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JULY 2014
Ogier Legal advise on launch of new US$2.5 billion Guernsey natural resources fund
Ogier Legal in Guernsey have recently advised X2 on the launch of its new natural resources venture, X2 Resources Partners LP Inc., a Guernsey closed-ended investment vehicle. X2 Resources has been formed by the core executive team that built Xstrata into a US$50 billion mining major from a US$500 million debt-constrained company, led by former CEO Mick Davis and CFO Trevor Reid. Its objective is to build a new, mid-tier diversified mining and metals group.
X2 Resources has raised US$2.5 billion of committed equity capital funding and up to a further US$1.25 billion of conditional equity capital funding, from a group of five
investors and is in talks with a further select group of potential investors who are also seeking to benefit from opportunities in the natural resources arena.
Ogier partner William Simpson and senior associate, James Cooke, acted as Guernsey legal advisers on the fund launch.
William Simpson said "Ogier was delighted to assist X2 in commencing this exciting new venture. This is a great example of the high profile business that Guernsey as a jurisdiction, and Ogier as a law firm, is capable of attracting from clients who are leading players in their field."
World Report - Asia & Australasia World Report - Offshore
Carey Olsen has been recognised as Offshore Firm of the Year
Held on 25 June at the Grosvenor House Hotel London and hosted this year by Joanna Lumley, the Lawyer Awards is an annual awards ceremony that celebrates excellence in the legal profession across private practice, the public sector, commerce and industry.
Carey Olsen was presented with this impressive award for acting for the winning parties in a ground-breaking decision issued by Guernsey's Royal Court. This landmark case involved UK non- domiciliary, wealthy entrepreneur Robert Tchenguiz and one of the offshore trust structures in which his assets are held ("the Tchenguiz Discretionary Trust").
Carey Olsen represented Grant Thornton's Stephen Akers and Mark McDonald who had been
appointed as joint liquidators of some of the companies involved in the Tchenguiz structure in relation to substantial loan arrangements which had been created and are now judgment creditors for over £183 million, with interest accruing at the rate of over £40,000 per day.
The court’s judgment broke new ground in the Channel Islands which led to Carey Olsen persuading the Royal Court to grant what is believed to be the world's first-ever order subrogating the creditors to the trustees' rights in the trust assets and an order appointing receivers over the dynamic trust assets (with the exception of one UK property) pending determination of any appeal.
Appleby Advises Butter- field on the Acquisition of HSBC’S Cayman Islands Business
Court of Appeal in Jersey breaks new ground by ordering first ever interim payment on account of costs
The Court of Appeal in Jersey has broken new ground by ordering an interim payment on account of costs in Crociani, Foortse, BNP Paribas Jersey Trust Corporation Ltd & Appleby Trust (Mauritius) Ltd v Crociani & O'rs [2014] JCA 095.
Bedell Cristin appeared for the
successful Respondents to the appeal, in whose favour the payment of account of costs was ordered.
The Court of Appeal decision has wide-ranging importance for practitioners in this emergent costs jurisdiction.
Leading offshore law firm and fiduciary group, Appleby (Cayman) Ltd. (Appleby) acted as Cayman Islands legal counsel for its longstanding client, The Bank of N.T. Butterfield & Son Ltd (Butterfield), in connection with the purchase from HSBC Bank (Cayman) Limited (HSBC) of certain corporate and retail banking assets in the Cayman Islands.
The Appleby team was led by Simon Raftopoulos, Partner and Global Head of Private Equity, Andrew Bolton, Partner and Global Head of Litigation & Insolvency, assisted by Associates Jacob MacAdam and Dennis Batur.
Simon Raftopoulos commented:
“Cayman is an important financial jurisdiction for Butterfield. This acquisition further enhances Butterfield's position as a leader in financial services in the Cayman Islands and, in particular, will strengthen its community banking market presence.”
The acquisition comes as a result of a strategic review by HSBC with the assets to be transferred having an approximate value of US$0.8bn. HSBC will begin wind down preparations, as well as ceasing to undertake new business with immediate effect. The transfer of the assets is scheduled to be completed by the fourth quarter of 2014.
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