Insights

• Minority shareholders may be surprised to learn that they have effective options when a director or other fiduciary has harmed the company.
• However, the situation may be complicated when structures cross borders, as many corporate structures in Asia do, including spreading offshore.
• Our Claim Monetization team explores how shareholders can deploy derivative actions in five key jurisdictions across Asia Pacific, the UK and the Caribbean as part of an effective cross-border strategy.

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• A Chinese court recently recognized a commercial judgment issued by the English High Court in a landmark judgment.
• China has also made it easier for Hong Kong arbitrations to be recognized and enforced in China, as well as opening the door to interim measures.
• Our Claim Monetization team analyzes what these developments mean to foreign judgment and award creditors looking for opportunities in a historically tricky jurisdiction.

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• Minority shareholders may have certain remedies available when they feel their rights have been unfairly prejudiced by the majority.
• However, the situation may be complicated when structures cross borders – typical corporate structures in Asia may spread across offshore and other key regions.
• Our Claim Monetization team lays out the basic parameters of the tools open to minority shareholders across five key jurisdictions.

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• Many parties, especially those based in Asia Pacific, soon discover that a recalcitrant debtor can frustrate enforcement of a hard-won arbitration award.
• In cross-border enforcement campaigns, the debtor may throw up obscure legal challenges to cause delays and distraction.
• A recent Kobre & Kim victory demonstrates how, through quick and strategic action, these distractions can be defeated and pressure can be maintained on the debtor.

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• The United Kingdom and the European Union are two critical jurisdictions that have implemented influential sanctions regimes against Russian entities.
• Given the UK’s departure from the EU, key differences exist that outside stakeholders must be attuned to.
• Learn the subtle yet consequential details in this reference guide, put together by Kobre & Kim’s International Private Client team.

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• Prices of Russian and other sovereign debt are falling as their economies buckle, presenting both opportunities and challenges for investors.
• Enforcing the debt against sovereign entities is already difficult, more so when sanctions are involved.
• As our Claim Monetization & Dilution team explains, non-traditional strategies may go further in putting maximum pressure on sovereigns and maximizing returns.

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• Mainland China is undergoing a wave of credit defaults, and creditors should use every tool available to maximize recovery.
• Keepwell agreements, a promise by a PRC onshore parent company to maintain an offshore debt issuer’s solvency, is one option for overseas enforcement.
• Creditors can use them to launch a multijurisdictional recovery campaign to drive up pressure on the debtor and reach a near-term settlement.

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• South Korea and U.S. antitrust regulators are increasing collaboration in cross-border matters, with the Biden administration gearing up enforcement.
• Potential targets include South Korean companies that conduct business with the U.S. Forces Korea (USFK).
• Our team explains why an aggressive, multi-jurisdictional defense is necessary to mitigate the risks

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• The Dubai International Financial Centre (DIFC), a gateway to enforcing judgments in the Middle East, has just seen significant barriers to enforcement removed.
• Creditors now have a much smoother path to collect on what they are owed both in onshore Dubai and across the region.
• Our global Claim Monetization & Dilution team unpacks how creditors can save significant time and money.

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• The U.S. Commodity Futures Trading Commission (CFTC) has quietly increased scrutiny of digital currency markets, focusing on spoofing.
• Successful traders normally do not run from risk in their trading activities, yet they often do exactly that in the face of unfamiliar regulatory risks, leading to worse outcomes.
• Targets of regulatory enforcement should therefore consider a range of aggressive measures before responding to inquiries from enforcement authorities.

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• Minority shareholders of South Korean industrial conglomerates, or “chaebols,” have had few ways to protect their interests against controlling shareholders.
• However, with the passage of new amendments to the Korea Commercial Code (KCC), minority shareholders have gained new tools to even the playing field.
• Our Claim Monetization and Dilution team looks at the key changes and implications that minority shareholders and activist investors should know about.

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• Offshore bondholders of distressed Chinese real estate companies often lack leverage in restructuring negotiations, with those companies’ assets located mostly in China.
• China Evergrande Group is just one of the many Chinese real estate companies teetering on default, with wide-ranging consequences.
• However, by taking deploying creative strategies and taking positions against competing stakeholders, activist bondholders can carve out a direct path to monetization.

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• When monetizing a claim against a debtor, the interplay between arbitration and insolvency is not only critical but also varies by jurisdiction.
• When considering a cross-border strategy, it is essential to understand how each jurisdiction interrelates with the others.
• Kobre & Kim’s global Claim Monetization and Dilution Team answers the critical questions on these intricacies for key jurisdictions in this comparative guide.

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• Special Purpose Acquisition Companies (“SPACs”) can provide sponsors—often high-net-worth individuals—with large returns.
• However, SPACs are not without their risks—there are growing signals the market may be cooling, which could lead to litigation and government enforcement.
• SPAC sponsors and advisors should prepare early in order to reduce their potential exposure.

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• South Korea is an attractive destination for investors in private equity and venture capital, but the country’s changing disclosure rules could risk a drawn-out government investigation.
• Recent changes, designed to relax disclosure for most investors, adds complexity that could be used by the government against international investors to protect domestic companies.
• International parties investing in a Korean company can and should anticipate this risk in a way that maintains both independence and confidentiality.

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