Sanctions Update: Appeal dismissed in Lamesa Investments v Cynergy Bank

Last year, the High Court held that UK based retail bank Cynergy (“Defendant”) could cease to make interest repayments under a loan facility with Lamesa Investments (“Claimant”) due to the real risk of facing US secondary sanctions.

Related briefings

New LCIA Arbitration Rules: In force on 1 October 2020

The London Court of International Arbitration (LCIA) recently released its updated arbitration rules (the “2020 Rules”) which will come into force from 1 October 2020 and will apply to any arbitration commenced under the auspices of the LCIA on or after this date. The 2020 Rules, in the LCIA’s own words, aim to make the arbitral processes “even more streamlined and clear” for arbitrators and parties alike. We summarise nine key changes and one omission.

New regulation supports businesses using online platforms to trade

On 12 July 2020, the P2B (Platform to Business) Regulation became applicable in the UK aimed at online marketplaces and search engines and their dealings with the businesses that use their platforms. We provide an overview of the provisions and the impact it could have on your business.

UK Sanctions – the start of a new era

After the Brexit transition period, EU sanctions will no longer apply in the UK. The UK’s various sanctions regimes will come into force in their place under the Sanctions and Anti-Money Laundering Act 2018 (the “SAMLA Act”). Gurpreet Chhokar looks at how the new sanctions will look in the post-Brexit world.

Agency Workers Regulations: Is your business compliant?

The government has recently introduced changes to the regime affecting the rights and entitlements of agency workers which have significant implications for those businesses which employ them. Our Employment team provides an overview of the changes and prospective changes.

Latest Briefings

EU-US Privacy Shield for data transfers ruled as invalid

The Office of the Data Protection Authority in Guernsey (ODPA) has warned companies in the Bailiwick to be aware of the recent Court of Justice of the European Union (CJEU) judgment which affects all businesses who transfer personal data outside of the Bailiwick and the European Union (EU).

Recognition and Assistance for PRC Insolvency in Hong Kong

Synopsis A recent case in Hong Kong, has demonstrated both the ability and willingness of common law courts to recognise insolvency appointments made by the courts of the People’s Republic of China (‘PRC’), and to grant appropriate assistance at common law. It is to be hoped that this proven track record will pave the way for easier recognition of common law court appointed liquidators in PRC, where, unlike in common law countries, such recognition is subject to the principle of reciprocity.

High Court decision on business interruption claims for Covid related losses

The High Court has now handed down judgment in the eagerly awaited test case brought by the Financial Conduct Authority (‘FCA’) against 8 insurers to determine whether policyholders can make business interruption (BI) claims for losses arising from disruption and closure of their businesses caused by Covid-19.

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Clifford Chance closes the gap on Freshfields’ litigation lead

Freshfields Bruckhaus Deringer has lost significant ground in the global disputes market to its three magic circle rivals over the past five years despite making a series of international investments and partner hires, The Lawyer can reveal. In this year’s Global Litigation 50 report, which ranks the world’s leading disputes practices by the revenue they […]

Malaysia

Clydes embroiled in 1MDB scandal

Clyde & Co has been embroiled in the 1Malaysia Development Berhad (1MDB) scandal after anti-corruption officials claimed that money held in the firm’s accounts were related to an ongoing fraud investigation. The 1MDB saga is one of the world’s largest financial fraud scandals which, among other things, has seen former Malaysian Prime Minister Najib Razak […]

Greenberg continues to build out City restructuring with new partner hire

Greenberg Traurig has brought in another partner from a US rival to revivify its City restructuring practice. Corporate trusts specialist Helena Nathanson joins the firm after a stint as joint head of banking at Dorsey & Whitney. She was previously head of the European corporate trust group at Bryan Cave Leighton Paisner, leaving in January […]

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