Day: September 16, 2020

The Cautionary Tale Of Unilever And The Netherlands

Paul Polman, the ex-CEO of Unilever, is often acknowledged as among the first champions of stakeholder capitalism. He believed that CEOs should use their position to save the world rather than merely attempt to manage their firms to maximize shareholder value. One of his more extra ordinary remarks in his long career: “I always say I represent one of the biggest NGOs.” 

An initiative of his left unfinished though was to merge Unilever’s two headed structure, respectively based in the U.K. and the Netherlands, into one and move the head office to Rotterdam. This prompted a lot of shareholder opposition, because it would jeopardize Unilever’s inclusion

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UK court to hear compensation case of London Capital & Finance bondholders

LONDON, Sept 8 (Reuters)A British court has given the green light for a compensation case brought by bondholders suffering losses from the collapse of London Capital & Finance (LCF) to be heard, lawyers said on Tuesday.

The bondholders are seeking a judicial review of how their claims for compensation have been largely rejected.

LCF went into administration in early 2019 with losses of up to 237 million pounds ($311.6 million) after the Financial Conduct Authority (FCA) directed the firm to withdraw promotional material for so-called mini bonds.

The Administrative Court has given permission for the case to be heard, said Thomas Donegan, a partner at law firm Shearman & Sterling, who is acting on bondholders’ behalf.

“We feel confident in our arguments and look forward to presenting them to the Court,” Donegan said.

Britain’s Financial Services Compensation Scheme (FSCS) said in January it could only help 159 of

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Angola Seizes AAA Hotel, Insurance Assets Linked to de Sao Vicente, TV Reports

Angola’s attorney general has seized buildings and hotels belonging to AAA, a company associated with Carlos Manuel de São Vicente whose $900 million fortune has been frozen by Swiss authorities, state broadcaster TPA reported on Tuesday.

De São Vicente was a key figure in Angola’s oil industry, heading a group of companies, including AAA Seguros, which sold insurance and reinsurance contracts to state oil company Sonangol.

An Angolan presidential decree revoked AAA’s insurance role over the oil industry in 2016, citing its “allegedly non-transparent management.”

The Geneva lawyer representing de São Vicente said last week that he denies any wrongdoing. His wife, who is a daughter of Angola’s former president Jose Eduardo dos Santos and an ex-deputy minister in the ruling MPLA party, said in a statement to Reuters he would be proved innocent.

“The Angolan attorney general’s office has initiated an investigation process related to evidence of crimes of

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