Client Alert February 6, 2025

Kobre & Kim Expands in Latin America with New Regional Managing Director in São Paulo, Brazil

  • As part of its continued growth in Latin America, Kobre & Kim has appointed Renata Ramalhosa as Regional Managing Director, based in São Paulo.
  • Renata will expand and enhance relationships with local law firms, strategic advisors, key regional stakeholders, and clients outside of Brazil with Brazilian interests.
  • Renata has held leadership roles in both the private and public sectors.

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Client Alert January 30, 2025

Aggressive Amendments to U.S. Statute of Limitations for Money Laundering Heightens Risks for Non-U.S. Targets

  • The U.S. Department of Justice (DOJ) continues to expand its aggressive enforcement efforts of non-U.S. individuals in money laundering investigations.
  • Recent amendments to the statute of limitations for these violations have extended the prosecution timeframe from 5 to 7 years.
  • At-risk individuals should take proactive steps to ensure they are protected.

 

 

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Client Alert January 23, 2025

Managing Risks Amid New Opportunities in Africa’s Extractive Industries

  • As Africa's landscape continues to open new opportunities for investors in the extractive industries, challenges such as navigating high-risk jurisdictions and maintaining the support of governments and local business partners persist.
  • Rapid political shifts can strain or irreparably damage relationships, while adverse actions by key local business partners can create significant operational hurdles.
  • While the decision to operate in volatile markets can be a lucrative one, businesses and individuals can take the proactive steps below to ensure their investments stay protected.

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Client Alert January 16, 2025

Brazilian Insolvencies: Offshore and Cross-Border Strategies

  • The December 2024 Chapter 15 filing of Brazilian cement group Intercement is the latest in a series of insolvency cases involving Brazilian companies with cross-border implications.
  • Navigating the multijurisdictional aspects of distressed situations could prove both demanding and rewarding for international creditors and investors.
  • Since a recent bankruptcy law was enacted, several tools have become available in Brazil for international creditors looking to improve their leverage.

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Client Alert January 9, 2025

Investors Should Be Mindful of New Aggressive South Korean Crypto Regulation and Enforcement

  • Under Korea’s 2024 Virtual Asset User Protection Act (the “Act”), crypto investors and traders active in Korea face significant regulatory risk.
  • While many applaud its proactive effort to combat market manipulation in virtual asset trading, others express concerns over its broad definitions and potential impact on common market-making activities legitimately used in other financial markets.
  • We explain how potential targets can prepare for arising risks during this period of transition and uncertainty.

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Client Alert December 19, 2024

Kobre & Kim Scores Victory in US $10+ Billion Award Enforcement Against Venezuela and PDVSA

  • Kobre & Kim currently represents ConocoPhillips in its efforts to enforce over US $10 billion in judgments and arbitration awards against the Republic of Venezuela and related state-owned entities. 
  • A recent victory in the U.S. Third Circuit Court of Appeals has cleared a path for ConocoPhillips to enforce a judgment recognizing an ICSID award against Venezuela's state-owned oil company's shares in its Delaware subsidiary. 
  • This victory shows how the "alter ego" theory can be used as an effective leverage point against a recalcitrant sovereign debtor, increasing claimant chances of achieving favorable returns.

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Client Alert December 12, 2024

Creditors Can Enhance Returns Amid Surge in Global Sovereign Debt

  • Creditors and investors in sovereign debt are riding a wave of new opportunities driving returns with global public debt projected to exceed US$100 trillion by the end of 2024, making it possible to reap higher returns on claims against sovereigns previously thought too difficult to enforce.
  • A well-thought-out strategy can increase returns and accelerate enforcement timelines.

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Client Alert December 5, 2024

Navigating the Impact of Potential UK Secondary Sanctions on Chinese Companies

  • The UK continues to use sanctions as an aggressive political strategy to attack adversarial governments and their perceived allies. 
  • While Russian entities have borne the focus of these efforts in recent years, the potential use of secondary sanctions—targeting those with connections to sanctioned countries or individuals—could be on the horizon.
  • This development may significantly impact Chinese businesses and citizens engaged in trade or holding interests in the UK.

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Client Alert November 27, 2024

Ultra-High-Net-Worth Individuals Can Mitigate Reputational Risks Arising From Disinformation

  • Disinformation is the creation and proliferation of inaccurate information with the intent of causing harm, posing a significant threat to ultra-high-net-worth individuals as it is often designed to cause serious financial and reputational damage.
  • From disgruntled former business partners seeking retribution to political adversaries trying to influence governments against their targets, disinformation can cause a ripple effect of dire consequences.
  • Some tools can help mitigate risks and combat harmful narratives. 

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Client Alert November 21, 2024

PRC-Based Investors Can Now Enforce Claims in the Middle East

  • International investors and other claimants have long struggled to enforce cross-border claims in the United Arab Emirates (UAE) and the wider Middle East.
  • Recent UAE courts decisions informing how they approach enforcement against debtors, including sovereigns, have signalled that the tides may be turning in creditors’ favor.
  • As China looks to consolidate its new investment model for China-Middle East collaboration, this issue may particularly impact PRC-based investors with an eye on the region.

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Client Alert November 14, 2024

Cross-Border Tools to Aid Latin American Parties in Disputes with PRC Companies

  • Economic ties between Latin American and Chinese businesses continue to deepen. There are unique risks involved if a dispute arises with the Chinese company.
  • Even if an organization or investor succeeds in an arbitration or litigation against a Chinese company, the Chinese legal system’s intricacies may create barriers to getting the company to pay.
  • Latin American companies and investors should consider cross-border strategies to increase their leverage.

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Client Alert November 7, 2024

Global Investors Can Protect Their Interests Amid Succession Disputes at Korean Chaebols

  • In South Korea, family struggles and key shareholder disputes over control of conglomerates, or chaebols, have long posed risks to minority shareholder interests.
  • As the chief of South Korea’s Financial Supervisory Service raises concerns over a bid to take over Korea Zinc, many are preparing for impact on shareholder value. 
  • Global investors, including activist funds, should consider deploying creative strategies to maximize their positions.

 

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Client Alert October 28, 2024

Kobre & Kim Client Receives Favorable Ruling in Enforcement of Award Against Sovereign State

  • On October 22, England’s Court of Appeal dismissed the Kingdom of Spain’s challenge to enforce a US $109 million arbitral award in favor of Kobre & Kim’s client.
  • Despite Spain’s arguments asserting state immunity, Lord Justice Phillips interpreted the 1965 ICSID Convention.

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Client Alert October 25, 2024

Decision Widens Door for Bondholders to Enforce

  • A Kobre & Kim client received a recent ruling by the New York Supreme Court that eases global bondholders’ ability to monetize claims.
  • Justice Joel Cohen found Zhu Xinli, the sole director of Huiyuan Juice subsidiary Huiyuan Beijing, personally liable for more than US $114 million. 
  • The decision means that bondholders increasingly have monetization options against recalcitrant debtors, including the ability to collect at par from well-heeled decision-makers when the primary obligors may be effectively insolvent, judgment-proof, or even already in bankruptcy proceedings.

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Client Alert October 21, 2024

Jury Awards Kobre & Kim Client US $604.9 Million in Trade Secret Case

  • Propel Fuels, Inc. (“Propel”), a low-carbon fuel provider, was awarded victory by a jury in its trade secrets misappropriation case against Phillips 66 Company (“Phillips 66”). 
  • On October 16, 2024, the jury found that Phillips 66’s renewable fuels business was developed using Propel’s trade secrets in violation of California’s Uniform Trade Secrets Act and awarded unjust enrichment damages totaling US $604.9 million.
  • The jury also found Phillips 66’s misappropriation willful and malicious, meaning the Court may triple the total damages award.

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