Regional news: Africa & Middle East
KPMG loses Abraaj jurisdictional challenge in DIFC first
KPMG, the former auditor of collapsed UAE private equity fund Abraaj, has lost a jurisdictional challenge to a professional negligence claim brought by two Abraaj subsidiaries – after a court in Dubai’s financial free zone found it had jurisdiction on a pure “necessary and proper” basis.
05 November 2021
What we know (so far) from GCC restructuring reforms
King & Spalding partner Mike Rainey in Dubai examines how recent reforms to the bankruptcy regimes in Saudi Arabia and the UAE are changing local markets – and identifies debt-for-equity swaps, non-performing loan transactions and the sale of healthy parts of a business in the context of restructuring as areas ripe for further development.
05 November 2021
Suspected Ponzi schemer’s bankruptcy recognised in New York
A New York bankruptcy court has recognised the Israeli insolvency proceedings of investment company EGFE Israel and its CEO – a “wanted” alleged fraudster who is suspected to be behind one of the largest Ponzi schemes in Israeli history.
03 November 2021
Global Advocacy and Legal Counsel promotes NMC Healthcare adviser
UAE law firm Global Advocacy and Legal Counsel has promoted NMC Healthcare counsel Murad Abida to regional co-managing partner in Dubai.
01 November 2021
NMC Healthcare seeks ADGM help for onshore recognition
The administrators of NMC Healthcare have sought a declaratory order from an Abu Dhabi court to help them seek recognition in onshore courts of deeds of company arrangement that were approved last month.
21 October 2021
Steinhoff’s contested South African scheme set for January hearing
Three weeks after an Amsterdam court confirmed its Dutch composition plan, retail conglomerate Steinhoff has revealed its contested South African scheme has been listed for a week-long sanction hearing in January – while it also faces uncertainty from a pending liquidation application.
15 October 2021
Cayman liquidators of Kuwaiti family group turn to New York for answers
A pair of Cayman liquidators overseeing the winding up of a Kuwaiti family’s investment vehicle are seeking recognition in the US to take discovery from multiple parties including US law firms and international banks, who they believe might shed light on tens of millions of dollars transferred out of the group several years ago.
13 October 2021
US recognition sought for alleged Australian-Israeli tax scam
The liquidator of a group of companies owned by an Australian family, who are embroiled in an alleged international tax avoidance scheme with Israeli banks, has sought Chapter 15 relief in New York.
01 October 2021
Community round-up: advisory firms make hires across Europe and US
US-headquartered advisory firm Ankura Consulting has launched a new European restructuring practice with several hires, including the former co-heads of EY’s European restructuring group and AlixPartners’ UK turnaround practice – while B Riley and Alvarez & Marsal have added new faces in the US and London.
27 September 2021
Angolan-owned energy company enters bankruptcy in Amsterdam
UPDATED: A Dutch energy company owned by scandal-hit Angolan billionaire Isabel dos Santos has been placed into bankruptcy in the Netherlands.
22 September 2021