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News
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Lehman brothers structured notes: It is finally moving!
Legal proceedings against Citibank were launched in Belgium on early December. About 1,500 clients arrived to hear how they could recoup the money they saw go up in smoke when Lehman Brothers went bankrupt in September 2008. According to Citibank about 4,000 of its clients in Belgium were concerned for investing their hard-earned savings in structured notes issued by Lehman Brothers.
This should prove whether Citibank was guilty of the misuse of confidentiality and violation of the prospectus act when it sold the fourteen Lehman Brothers products. Civil proceedings are scheduled to last until end of January 2010 whereas on April 2010 debates and hearings before the public ministry will commence. Among them is Jean-Paul Servais, chairman of the financial watchdog CBFA, who is currently investigating the case according to the Belgian Flamish daily newspaper De Standaard.
In Greece also Citibank has also disposed Lehman brothers structured notes to over 2.000 of its clients whereas other banks such as Eurobank and Alphabank have sold these products to a smaller number of their clientele. Since then several authorities including The Ministry of Development, the Bank of Greece and the Capital Market Regulating Authority have all condemned the bank to heavy fines for the disposal of such products. Last summer a major Multibench Court ruling has ordered Citibank to fully reimburse -including interests- a person who has invested his savings in Lehman Brothers products through this Bank. In spite of this but also of conciliatory attempts there is nothing concrete in view for an out of Court settlement as the opening of our Main Court lawsuits versus Citibank but also versus another bank starts on March 2010.
Taxation in Greece: Emergency new measures
the Greek external debt naming it Eurozone’s weak, link the Greek government has taken drastic steps for getting the issue under control as of early January 2010. On the 8th of January 2010 the government has announced increased taxation on some types of real estate property transfer through an unusual and for many controversial retroactive tax disposal. Retirement age has been prolonged and higher taxes have been announced on alcohol, cigarettes and services. In addition tax receipts incentives are in sight for tuckling the black market economy, though these seem still unclear and difficult to implement. Whatever the outcome is, it seems that 2010 will be a tough year for Greece and for the Greeks used on spending way beyond their means and productivity. A team of specialists follows closely on our behalf the new tax regime and measures as they are being announced so that we will be able to support optimized and fully compliant solutions in view of this rough as it seems new year 2010. To be noted though that, as bad as it is the Greek debt, it is smaller than the one of the U.K. and that the country is in no worst position regarding its public finances than other Eurozone countries such as Italy, Ireland or Spain.
New Swiss tax and financial operation tools
The whole world seems to be in need of more money and everyday there are lots of signs that the recovery is not there yet. What a better target on these hard days than Switzerland which is estimated to hold a 25% of the world’s deposited assets on its banks. Through an array of measures countries such as the US, France, Germany and Italy are trying to convince their citizens to repatriate their funds from the Helvetic stability heavens. Through a sophisticated and reliable legal and banking system the Swiss finance place remains one of world’s most attractive and its newly negotiated double taxation agreements and other elaborated instruments such as Holding and new limited liability companies allow interesting and fully compliant schemes to cover many international situations. ELC’s Swiss partner lawyers are constantly up to date and ready to review and assist on the implementation of such sophisticated tools in full compliance with the latest legal requirements.
Artistic LEICA photography support
Our Law firm’s philosophy is quite simple and straight forward: Attention to the details, and broadening horizons not only on new market opportunities but also in expanding on lifestyle quality beyond mere legal and financial sectors. This year in 2010 we have decided to support and assist artistic LEICA photography through promising and established photographers. We are now proud to host a presentation of the landscape works of Vassilis Mylonas a sample of which you may review through his following link: http://www.flickr.com/photos/vasmil/.
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