BOSTON, April 25, 2017 /PRNewswire/ — With ongoing employer demand for compliance officers, Boston University School of Law is proud to announce its Certificate in Financial Services Compliance program, launching in the Fall 2017 semester.

The Certificate in Financial Services Compliance is a 12-credit part-time program delivered completely online, designed to give lawyers and non-lawyers alike access to the industry leading compliance faculty of BU Law’s Graduate Program in Banking & Financial Law. One of the fastest-growing fields within financial services, compliance positions at financial services institutions, consulting firms and major corporations have exploded since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010.

“Perhaps more important than the growth in the number of compliance personnel required in the area of financial services,” says James Scott, director of BU Law’s Graduate Program in Banking & Financial Law, “is the greater demand for professionalism. The scope of substantive knowledge required, as well as the increased breadth of risk management, monitoring and testing, policy drafting and implementation and training of business personnel has resulted in a dramatic rise in the professional stature of financial institution compliance officers.”

Program courses include Fundamentals of Compliance, Defining a Robust Financial Services Compliance Function, Financial Services Compliance & the Management of Risks, Consumer Financial Services and Banking Structure & Regulation. All courses are designed to build on a student’s understanding of a compliance function within a financial services organization.

The entirely online certificate program builds on the School of Law’s graduate programs that are offered completely or partially online, such as the Graduate Tax Program and the Executive LLM in International Business Law. Courses are delivered asynchronously, so that students view classroom lectures and complete course assignments on their own schedule. Interactivity and networking with peers and instructors comes through discussion boards, office hours, and group assignments.

“We have had great success in the Graduate Program in Banking & Financial Law by using senior practicing financial services lawyers with adjunct teaching experience to offer more junior practitioners guidance on the practice of a particular area of financial services law,” says Scott. “We think this model of a faculty comprised of those with many years of professional experience is one that translates to provide aspiring financial institution compliance officers with a leg up in terms of knowledge and practical guidance.”

Having conferred its first LLM in Banking Law in 1984, and having later broadened the degree to include financial services, BU Law remains the only school to offer a financial services LLM with its own faculty comprised entirely of seasoned adjunct professor/practitioners and a curriculum designed exclusively for graduate study. The program was recently recognized as being one of the ten best in the world for Banking/Finance/Securities Law by LLM Guide. Prior to the launch of the new certificate program, the only means of taking courses within the program was as a residential student, of which the program has between 50 and 75 each academic year.

“We believe that the successful teaching model of our traditional Graduate Banking and Financial Program is readily transferable to a financial institution compliance certificate,” says John Riccardi, BU Law’s assistant dean for graduate & international programs. “As in our residential LLM program, the emphasis will be on having those with significant experience as financial institution compliance professionals share not only their substantive knowledge but their practical experience in the same kind of ‘hands on’ approach.”

In addition to receiving practical compliance training within a context of select Graduate Banking and Financial Law Program courses in banking, consumer financial and funds regulation, certificate program graduates who seek to obtain the full LLM in Banking & Financial Law degree may apply their 12 certificate credits towards the 24-credit LLM program, if admitted.

More information on the Certificate in Financial Services Compliance, including a full list of courses and faculty profiles, is available on BU Law’s website. Prospective students should email any questions about the program to fincomp@bu.edu.

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SOURCE  Boston University School of Law

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WASHINGTON
—

Attorney General Jeff Sessions vowed Monday that the Trump administration would vigorously prosecute white-collar crime amid concerns that such cases would fall by the wayside in favor of high-profile priorities such as violent crime and illegal immigration. 

 Sessions affirmed the department’s commitment to prosecutions under the Foreign Corrupt Practices Act, which bars corporations from bribing foreign officials to gain a business advantage. President Donald Trump once called it a “horrible law.” 

 “We will continue to enforce the FCPA and other anti-corruption laws,” Sessions said. “Companies should succeed because they provide superior products and services, not because they pay off the right people.” 

Sessions wanted to ensure no uncertainty

He made his remarks at the annual conference of the Ethics and Compliance Initiative, a gathering of lawyers who internally police corporate misconduct. He acknowledged that it was unusual for an attorney general to appear before such a group, but said he wanted to send a message because, “I understand there can be some uncertainty when a new administration or new leadership occurs at the Justice Department.” 

Paul Pelletier, a former deputy chief of the Fraud Section of the Justice Department’s Criminal Division, said Sessions’ remarks were important because of speculation that the Trump administration would ease enforcement of the anti-bribery law. 

 Initially, enforcement lagged 

Enacted in 1977, the act was little invoked for years. But in about 2005, the Fraud Section began enforcing it much more vigorously. It has rapidly become a major factor in business decisions about overseas operations, generating large fees for law firms and large fines for the federal government. 

 As the Justice Department stepped up enforcement, some business leaders argued that prosecutors were overreaching and putting U.S. companies and exporters at a competitive disadvantage. 

 Among them was Trump, who said on CNBC in 2012 that “the world is laughing at us” for enforcing the anti-bribery law. And as president, he nominated Jay Clayton, a lawyer who has expressed skeptical views about the act, to lead the Securities and Exchange Commission, which also investigates violations of it. 

 In that context, Rachel Brewster, a Duke University law professor, said Sessions’ declaration that he is “keeping the same policy is itself news.” 

 “Whenever the president says a law is horrible, you get worried about enforcement,” she said, and “the combination of a Trump administration and the new SEC chair has made people concerned.” 

 Hiring freeze at Justice Department 

Sessions’ speech came 10 days after the Justice Department imposed a hiring freeze on the Fraud Section, along with most of the rest of the Criminal Division and the 93 U.S. attorney’s offices. An April 14 internal department email announcing that policy, obtained by The New York Times, justified it as a step that would help the administration “focus on hiring on our most priority needs” as it prepares to restructure. 

 The Criminal Division and the federal prosecutors’ offices, which have largely been without Senate-confirmed heads since the Trump administration fired most of the remaining Obama-era U.S. attorneys last month, had generally been spared from an earlier hiring freeze that remains in effect for much of the rest of the Justice Department. 

 Jobs at risk by foreign competitors 

A few parts of the department that focus on national security, drugs and immigration have been exempted. Their missions dovetail with themes Sessions has emphasized, including reducing violent crime and cracking down on transnational drug cartels and illegal immigration. 

 On Monday, in a Q&A session after his address to the lawyers group, Sessions sounded a somewhat more reassuring tone. 

 He spoke of the importance of U.S. manufacturing jobs put at risk by foreign competitors that are not bound by the same laws, asked for suggestions about how to stop that, and said “good companies” should not be unduly punished if an employee goes awry.

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Family law shouldn’t be a problem for Teesside’s newest legal practice – the three McGees are brothers and sister.

With their best mate, Matthew Agar, solicitors Paul and Andy McGee have set up shop as McGee McGee Agar at the Forbes Building on Linthorpe Road, Middlesbrough and have brought in little sister Terri to run the office side of the operation.

“It’s been a good move to work together,” said Paul.

“Truth is we always got on well when we were kids and mum and dad are so proud of what we’ve done. There will be times when we will clash, but being brothers, it’s forgotten about in five minutes and we can always bounce ideas off each other.”

“Matt, Paul and I all went to Nunthorpe School, with Matthew and I in the same year and doing law from the outset, but Paul had a bit of a different route,” said Andy, who is 31.

That route involved Paul playing for Middlesbrough as a youth schoolboy before being released at 16 and spending time playing for Leyton Orient.

“I did a lot of nutrition as part of my football career, so I then studied science and got a degree in food nutrition,” said Paul, 33.

“I switched to law, which was quite a jump, because trying to get a job in the food sector up here was really difficult and I wanted to be with my fiance, so I looked at Andrew’s career path, which had more options and I saw him doing well.”

Matt, now 32, had been the first to get a job in law on Teesside, followed by Andy getting work experience at Teesside Law before the time felt right to set up on their own.

“I think the clients were relating to us more because we were younger and perhaps more motivated,” explained Andy.

The fact that the team, which handles criminal and family law – had worked for so long in the area and knew their clients well was a spur to bid for one of the regional law contracts which had come up for renewal.

“So far it has been a lot better than we might have thought,” said Andy.

“I think a lot of firms out there neglect certain aspects such as websites and social media, which we do a lot of, and we are also on the duty solicitors scheme – which can be a bit hit and miss – and then there is all the private work we attract.”

“One of the things that also sets us apart,” added Paul, “is that we know it is difficult in Middlesbrough to afford some legal fees, so we will tell people up front how much it will cost and we will never vary that.

“It’s a bit of a gamble, but at the end of the day we live in Middlesbrough and know that it can be difficult for people – with some being quoted £8,000 for a divorce – so we were determined to keep it affordable.”

Plans for the future include another office and taking on a trainee, but the focus for them will always be Teesside.

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(Repeats Monday item)

* Political risk insurance high margin and growing

* Dramatic policy changes in U.S., Europe have global impact

* Brexit showed sometimes the unthinkable happens – broker

* Some firms prefer to shoulder risk themselves

By Brenna Hughes Neghaiwi and Carolyn Cohn

ZURICH/LONDON, April 24 Rocked by a shakeup in
the Western political order, companies are buying more insurance
to protect themselves against the threat of rising protectionism
and upheaval to their operations in emerging markets.

Insurers say demand is being driven by uncertainty over the
consequences of a string of events in the developed world – from
Donald Trump’s election in the United States and Britain’s vote
to quit the European Union last year to the presidential
election process now underway in France.

Multinationals – ranging from oil and gas firms to mining
groups, industrial manufacturers and banks – are concerned that
unforeseen changes in government policies could lead to business
disruption, flouted deals and unrest in their growth markets.

The kind of cover they want is not a large contributor to
most insurers’ business but is considered higher margin and is
growing, market players say.

Zurich Insurance said new business at its political risk and
trade credit unit was up 14 percent in 2016, driven by demand
for cover against the risk of a government or state-owned entity
defaulting on its obligations. Growth continued with an 11
percent increase in the first quarter of 2017.

Zurich gave no overall figures but said political
risk was an important part of its specialty risk insurance
business, which totals $2 billion in gross written premiums a
year.

“As we see dramatic changes in U.S. foreign policy and
European policy and the integrity of the European Union itself,
that affects the global environment,” Zurich’s head of credit
and political risk David Anderson said.

“It affects what emerging markets do, and it affects how
countries perceive the rule of law.”

Since becoming president in January, Trump has ordered a
missile strike on Syria, reversing his predecessor Barack
Obama’s decision against attacking Damascus government targets,
and pulled the United States out of the Trans-Pacific
Partnership trade deal with Asian countries.

On top of that is uncertainty over future U.S. policy on
issues such as relations with China and Russia, the nuclear
programmes of North Korea and Iran, and renegotiation of a North
American free trade deal that could hit Mexico badly.

Likewise, the consequences of Brexit remain a major risk
along with campaign promises by Marine Le Pen, who will contest
the French presidential run-off on May 7, to reshape the
country’s EU membership radically, reject trade treaties, pull
out of NATO’s integrated military command and curb immigration.

In an example of policies already used, Zurich paid $31
million to a client who had to evacuate staff from Yemen under a
claim made in 2015 – the year a Saudi-led coalition supported by
the United States began air strikes on the country.

NOT FOR EVERYONE

Three types of cover help companies to protect against
geopolitical risks: trade credit – which covers the risk that
suppliers are not paid punctually – political risk such as
government expropriation of assets and political violence
including terror attacks.

The policies are not for everyone. Some major companies say
they still prefer to bear the risk themselves.

Oil major BP and miner BHP Billiton
have policies to keep external cover to a minimum, with BHP
citing in its annual report “concerns about the value of
external insurance in the natural resource sector”.

Nevertheless, 61 percent of respondents surveyed jointly by
leading trade credit groups Berne Union and International Credit
Insurance & Surety Association said they saw increasing volumes
of new business last year.

The world’s leading specialty insurance market Lloyd’s of
London also said it has seen rising demand for political risk
and violence insurance.

“Brexit made people understand sometimes the unthinkable
happens,” said Evan Freely, who heads broker and risk manager
Marsh’s global practice for political risk and trade
credit.

European, U.S. and Asian clients with a strong foothold in
emerging markets are particularly concerned, Freely said, as
they look to protect themselves against the potential impact of
new regimes on trade relationships.

Risks of disruption to business from political upheaval have
risen globally since the Arab Spring uprisings of 2011 and
insurers see unrest spreading, especially in Africa.

“The shine of globalisation has come off. Maybe there will
be less trade and less benefits coming from trade to many of the
emerging markets,” broker Aon’s director of crisis
management and political risk John Minor said.

COSTS

A firm looking to protect itself against the likes of terror
attacks or asset expropriation in Mexico, for example, would
typically pay around $500,000 for $100 million of cover,
according to James Esdaile, managing director at broker BPL
Global.

Expropriation is not government policy in Mexico, but before
Trump was even elected an opposition senator proposed the idea
of such retaliatory action, should the United States inflict
economic losses on his country to make it pay for a border wall.

Aon’s Minor said that for $750,000, a commodities trader
with operations in 25 emerging and 25 developed markets could
purchase up to $100 million in cover against expropriation,
political violence and currency inconvertibility risks across
those 50 countries.

Legislative risks – such as Turkey’s referendum this month
granting President Tayyip Erdogan sweeping powers
or “mixed signals” on the possible renegotiation of the North
American Free Trade Agreement – are a
particular concern.

These ranked fourth in companies’ list of concerns after
cyber crime, terrorism and political violence, said Clements
Worldwide, which provides insurance to expatriates and
international companies.

Commodities trader and miner Glencore said in its
annual report that its exposure to geopolitical uncertainties
and those related to laws, enforcement, permits and licences
increased in 2016. It is taking out insurance, particularly
credit insurance, to mitigate the impact.

Companies that traditionally took out political violence
insurance were expanding their cover to buy broader political
risk cover on a global basis, Aon’s Minor said.

Germany’s Allianz introduced political violence
policies two years ago. “There are companies that are buying $1
billion, $2 billion or sometimes $3 billion of coverage for
terrorism or political violence, which includes war on land,”
Christof Bentele, head of crisis management at Allianz’s global
corporate and specialty business, said.

Allianz, however, will cover only up to 100 million euros in
political violence claims, and clients have to fill their
additional needs elsewhere, often via Lloyd’s.
(editing by David Stamp)

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Rocked by a shakeup in the Western political order, companies are buying more insurance to protect themselves against the threat of rising protectionism and upheaval to their operations in emerging markets.

Insurers say demand is being driven by uncertainty over the consequences of a string of events in the developed world – from Donald Trump’s election in the United States and Britain’s vote to quit the European Union last year to the presidential election process now underway in France.

Multinationals – ranging from oil and gas firms to mining groups, industrial manufacturers and banks – are concerned that unforeseen changes in government policies could lead to business disruption, flouted deals and unrest in their growth markets.

The kind of cover they want is not a large contributor to most insurers’ business but is considered higher margin and is growing, market players say.

Zurich Insurance said new business at its political risk and trade credit unit was up 14 percent in 2016, driven by demand for cover against the risk of a government or state-owned entity defaulting on its obligations. Growth continued with an 11 percent increase in the first quarter of 2017.

Zurich gave no overall figures but said political risk was an important part of its specialty risk insurance business, which totals $2 billion in gross written premiums a year.

“As we see dramatic changes in U.S. foreign policy and European policy and the integrity of the European Union itself, that affects the global environment,” Zurich’s head of credit and political risk David Anderson said.

“It affects what emerging markets do, and it affects how countries perceive the rule of law.”

Since becoming president in January, Trump has ordered a missile strike on Syria, reversing his predecessor Barack Obama’s decision against attacking Damascus government targets, and pulled the United States out of the Trans-Pacific Partnership trade deal with Asian countries.

On top of that is uncertainty over future U.S. policy on issues such as relations with China and Russia, the nuclear programmes of North Korea and Iran, and renegotiation of a North American free trade deal that could hit Mexico badly.

Likewise, the consequences of Brexit remain a major risk along with campaign promises by Marine Le Pen, who will contest the French presidential run-off on May 7, to reshape the country’s EU membership radically, reject trade treaties, pull out of NATO’s integrated military command and curb immigration.

In an example of policies already used, Zurich paid $31 million to a client who had to evacuate staff from Yemen under a claim made in 2015 – the year a Saudi-led coalition supported by the United States began air strikes on the country.

NOT FOR EVERYONE

Three types of cover help companies to protect against geopolitical risks: trade credit – which covers the risk that suppliers are not paid punctually – political risk such as government expropriation of assets and political violence including terror attacks.

The policies are not for everyone. Some major companies say they still prefer to bear the risk themselves. Oil major BP and miner BHP Billiton have policies to keep external cover to a minimum, with BHP citing in its annual report “concerns about the value of external insurance in the natural resource sector”.

Nevertheless, 61 percent of respondents surveyed jointly by leading trade credit groups Berne Union and International Credit Insurance & Surety Association said they saw increasing volumes of new business last year.

The world’s leading specialty insurance market Lloyd’s of London also said it has seen rising demand for political risk and violence insurance.

“Brexit made people understand sometimes the unthinkable happens,” said Evan Freely, who heads broker and risk manager Marsh’s global practice for political risk and trade credit.

European, U.S. and Asian clients with a strong foothold in emerging markets are particularly concerned, Freely said, as they look to protect themselves against the potential impact of new regimes on trade relationships.

Risks of disruption to business from political upheaval have risen globally since the Arab Spring uprisings of 2011 and insurers see unrest spreading, especially in Africa.

“The shine of globalisation has come off. Maybe there will be less trade and less benefits coming from trade to many of the emerging markets,” broker Aon’s director of crisis management and political risk John Minor said.

COSTS

A firm looking to protect itself against the likes of terror attacks or asset expropriation in Mexico, for example, would typically pay around $500,000 for $100 million of cover, according to James Esdaile, managing director at broker BPL Global.

Expropriation is not government policy in Mexico, but before Trump was even elected an opposition senator proposed the idea of such retaliatory action, should the United States inflict economic losses on his country to make it pay for a border wall.

Aon’s Minor said that for $750,000, a commodities trader with operations in 25 emerging and 25 developed markets could purchase up to $100 million in cover against expropriation, political violence and currency inconvertibility risks across those 50 countries.

Legislative risks – such as Turkey’s referendum this month granting President Tayyip Erdogan sweeping powers or “mixed signals” on the possible renegotiation of the North American Free Trade Agreement – are a particular concern.

These ranked fourth in companies’ list of concerns after cyber crime, terrorism and political violence, said Clements Worldwide, which provides insurance to expatriates and international companies.

Commodities trader and miner Glencore said in its annual report that its exposure to geopolitical uncertainties and those related to laws, enforcement, permits and licences increased in 2016. It is taking out insurance, particularly credit insurance, to mitigate the impact.

Companies that traditionally took out political violence insurance were expanding their cover to buy broader political risk cover on a global basis, Aon’s Minor said.

Germany’s Allianz introduced political violence policies two years ago. “There are companies that are buying $1 billion, $2 billion or sometimes $3 billion of coverage for terrorism or political violence, which includes war on land,” Christof Bentele, head of crisis management at Allianz’s global corporate and specialty business, said.

Allianz, however, will cover only up to 100 million euros in political violence claims, and clients have to fill their additional needs elsewhere, often via Lloyd’s.

 

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SOUTHFIELD, Mich. – April 24, 2017 – PRLog — Gerald E. Thurswell, founder of Thurswell Law (http://www.thurswell.com/), will receive the Honorary Order of the Coif Award at Wayne State University Law School’s 2017 Treasure of Detroit event, April 27. The annual event recognizes those who have made a lasting contribution to the legal profession and celebrates the success of the law school.

The Order of the Coif is an honorary scholastic society, the purpose of which is to encourage excellence in legal education by fostering a spirit of careful study, recognizing those who as law students attained a high degree of scholarship, and honoring those who as lawyers, judges and teachers have attained high distinction for their scholarly or professional accomplishments. Only one Honorary Order of the Coif award is presented each year.

Thurswell received his Juris Doctorate, cum laude, from Wayne State Law School at the age of 23 and went on to form one of the most successful law firms in Michigan: Thurswell Law. His exceptional reputation includes recognition in Who’s Who in the World, and being honored by his peers as one of the “Best Lawyers in America” and as a “Super Lawyer.” He is admitted to the State Bar of Michigan, the U.S. District Court for the Eastern District of Michigan, the U.S. District Court for the Western District of Michigan, the U.S. Court of Appeals for the Sixth Circuit and the U.S. Supreme Court. In addition to Michigan, Thurswell is also licensed to practice law in the District of Columbia, Illinois, New York and Colorado.

“I received a great education at Wayne State University that set me on the path to where I am today. I love what I do, because I am able to make a difference in the lives of people who have been injured as the result of medical malpractice,” Thurswell commented in reaction to his upcoming Wayne State Law honor.

Representing clients in Michigan since 1968, Thurswell Law has recovered millions of dollars in extremely complex cases involving medical malpractice, automobile negligence and catastrophic injury. The firm is rated Tier 1 by U.S. News and World Report and has represented clients throughout the state of Michigan.

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Global security companies and their smaller Chinese rivals are jostling for business along Beijing’s modern-day “Silk Road”, the grandiose plan for land and sea routes connecting the world’s second largest economy with the rest of Asia and beyond.

Representing investments of hundreds of billions of dollars, the pet project of Chinese President Xi Jinping is seen boosting economic growth at home, and as positive for everything from steel prices to cement makers.

Security firms also expect to tap the rush, offering to protect thousands of Chinese workers – and the pipelines, roads, railways and power plants they build – as they fan out across the world under the “One Belt, One Road” (OBOR) initiative.

It won’t be easy, however, with executives warning that state-owned enterprises running or planning projects from Africa to Vietnam sometimes prefer to deal with fellow Chinese, treat safety as an afterthought and try to keep costs to a minimum.

“OBOR is a lifetime (of work) for us,” said John Jiang, managing director of Chinese Overseas Security Group (COSG).

The small consortium of security providers was set up early last year and operates in six countries: Pakistan, Turkey, Mozambique, Cambodia, Malaysia and Thailand.

“In eight years’ time, we want to run a business that can cover 50-60 countries, which fits with the One Belt One Road coverage,” Jiang told Reuters.

Chinese personnel are essentially barred under Chinese law, and that of many host nations they work in, from carrying or using weapons.

Instead, COSG and its rivals usually work with and train local staff and focus on logistics and planning.

In Pakistan, for example, where attacks by militants and separatist insurgents are considered a serious threat, COSG has a joint venture with a local security firm with links to Pakistan’s navy.

The Pakistani army also plans to provide 14-15,000 armed personnel dedicated to guarding Chinese projects, according to local media reports.

The $57 billion China-Pakistan Economic Corridor, the largest single project under the OBOR banner, envisages roads, railways, pipelines and power lines that link China’s western reaches with the Arabian Sea via Pakistan.

CHINESE VERSUS INTERNATIONAL

Major international security operators hope their scale and experience can convince China’s price-conscious state-owned giants to pay for foreign expertise.

Firms like Control Risks and G4S (GFS.L) offer staff with military backgrounds and decades of experience in risky regions around the world.

G4S said it had seen an acceleration of interest in its services since OBOR began gaining traction.

Michael Humphreys, a Shanghai-based partner at Control Risks, said around a third of the security consultancy’s work in China was related to OBOR.

Hong Kong-based logistics firm Frontier Services Group (0500.HK), co-founded by Erik Prince who created the U.S. military security services business Blackwater, announced in December it was shifting strategy to capitalize on OBOR.

It plans to set up an office in the southwestern province of Yunnan, which adjoins Southeast Asia, and another base in Xinjiang in China’s west, the starting point for the CPEC project crossing Pakistan.

Smaller Chinese firms like COSG, Shanghai-based Weldon Security and Dewei Security, meanwhile, see their advantage over multinationals in state-owned enterprises’ preference for hiring Chinese to handle sensitive projects.

Only a handful of the estimated 5,800 Chinese security companies operate overseas, with the vast majority focusing on the domestic market.

“For Chinese firms, especially with security work, they (state companies) want to speak with another Chinese person. We can also one hundred percent reflect their thinking when we work,” said Dewei general manager Hao Gang.

NO EASY SELL

Security risks facing Chinese workers abroad are varied and often unpredictable.

Yu Xuezhao, a former soldier working in Kenya for Dewei, is helping to train hundreds of local guards to protect Chinese contractors operating there, including oil giant Sinopec (600028.SS) and China Road and Bridge.

Africa, where China invested long before OBOR was formally created, is considered a part of the initiative.

“The most common incidents we encounter are thefts and strikes,” 27-year-old Yu said, speaking from a training compound in the Kenyan capital Nairobi he has managed since 2015. “We train security guards to inspect cars and do ground patrols.”

Events can quickly escalate.

In 2015, for example, an attack on a hotel in Mali killed three workers at a Chinese state firm, leading to calls by Beijing for beefed up security.

Officials revealed then that 350 security incidents had occurred between 2010-2015 involving Chinese firms abroad.

Such concerns do not easily translate into lucrative contracts, however.

In some cases, security companies are called in to deal with an emergency rather than to coordinate a long-term strategy.

“For a lot of companies, they come to us when they’ve (already) got a problem,” said Humphreys of Control Risks.

“They’ve started the project and they can’t move it forward because they have a labor dispute or someone is throwing petrol bombs at their trucks.”

Hao and other Chinese security executives added that most state-owned enterprises were building their overseas security capabilities from a low base.

“A lot of the larger state-owned enterprises have only just started to go out in the last few years. As such, overseas security work remains a blank space for those firms who had not gone out before,” he said.Some Chinese experts said companies operating abroad were beginning to think more about the importance of safety.

“This is something Chinese companies need to study more,” said Lu Guiqing, general manager of private builder Zhongnan Group and former chief economist at China State Construction Engineering Corporation.

“When you ‘go out’ safety is the most important. What’s the point if you end up losing people?”

(Additional reporting by Joseph Campbell in BEIJING and George Ng’ang’a in NAIROBI; Editing by Mike Collett-White)

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MUMBAI: Cyrus Mistry’s family firms failed to make a ‘prima facie’ case and show ’cause of action’ against Tata Sons, the National Company Law Tribunal said in its order dismissing the former chairman’s petition that alleged mismanagement and minority shareholder oppression at India’s largest conglomerate.

Tribunal judges BSV Prakash Kumar and V Nallasenapathy wrote that it was a misfortune that the petitioners could not make out any cause of action in any of the allegations, including Mistry’s removal as chairman, ‘oppressive’ articles of association, the investment by Tata Steel in Corus, continuation of the Nano car project and undermining the status of independent directors.

The judges said some claims were very old, stale or vague. They said the allegations of violations of insider trading rules should be decided by the Securities & Exchange Board of India and not the tribunal.

The judges also wrote in the order that the Mistry family firms’ ownership of 18.37% of shares in Tata Sons can’t on its own be a ground for waiver. Last week, the tribunal dismissed Mistry’s petition and refused to grant a waiver on the minimum shareholding requirement to petition Tata Sons. Mistry’s family firms have appealed against the NCLT’s order in the Appellate Tribunal in Delhi.

Under the Companies Act, a petitioner should hold at least one-tenth of the issued share capital of a company or represent 10% of the total number of members to take up such a case at the NCLT. Mistry fought to get this condition waived, citing public interest and the nature of allegations. Although his firms own about 18.37% of the equity shares in Tata Sons, they have only 2.17% of the total share capital in the form of equity and preference shares.

The Tata Trusts, comprising charitable organisations controlled by Ratan Tata, hold a 66% stake in Tata Sons. The legal battle followed an ugly public spat between Mistry and the Tata Group after he was sacked in October. Both sides accused each other of poor corporate governance practices and business decisions.

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Economy & Politics

Sunday, April 23, 2017 18:42

By HERBLING DAVID

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