhury, Former Chief Scientist, Twitter; Dick Boyce, TPG Partner and former Chairman of Burger King; Elizabeth Cutler, Founder of SoulCycle; Jimmy Fallon and Aziz Ansari. This new funding will be used to continue to grow the team and build operational capacity to further expand delivery across New York City to accommodate the growing demand.

“The food delivery space is growing, evolving and adapting to accommodate a new generation of consumers that wants authenticity, consistent quality and a personal connection to a brand,” said Hooman Radfar, co-founder and CEO of Ando. “With this new funding, we’ll continue our commitment to culinary innovation, making food delicious while experimenting with ingredients, enhancing packaging and improving our backend technology to ensure the best experience upon delivery. Our goal is to grow our menu offerings and expand beyond New York, creating delicious food and pushing the limits of delivery.”

Launched in New York this past July, Ando is David Chang and Momofuku’s first and only delivery-only restaurant concept. Momofuku brings the creative and culinary expertise as the back of house, while Expa provides the logistical, technical and startup business background to support as the front of house. This collaboration allows the Ando team to serve Momofuku food such as the NY Cheesesteak, Fried Chicken and Spicy Tofu designed specifically for delivery. “Mobile technology has completely transformed our daily lives, and it’s certainly impacting the overall dining experience with the ease of delivery,” said David Chang, co-founder of Ando. “We’ve never taken VC money before, and Ando was a very special case since we’ve always wanted to do delivery for Momofuku. The concept of Ando was planned many years ago, and we waited until we found the perfect partner, Expa, that had the right technology and logistics to deliver quality food that, when delivered, is as good or more delicious than eating something in a restaurant. Now through the Ando platform, we’re starting to understand the consumer experience better, and when we understand how the consumer eats the food and wants the food, then we can cook it better as well.”

Delta and Airbnb Team Up to Invite Travellers to Fly Global, Live Local

Since launch, Ando has introduced a web app to accommodate a growing demand and revealed Ando Labs, which enables its customers to order and review food items that are still in the development stages to empower them to become a part of the R&D process. Additionally, Ando recently expanded its delivery zone to now include all of Midtown East and parts of Midtown West, while increasing its services from just lunch to include dinner hours during the weekdays.

“This industry-leading partnership enables us to provide a unique benefit to our SkyMiles members, enabling us to reward them for their lifestyle choices through the SkyMiles loyalty programme,” said Sandeep Dube, Delta Vice President – Customer Engagement & Loyalty. “This partnership brings together two innovative brands focused on delivering superior travel experiences across the globe to customers.” “We are excited to partner with Delta and offer their travellers the opportunity to earn Delta miles when staying and hosting on Airbnb, while creating memorable moments with friends and family,” said Lex Bayer, Head of Business Development, Airbnb. “SkyMiles members can now enjoy the additional benefits of living like a local with authentic travel experiences on Airbnb in all global destinations that Delta services.”

SkyMiles Members now earn miles for staying and hosting with Airbnb worldwide Delta Air Lines and Airbnb are teaming up to offer SkyMiles Members an opportunity to earn miles on all Airbnb bookings worldwide when accommodations are reserved via Airbnb, one of the world’s largest accommodations providers, offers its customers the unique opportunity to “live like a local” in more than 190 countries with over 2.5 million homes around the world. Delta is the largest US global carrier to partner with Airbnb. Now, SkyMiles Members can expect more choices and more miles on their next journey when they book with Airbnb, whether an apartment for a night, a castle for a week or a villa for a month. Together, Airbnb and SkyMiles make the “Fly Global, Live Local” experience more rewarding.


December 2016 Corporate INTL

Deals Prime Healthcare Foundation Completes Acquisition of Coshocton County Memorial Hospital in Ohio

“Our hospital has a 107-year history of service to our communities,” said Max Crown, Board of Trustees Chairman at Coshocton. “Now, as Coshocton Regional Medical Center and a member of Prime Healthcare, we have a renewed opportunity to prosper with a proven leader in quality healthcare.” Coshocton Regional Medical Center was on the brink of closure in March 2016. Prime Healthcare Foundation submitted a Letter of Intent to purchase the hospital and the majority of its assets through bankruptcy court approval in September 2016 and issued an order to proceed with the acquisition. The Ohio Attorney General’s office also approved the transaction, which is required for the sale of nonprofit healthcare providers, after holding a public forum on the acquisition.

Prime Healthcare Foundation and Coshocton County Memorial Hospital have announced that Prime Healthcare Foundation has completed its acquisition of Coshocton County Memorial Hospital in Coshocton, Ohio. The hospital will retain a local governing board and not-for-profit status as a member of the Prime Healthcare Foundation, an affiliate of Prime Healthcare. As a result of the sale, the hospital will now be known as Coshocton Regional Medical Center. “Prime Healthcare looks forward to working with the physicians, nurses and employees at Coshocton Regional Medical Center to ensure the best care and service for patients and members of the community,” said Prem Reddy, MD, FACC, FCCP, Chairman, President and CEO of Prime Healthcare. “Prime Healthcare is grateful to continue Coshocton’s legacy of providing quality and compassionate healthcare, with millions of dollars of investment over the next five years in capital equipment and infrastructure improvements.” The Prime Healthcare Foundation, a non-profit public charity dedicated to improving access to healthcare and increasing educational opportunities in healthcare, has donated millions of dollars to save financially distressed and bankrupt hospitals, improving their quality of care and turning them into important community assets.

Coshocton Regional Medical Center is a 56-bed acute care hospital that recently earned The Joint Commission’s Gold Seal of Approval for accreditation by demonstrating compliance with national standards for healthcare quality and safety in hospitals. The hospital and its team of physicians serve a population of 36,500 residents in Coshocton County and surrounding counties in the eastern central Ohio region with emergency, diagnostic, surgical and rehabilitation services. “We’re excited to welcome the Coshocton team to Prime Healthcare,” said Luis Leon, President of Operations of Prime Healthcare, Division II. “Our mission at Prime Healthcare is to save and improve hospitals so they can deliver compassionate, quality healthcare in their local communities. Coshocton Regional Medical Center holds a special place in the community and is a vibrant, committed hospital with talented staff and physicians.” With the addition of Coshocton Regional Medical Center, Prime Healthcare now owns and operates 44 hospitals in 14 states with nearly 43,500 employees and physicians. Twelve of the hospitals are members of the Prime Healthcare Foundation. Prime Healthcare hospitals are regularly recognised for high quality care and the health system is one of the fastest growing hospital systems in the US.

Life Partners Reorganisation Plan Confirmed

investors to avoid the financial burden of paying any further insurance premiums,” Mr Moran continued. “Those investors who choose to tie their returns to individual policies are permitted to do so.”

H Thomas Moran II, Chapter 11 trustee for Life Partners Holdings, Inc. (LPHI), has announced that the United States Bankruptcy Court for the Northern District of Texas has entered an order confirming the joint plan of reorganisation for LPHI and its subsidiaries. The plan was sponsored by Mr Moran and the Official Committee of Unsecured Creditors in the Life Partners bankruptcy case.

The plan will be implemented in collaboration with the Committee and Vida Capital, Inc., which has agreed to act as the policy servicer and investor account administrator. Vida has also agreed to provide exit financing so that the Position Holder Trust can emerge from bankruptcy and maturity funds can be distributed to fractional holders as soon as possible.

The confirmation by US Bankruptcy Judge Russell F Nelms follows a contested confirmation hearing that spanned five weeks and clears the way for implementation of the plan and the creation of two new entities, Life Partners Position Holder Trust and Life Partners Creditors’ Trust. The plan offers relief for more than 22,000 investors and preserves a $2.4 billion portfolio of life insurance policies. More than $1.4 billion of investor money remains at risk. “Today’s order is a tremendous victory for the investors we have been working so hard to protect,” said Mr Moran. “We are delighted to have joined with the Committee in obtaining confirmation of a plan which projects a substantial recovery for our investors – 90% of invested capital on average over time.” “Under the plan, investors have selected among various options for the recovery of their investments, including options that enable

The Position Holder Trust will oversee the liquidation of the policy portfolio and distribution of the net proceeds to investors. The Creditors’ Trust will pursue litigation, including claims previously brought against insiders at Life Partners, certain individuals and entities who received monies from the fraudulent enterprise, and others against whom the investors or the company may have a right to recover. The plan provides recoveries from such litigation will be distributed to investors and other creditors. In early 2015, in the wake of a more than $46.8 million Securities and Exchange Commission judgment against LPHI and its senior executives for engaging in securities laws violations, LPHI’s former management put the company in bankruptcy. After a lengthy and detailed investigation, Mr Moran concluded in his official report to the Bankruptcy Court that, prior to the filing of the bankruptcy case, Life Partners engaged in “one of the largest and longest standing fraud schemes ever perpetrated in this State”.

December 2016 Corporate INTL


Deals Reuters Partners with Adobe to Bring its Renowned Photo and Video Library to Adobe Stock Reuters, the world’s largest international multimedia news provider, is partnering with Adobe to bring Reuters’ video and photography to Adobe’s new editorial offerings for Adobe Stock. Adobe Stock is the industry’s first stock content service to be integrated directly into the content creation process and the tools creatives use every day. Available through Adobe Creative Cloud, creatives will be able to access Reuters’ editorial content, as well as more than 60 million royalty-free commercial photos, videos, illustrations, graphics, 3D assets and templates in Adobe Stock. The partnership will allow Adobe customers to view and license Reuters’ entire photo and video collection in Adobe Stock, including: • Reuters photos covering news, sports and entertainment events with thousands of images added every day and more than twelve million images in the archive • Reuters video footage covering all major events across the globe, including the unique Reuters archive library of historical news footage featuring over a million news clips “Our partnership with Adobe will allow us to deliver the quality of Reuters’ visual assets to a global creative audience, right in their workflow,” said Claudia Palmer, chief commercial officer, Reuters. “The strength and depth of Reuters’ visuals paired with Adobe’s universal creative platform will unite content search and licensing in an unparalleled user experience.” “Editorial is a critical component of modern content creation and storytelling,” said Bryan Lamkin, executive vice president and general manager, Digital Media at Adobe. “We’re thrilled about our partnership with Reuters as we’re now able to offer powerful news, editorial and sports imagery and archival coverage to our customers, dramatically expanding the range of stock assets available directly in their Creative Cloud apps.”

Digi International Acquires IoT Cold Chain Provider FreshTemp

Digi International, a leading global provider of machine-tomachine (M2M) and Internet of Things (IoT) connectivity products and services, has announced the purchase of FreshTemp, a provider of temperature monitoring and task management solutions for the food industry. The acquired technology will continue to be supported, as well as leveraged within the Digi Honeycomb solution, to create an advanced portfolio of products for the cold chain market. Terms of the transaction were not disclosed. Founded in 2011 by CEO Jeff Rieger, FreshTemp has been a pioneering company in creating technology, services and domain expertise in complete food safety and operations management for commercial kitchens. With this acquisition, Digi Cold Chain Solutions will expand its temperature monitoring solutions to incorporate digital task management capabilities to replace traditional manual logbooks and simplify daily restaurant tasks. Organisations will be able to streamline manual operational checklists and provide insight to managers on how well their teams are adhering to restaurant guidelines. As part of the acquisition, Mr Rieger and FreshTemp employees will become part of the Digi Cold Chain Solutions team. “Our solution sets are extremely compatible and I’m excited to be able to leverage the market presence and scale that Digi offers our customers,” said Jeff Rieger, founder and chief executive officer of FreshTemp. “Together, we’ll be able to accelerate the adoption of our solutions and support the growing demand for technology that ensures businesses are serving safe and quality food.”

The deep integration with Adobe Creative Cloud allows users from small businesses to enterprise to freelancers to search and license assets right inside their favorite apps, such as Photoshop CC and Illustrator CC, without interrupting the creative workflow. Artists can also sell their work to the world’s largest creative community through the new Adobe Stock contributor site launching at Adobe’s MAX conference.

“We believe the cold chain market represents a large underserved market that can take greater advantage of wireless sensor networking and IoT capabilities,” said Ron Konezny, president and chief executive officer, Digi International. “We’re going to leverage all avenues – organic growth, partnerships and acquisitions – to further establish Digi as the expert in providing easy to use and ROI generating cold chain solutions.”

The Reuters integration into Adobe Stock is expected in the first half of 2017.

Since its introduction, Digi Honeycomb has been deployed in a number of leading quick service restaurants, and has established itself as a leading solution through partnerships such as those with TELUS, Canada’s fastest-growing national telecommunications company.

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national and international news to professionals via Thomson Reuters desktops, the world’s media organisations and directly to consumers at and via Reuters TV.

Leckner Purchases Marshall Ford Carl Leckner took over as owner of Marshall Ford on Friday, October 21, 2016 and has renamed the dealership at 8323 West Main Street, Marshall, VA, 20115, Leckner Ford of Marshall. The dealership was purchased from David Baird. Originally opened in 1915, the dealership is situated at the corner of West Main Street and Winchester Road in the heart of downtown. This Ford dealership serves the growing needs of Marshall and communities along the Route 66 corridor such as Warrenton, Gainesville, Front Royal, and Manassas, as well as all areas of Northern Virginia. Carl Leckner remarked on the purchase: “This beautiful dealership is one of the oldest dealerships in America and has served the transportation needs of the community since 1915. 54

December 2016 Corporate INTL

Digi Honeycomb is an automated food temperature monitoring service that encompasses front-of-house and back-of-house environments to alert users if the proper temperature is not maintained. FreshTemp’s core product line as well as task management capabilities will be made available through Digi Cold Chain Solutions. As a result, organisations in the food industry will be able to address major operational challenges.

It is an honour to continue to serve the community.” Carl describes his company’s approach: “At Leckner, we earn the respect of our customers by offering outstanding service, a large selection of vehicles and competitive prices. And we ensure that vehicle pricing is competitive with stores in much larger markets, so local customers don’t have to travel far to get a great price. At Leckner, we strive to save customers up to $100 on their monthly car payment.” With the addition of Leckner Ford of Marshall, Mr Leckner now owns a total of six dealerships and employs more than 200 people. He stated: “It is my goal to ensure that we are creating an environment where Leckner employees can succeed in customer satisfaction. I know from my 30 years of automotive experience that this is what matters most.”

Deals SS&C Evare Integrates with Schwab PortfolioCenter

SS&C Evare can be found listed in the Schwab OpenView Market Square, which provides technology ratings and reviews exclusively by and for advisers who custody with Schwab Advisor Services. As client portfolios have become diversified, spanning across asset classes and geographies, advisers have struggled to establish data feeds from held away accounts at various custodians. In the process of collecting client data, many advisers have seen operating costs and exposure to operational risk increase. By utilising Evare’s powerful data aggregation capabilities to feed Schwab PortfolioCenter with quality data, advisers can lower operational costs and risk while shifting their resources from reconciling data to making smarter investment decisions.

As a new vendor in Schwab OpenView MarketSquare, SS&C Evare helps advisers grow AUM and improve investment decision making with holistic, accurate data. SS&C Technologies Holdings, Inc., a global provider of financial services software and software-enabled services, has announced that Evare has integrated with Schwab PortfolioCenter. The integration enables advisers using Schwab PortfolioCenter to easily collect data from accounts held at numerous custodians and automatically input this information into their clients’ accounts in PortfolioCenter. As a result, advisers are able to realise efficiency gains, improve data integrity and provide greater transparency to their clients. Also announced: SS&C Technologies is a participating vendor in Schwab OpenView MarketSquare.

Third Street Partners Boosts Recruiting Expertise in Retail and Retirement Distribution Through Strategic Partnership

Evare’s propriety method of aggregating account information streams high quality, non-standard data securely to technology platforms like Schwab’s PortfolioCenter. The encrypted solution offers better protection and more granular data than traditional screen scraping methods. As a managed service, the solution does not require software or hardware installation and can quickly facilitate the growth of new assets under management. “Customers using Evare to aggregate clients’ held away account data are able to get a holistic understanding of their holdings and make better informed investment decisions on their behalf,” said Christy Bremner, Senior Vice President, Institutional and Investment Management, SS&C Technologies. “Time spent collecting and reconciling data can now be used to improve our client relationships and scale their businesses.”

Signal Bay Completes California Acquisition Signal Bay, Inc., a market leader in cannabis testing and laboratory services, has announced to shareholders that the company had completed the purchase of Green Style Analytics Lab in Yuba City, California. Signal Bay’s EVIO Labs are setting the standard for efficiency within the growing cannabis testing industry. The major acquisition brings the company’s total testing laboratories operating under the “EVIO Labs” brand to five, and positions the company to capitalise on California’s large and significantly underserved cannabis testing market. In a previous press release, CEO William Waldrop commented: “We are very proud to announce the first of many EVIO Labs facilities in the state of California. Green Style Analytics Lab currently services around 1,300 accounts throughout Northern California.”

Third Street Partners, a boutique executive search firm specialising in the asset management space, has announced it has formed a strategic partnership with Human Capital Acquisition (HCA), a specialised recruiting firm that focuses on retirement, retail and institutional distribution.

Green Style Analytics serves cannabis growers, processors, and dispensaries in: Humboldt, Trinity, Shasta, Placer, Calaveras and Sacramento counties. Located only some four hours from Signal Bay’s Medford, Oregon location, the company believes the lab will fit seamlessly within its overall “hub and spokes” business model of operating cannabis testing laboratories.

“Third Street Partners has always been committed to being a true partner to our clients, whose needs increasingly include access to top-tier talent in the retirement and retail spaces,” said Laura K Pollock, founding partner of Third Street Partners. “We’re confident that this strategic partnership with HCA will allow us to meet clients’ expanding needs while enhancing our existing distribution business.”

In addition to the 1,300 accounts Signal Bay will inherit from the acquisition, Signal Bay will also add key personnel committed to helping the Company execute on its aggressive growth strategy. The Company now has 31 team members working to grow its EVIO Labs division operating in Oregon and California. Signal Bay is well-positioned to realise its stated goal of 18 EVIO Labs throughout California by the end of 2018.

Third Street Partners covers the entire asset management space, including investments, distribution, C-suite leadership, mutual fund board positions, and endowment and foundation roles.

Signal Bay’s foray into the Golden State couldn’t be better timed. Polling shows that Proposition 64, which will legalise marijuana for recreational use in California, is most likely to pass on November 9. This would result in an overnight tripling of the California cannabis testing market to $300 million annually. In addition, the $100 million current market is widely unmet, with only 5% of cannabis in California currently tested according legislative standards.

Erin Holland-Collins, founder of HCA, added: “I am excited to partner with such a dynamic and diverse team committed to excellence and client service. Spending more than a decade sitting on the client’s side of the table at various asset management firms has given me a unique appreciation for Third Street’s client-centric approach.” Through the arrangement, Third Street Partners will benefit from HCA’s vast network of strong relationships and comprehensive research with specialisation in the retirement, retail and institutional distribution areas. HCA will draw from Third Street Partners’ extensive search expertise in asset management and the firm’s global footprint.

California Assembly Bill 266, or AB266 as it is commonly known, requires that all cannabis products sold in California, whether in flower, oil or edible form, must be tested by an accredited, independent analytic testing lab after December 31, 2017. In California, Signal Bay is following the template of its successful strategy executed in Oregon, where it is now the dominant player in the state. The company acquired four testing labs from 2015 to 2016 prior to the implementation of HB3400 in Oregon on October 1, 2016, a law requiring mandatory testing of all cannabis products in the state.

December 2016 Corporate INTL


Deals Versant Completes $50M Recapitalisation of Addison Corporate Center

Versant Commercial Brokerage has announced that it has successfully recapitalised Addison Corporate Center, a 605,000 square foot office complex located in the Hartford suburb of Windsor, Connecticut. Versant assisted the tenant-in-common (TIC) investors by originating new senior debt, mezzanine debt and preferred equity. The new capital is being used to pay off the existing lender, stabilise the property, purchase the TIC interests of those investors who needed to exit the investment, and roll up the TIC investors into a limited liability company. Some of the proceeds will fund tenant improvements, leasing commissions, and property upgrades. Since Versant was hired earlier this year, building occupancy has increased from 74% to approximately 96%. Recent leases include a new tenant, Triumph Group, which is taking approximately 88,000 square feet, and existing tenant Belcan Engineering Group, which increased its space by 9,500 square feet to nearly 65,500 square feet and extended its lease. In addition, Quest, which occupied 17,323 square feet, expanded its space by 45,777 square feet. Other tenants at the property include General Electric, which occupies approximately 220,000 square feet, and Sun Life Financial, which occupies approximately 100,000 square feet. The new sponsor for Addison is Virtua Partners, an affiliate of Versant. Virtua oversaw the restructuring and provided the loan guarantees and a portion of the new capital. Asset management services will be provided by an affiliate, Clear Vista Management. “This was a difficult restructuring,” commented Quinn Palomino, Principal at Virtua and Versant. “Our team had to overcome numerous hurdles in order to close this transaction. We appreciate all the efforts that went into making this deal a success.” Versant originated $32m in senior debt from Wells Fargo, and $10m in mezzanine debt from an international private equity group. Versant syndicated preferred equity totalling $7.75m and arranged for the purchase of approximately 23% of the common equity.

Tecogen to Acquire American DG Energy Tecogen Inc. and American DG Energy Inc. have announced that their Boards of Directors unanimously approved a definitive agreement under which Tecogen will acquire all of the outstanding shares of American DG in a stock-for-stock merger. Each share of American DG common stock will be exchanged for 0.092 shares of Tecogen common stock, valuing American DG at an approximately 27% premium to the company’s most recent closing share price. The transaction creates a vertically integrated clean technology company able to offer equipment design, manufacturing, installation, financing and long term maintenance service. The combined company will retain the Tecogen Inc. name and be led by Co-Chief Executive Officers John Hatsopoulos and Benjamin Locke. “We are extremely pleased with this transaction and believe that over time it will create significant value for shareholders. I’d like to thank the independent special committees of the boards of both companies for their diligent work to bring this deal to fruition,” said John Hatsopoulos, co-founder, co-CEO and director of both Tecogen and American DG. Transaction Rationale and Highlights • Competitive Advantage – Bringing American DG under the Tecogen umbrella allows Tecogen to offer a cost-free installation option to customers without access to financing, sufficient capital on hand, or for those who may not be interested in owning and maintaining the equipment – creating a vertically integrated clean technology company better able to compete with other distributed generation peers offering in-house financing arrangements. • Stable Revenue Base – On a combined basis, approximately half of total company annual revenue is initially expected be from stable, long-term contracted sources (Tecogen Service revenue and American DG Energy revenue). This revenue base will provide a reliable funding source for both operating expense and growth initiatives while also making the combined company’s revenue profile more predictable, reducing the revenue volatility caused by somewhat cyclical equipment sales and installations. • Growth Potential – Shareholders of the combined company will benefit from Tecogen’s ongoing growth initiatives and joint venture interests, including automotive emissions control joint venture Ultra Emissions Technologies Ltd. (ULTRATEK) and cogeneration joint venture TTcogen LLC. • Cost Savings – The combined companies expect to benefit from approximately $1m of general and administrative cash savings as duplicative functions are eliminated. Upon closing of the transaction, Tecogen shareholders are expected to own approximately 81% and American DG shareholders are expected to beneficially own approximately 19% of the combined company. The stock-for-stock transaction is intended to be structured such that it is tax-free to shareholders.

Ethan Schelin of Landmark Capital Advisors assisted with the capital raise, and Joel Grieco of Cushman & Wakefield handled the leasing transactions.

Contanda LLC Acquires Inbesa America, Inc.

we will draw upon Inbesa’s superior assets and capabilities for the benefit of our expanding customer base.”

Contanda Steel LLC, a wholly owned subsidiary of Contanda LLC (formerly Westway Group, LLC), a premier provider of storage and logistics services to owners of bulk liquid products in North America, has announced the acquisition of all assets and operations of Inbesa America, Inc., a leading private steel terminal in Houston, Texas.

Contanda will continue to offer the complete turnkey operations that Inbesa’s customers have come to rely on. Carmen Geiger and Armando Waterland, current CEO and President of Inbesa, respectively, will continue to have leadership roles and work closely with Contanda’s management team.

G R Cardillo, President and CEO of Contanda, said: “We are excited to have acquired the assets and operations of Inbesa, which perfectly complement Contanda’s current offerings and operating philosophy. As Contanda continues to bolster its focus and service base to include a broad range of petrochemicals and hydrocarbons,


December 2016 Corporate INTL

Ms Geiger commented: “On behalf of the Inbesa team, we are excited for the next stage of the company’s evolution, in conjunction with Contanda. As part of a larger and more robust platform, we will significantly accelerate growth, while providing exceptional services to a broader customer base.”

Deals Fleetmatics Expands Into Germany with Acquisition of TrackEasy

Germany and Poland represent two strategic markets for Fleetmatics in Europe. Both are large and relatively unpenetrated markets with healthy economies poised for growth. According to leading industry analyst firm Berg Insight, these countries combined represent close to seven million commercial vehicles. With this acquisition, Fleetmatics’ footprint in Europe now includes the UK, Ireland, France, Italy, Poland, the Netherlands, Germany and Portugal.

Fleetmatics Group plc, a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS), has announced the acquisition of TrackEasy Oy, a rapidly growing fleet management software provider in Germany and Poland. Based in Berlin, TrackEasy will add approximately 15,000 vehicles under subscription to Fleetmatics’ existing installed base. Terms of the transaction, which closed on November 1, 2016, have not been disclosed.

All TrackEasy employees have joined the Fleetmatics team and will be driving sales and support of its current TrackEasy solution in Germany and Poltrack solution in Poland. In addition, TrackEasy will begin to offer Fleetmatics’ REVEAL in early 2017. All products provide world-class vehicle tracking and business intelligence solutions designed to help drive savings and improve productivity for virtually any mobile workforce.

“Building a presence in mainland Europe has been a strategic goal for Fleetmatics, and with the acquisition of TrackEasy, we believe we have solidified our position as one of the leading competitors in Europe,” said Jim Travers, Fleetmatics CEO and Chairman of the Board. “TrackEasy and Fleetmatics share many commonalities including rapid growth and a strong commitment to customer satisfaction, as well as a focus on SMBs.”

“We’re proud of the successful company we have built over the years. Our growing and highly satisfied customer base is proof of our commitment to help businesses across Germany and Poland drive savings and improve productivity,” noted Markku Lappalainen, Group CEO. “By teaming with Fleetmatics, together we will better serve our customers by providing best-in-class vehicle tracking and business intelligence solutions.”

Mercer Advisors Continues Its National Expansion, Acquires Pegasus Advisors Mercer Advisors Inc., a national Registered Investment Advisor firm based in Santa Barbara, has acquired Pegasus Advisors, LLC, an RIA firm managing $50 million in client assets, located in Dallas, Texas. According to Christopher Currin, CFP, President of Pegasus Advisors, “Mercer Advisors shares our vision of how to operate a fee-only practice by providing independent, objective advice without any product sales agenda. Our affiliation with Mercer Advisors will allow us to deliver a broader range of specialised offerings, including turnkey asset management, in-house estate planning, executive benefits consulting, family office services, and trust administration. We’re now more capable and clientfocused than ever before.” “We are excited to have Chris and his team on board for the opening of our new Dallas office,” adds Mercer Advisors CEO David Barton. “An advisory team with deep local roots and extensive knowledge of the DFW market will gain the added strength and stability of a national powerhouse with 30 years’ experience. Together, we’re ideally positioned to offer our North Texas clients a compelling value of single-source, comprehensive wealth management services – everything from financial planning to asset protection and tax management to multigenerational legacy and estate planning and trust administration.” Anthony Salewski, a Board member of Mercer Advisors and Managing Director of Genstar Capital, which acquired Mercer in 2015, said: “We have been working with Dave Barton since our acquisition to build Mercer both organically and through acquisitions. Earlier this year, we successfully completed the company’s merger with Kanaly Trust. We are very pleased with the company’s progress and we are on track towards building a leading national wealth manager.”

SharkReach, Continuing its Aggressive Acquisition Plan, Signs LOI to Acquire a Social Advertising Agency for $6 Million SharkReach, Inc., a millennial influence marketing company has announced that on September 13, 2016 it entered into an offer letter to purchase 100% of an internationally renowned, award-winning, digital marketing agency based in Boston. The transaction is structured in cash and stock. Under the Agreement, the parties are required to keep the identity of the target and some details confidential until closing. The total purchase price for 100% of the target is approximately $6m, including earnouts, $1.5m at the closing with another $4.5m in stock and cash being delivered over a three year period at the then current trading price of the stock at the time of issuance. The transaction is subject to entering into a definitive merger agreement which will include customary conditions to closing, including the completion of due diligence and the completion of an audit of the target. Financing commitments have already been made with regard to the closing. The parties have agreed that the Closing date can be extended an additional 30 days at the company’s option. Steve Smith, the company’s CEO said: “We are very excited to welcome a second high-profile agency from Boson into the SharkReach family. “With a specialty in Social they will be a great asset to the overall organisation. Further, since they have been recognised as one of the INC. 5000 fastest-growing private companies in America, we have high expectations for year over year double-digit growth. “One key growth area is government contracts. They have secured a significant one at the state level, and we believe that can be widely duplicated, given the expanded resources of SharkReach.” Mark Gustavson, CFO of SharkReach, added: “As we continue our rapid expansion in North America and abroad, we are looking for companies that are seeing success, and as Forbes has said of SharkReach, [it is a media company] poised to skyrocket. We believe that is the case here.”

December 2016 Corporate INTL


Deals Egli AG and Fasa Join Forces in the Industry

Two world-renowned companies – Lithuanian packaging lines producer Fasa and a Swiss butter and margarine processing lines producer Egli AG – have joined forces. This newly joint conglomerate will result in expanded operating geography, customer base and will help to provide processing and packaging equipment from one stop source and to improve instant customer service worldwide. Karolis Samušis, CEO of Fasa, noted: “Switzerland is a symbol of high quality products and processes, and thanks to this cooperation, quality control of Fasa equipment will meet even higher standards. Egli AG has proved to have strong values and leadership in the market, and now we have an opportunity to join it with strong positions of Fasa and to reach new markets, new clients or new segments. Fasa gives huge importance to research and development, and this collaboration will only increase our presence in a very competitive market.” Rudenz Egli, CEO of Egli AG, added: “By constantly keeping in contact with our distributors, we realised the importance of a full range of products, therefore our cooperation was long-awaited and beneficial for both companies letting us benefit from larger sales. We will be adding extra value to our everyday work and our promise for partners. From now on, all Fasa and Egli AG production will be branded with a new logo announcing the collaboration.” It is believed that coordination of two experienced producers from one place achieves synergy in sales as both companies face increased demand. Moreover, exchanging of good practices and know-how will improve internal processes and marketing strategies. The main advantage is a possible diversification of risks and markets of both companies in Lithuania and Switzerland. Therefore, new clients will benefit by receiving full and personalised solutions from one source, whether they need to produce butter in bulk packages or make retail margarine packs. Since 1888, EGLI AG has been one of the leading companies in the development, manufacture and maintenance of butter, spread and margarine technology for industrial enterprises and research centres. It is independent and family-owned business employing 50 professionals. Company Fasa was founded in 1959 and is manufacturing packaging equipment for dairy industry – for butter, margarine and other food products. Production is exported to more than 50 different countries. Currently there are 150 employees in the company. Annual turnover in 2015 was €5m.

Acquisition of Australian Assets: Advanced Leak Detection and Australian Watermain The board of Water Intelligence, a leading provider of noninvasive leak detection and remediation solutions, is pleased to announce the acquisition of ADV and, pending a regulatory clearance that is expected in the near-term, AWL. Both Australian companies, located in Sydney, are part of a former franchise of American Leak Detection – a core business unit of Water Intelligence. Total consideration for the transaction is US$434,000. Of the total consideration, $105,409 is allocated at closing, $102,470 is to be paid on the first anniversary of closing and $226,065 is to be paid on the second anniversary of closing. An adjustment in the closing amount in favour of Water Intelligence shall be made depending on the amount of additional time needed for regulatory clearance for AWL. Based on the trailing 12 months’ sales and profits before tax from the end of Q3 2016 to the end of Q3 2015, the acquisition of the Australian companies is anticipated to be accretive to earnings. Water Intelligence’s objective remains to form a multinational growth company that builds on its existing assets and technology expertise present in the US, UK, Canada and Australia. The Company, in September 2016, acquired NRW Utilities, a growing UK company providing water leak detection and municipal sewer and wastewater services. NRW has experience with international execution of municipal work and its service offering is being integrated with the company’s core American Leak Detection business. The acquisition represents the next instalment of the Water Intelligence corporate growth strategy. The Australian companies are profitable and execute residential and commercial leak detection services through ADV and municipal services with Sydney Water through AWL. With this acquisition, Water Intelligence initiates a corporate store presence in Sydney, which will enable it to further assist the growth of other existing American Leak Detection franchisees in Australia; sell additional franchises in Australia; and develop a further corporate store presence in other Australian territories. Patrick DeSouza, Executive Chairman of Water Intelligence plc, commented: “I am delighted to announce the acquisition of the Australian companies and to work with one of our former franchisees. One of our American Leak Detection managers has already relocated to Sydney and we expect transition to be smooth. The acquisition will accelerate the development of a strategic platform in Australia to help all of our existing Australian franchisees. We are looking forward to building out the American Leak Detection network in Australia and introducing capabilities from NRW Utilities in the fast-growing water conservation market in Australia.”

Contanda LLC Acquires Inbesa America, Inc.

we will draw upon Inbesa’s superior assets and capabilities for the benefit of our expanding customer base.”

Contanda Steel LLC, a wholly owned subsidiary of Contanda LLC (formerly Westway Group, LLC), a premier provider of storage and logistics services to owners of bulk liquid products in North America, has announced the acquisition of all assets and operations of Inbesa America, Inc., a leading private steel terminal in Houston, Texas.

Contanda will continue to offer the complete turnkey operations that Inbesa’s customers have come to rely on. Carmen Geiger and Armando Waterland, current CEO and President of Inbesa, respectively, will continue to have leadership roles and work closely with Contanda’s management team.

G R Cardillo, President and CEO of Contanda, said: “We are excited to have acquired the assets and operations of Inbesa, which perfectly complement Contanda’s current offerings and operating philosophy. As Contanda continues to bolster its focus and service base to include a broad range of petrochemicals and hydrocarbons,


December 2016 Corporate INTL

Ms Geiger commented: “On behalf of the Inbesa team, we are excited for the next stage of the company’s evolution, in conjunction with Contanda. As part of a larger and more robust platform, we will significantly accelerate growth, while providing exceptional services to a broader customer base.”

December 2016 Corporate INTL


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Corporate INTL December 2016