JULY 2013
World Report - Asia & Australasia 13
norton Rose Fulbright advises the Hongkong and Shanghai Banking Corporation Limited
Global legal practice Norton Rose Fulbright has advised The Hongkong and Shanghai Banking Corporation
Limited
(“HSBC”) as facility agent and the Mandated Lead Arrangers in relation to a US$101.8 million equivalent dual currency syndicated term facility to HKSE-listed PRC property developer, Yuzhou
Properties
Company Limited (the “Borrower”), dated 30 April 2013. The Mandated Lead
Arrangers were Hang Seng Bank Limited, HSBC, Tai Fung Bank Limited, The Bank of East Asia, Limited, Luso International Banking Limited and China Guangfa Bank Co., Ltd., Macau Branch.
The transaction was the first syndicated loan facility entered into by the Borrower. The proceeds of the facility will be used for refinancing and general
working capital of the Borrower and its subsidiaries to meet future business development needs.
The Norton Rose Fulbright team advising the Facility Agent and Mandated Lead Arrangers was led by Banking and finance partner Peter Haslam in Hong Kong, with assistance from David Milligan, Emily Howell and Teresa Han.
GlaxoSmithKline in China bribery probe
Global Healthcare giant, GlaxoSmithKline (GSK), is facing in investigation into alleged bribery carried out by senior executives within the Chinese arm of the company.
the accusations include violations regarding the offering of bribes to boost sales.
According to the BBC, a GSK spokesman said: “We are investigating these
new claims. However, our inquiries to date have found no evidence of bribery or corruption in relation to our sales and marketing of therapeutic Botox in China.
“GSK has some of the toughest compliance procedures in the sector. We are proud of our high standards and operate in accordance with them.”
Baker & McKenzie Advises on two Major Wind Farm Acquisitions
Baker & McKenzie has acted on two major foreign acquisitions of Australian wind farms this month, both led by prominent
energy lawyer and partner Paul Curnow.
The Firm advised Malaysia’s Malakoff Corporation Berhad on its purchase of a 50% equity interest in the $1.2billion Macarthur wind farm from Meridian Energy. Macarthur is a 450MW wind farm in Victoria – the largest in the southern hemisphere.
The deal involved a large team of Baker & McKenzie lawyers
in Sydney,
Melbourne and Kuala Lumpur, led by Mr. Curnow, partner Sean Rush and senior associate Robyn Farrell (Project financing), partner John Walker and senior associate Miles Hurst (Tax), Property senior
associate Kate Phillips, partner Abdul Aziz Munir (Kuala Lumpur), and associate Megan Flynn.
renewable
Baker & McKenzie has also advised Thailand’s Electricity Generating Public Company (EGCO) on its acquisition of the $350million Boco Rock wind farm from Continental Wind Partners and GE Energy Financial Services. The Firm also advised on the project financing of the deal.
Mr. Curnow, head of Baker & McKenzie’s Asia-Pacific Renewable Energy team said, "This is the first time the two Asian energy companies have invested in Australia and that the deals are another sign of 'the world’s increasing interest
in Australia’s
renewable energy sector.' We have seen growing interest by foreign investors in this space, particularly
from Asian investors - and given Australia's 20% target we expect to see a lot more in the coming years.”
The deal by EGCO also involved a large team of
Baker & McKenzie lawyers in Sydney and Bangkok, led by Curnow and senior associates
Simon
Greenacre and Robyn Farrell. They were assisted by partners Sean Rush
(Financing) and Sawanee A. Sethsathira (Bangkok), along with senior associates Kate Phillips and Craig Amundsen and a team of associates.
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