KWM Bolsters Singapore and Hong Kong Offices

February 2, 2024
Asia’s largest international law firm King & Wood Mallesons (KWM) has expanded its Partnership, welcoming three individuals across two of its offices. Gary Hamp and Indraneil Ghosh have been appointed in Singapore, and Ike Kutlaca has been appointed in Hong Kong SAR. Gary has over 12 years’ experience working in Asia, where he was co-Global Practice Group Chair of the Latham & Watkins’ banking practice and prior to that the head of the Hogan Lovells banking group in Hong Kong. He has in-depth expertise across all the major jurisdictions in the region in leveraged finance, acquisition finance, structured lending and secured syndicated financings in addition to acting for private credit funds and advising on the banking law aspects of complex restructurings. Indraneil comes with over 15 years’ experience and, having joined KWM in Singapore as a Special Counsel in 2021, has been advising KWM clients in the funds management, private equity, and M&A space. Having spent the founding years of his career in London, he has subsequently worked across major international fund centres in the Asia Pacific Region including Dubai, Singapore and Sydney. “Gary’s broad banking & finance capability, coupled with Indraneil’s deep knowledge of fund formation and investments, are tremendous additions to KWM’s Singapore banking and funds offering, and will complement and strengthen our existing capability in these areas across our other offices in the region. We’re extremely pleased to welcome Gary and Indraneil to the KWM partnership; we know their appointments will be welcomed by clients,” commented KWM Australia Chief Executive Partner Renae Lattey. Ike has over 12 years’ experience, having spent four years at the KWM Melbourne office before joining the Hong...

Joanne Lau Appointed as Secretary General of Hong Kong International Arbitration Centre (HKIAC)

January 26, 2024
In a press release issued today, the Hong Kong International Arbitration Centre (“HKIAC”) has officially announced the appointment of Joanne Lau as its new Secretary General with effect from 26 February 2024. Joanne Lau, an accomplished legal professional with over a decade of experience, will succeed Dr. Mariel Dimsey in this pivotal role. Having served as Co-Chair of the HK45 committee from 2020 to 2022 and as a member of the HKIAC Proceedings Committee, Joanne has a long-standing association with HKIAC. Expressing gratitude to the outgoing Secretary General, Dr. Mariel Dimsey, Rimsky Yuen, Co-Chair of HKIAC, stated: “We thank Mariel for her commitment, dedication and contribution during her tenure as the Secretary General. Whilst we know that Mariel will continue to support HKIAC, we wish her every success in her new chapter of life. We welcome Joanne Lau as the new Secretary General. With her experience and leadership, I am confident HKIAC will continue to set new benchmarks for excellence and innovation.” David W. Rivkin, Co-Chair of HKIAC, echoed these sentiments, commending Dr. Mariel Dimsey for her leadership and expressing optimism about Joanne Lau’s future contributions. “The combination of her extensive experience leading a major international arbitration practice, her close ties to the Hong Kong community, her intellectual ability, and her language skills make her uniquely qualified to lead HKIAC. I have no doubt that Joanne will further strengthen HKIAC as one of the preeminent arbitration institutions in the world” he remarked. In response to her appointment, Joanne Lau expressed her honour at taking on the role of Secretary General “As a practitioner, I have benefited from the excellent...

Hong Kong Lawyers are Walking for Good

November 10, 2023
The Hong Kong Legal Walk begins on 20 October 2023, marking only the second event in its history. As the opening ceremony approaches, Phil Taylor looks at what makes the event special, and what it means for its participants, benefactors and charities Walking for a just cause may be in lawyers’ bones. Over the years, and across the world, countless causes have been supported in this way. Walking together in public is a way of showing solidarity and raising money for those less fortunate, lawyers have often been at the forefront of these initiatives. It was while mulling over thoughts like these in late 2020, that Jonathan Bell, an entrepreneur with extensive background in the legal sector, realised that something was missing in Hong Kong. The London Legal Walk, a popular annual fundraising event supporting free legal advice services, is approaching its 20th anniversary and has raised over £10 million in that time. Similar events take place in other cities. But there was a noticeable gap in Hong Kong. “This idea came to me: there’s that great initiative in London, so let’s take that initiative and that model, and run it in Hong Kong – or walk it, for that matter,” says Bell. And so the Hong Kong Legal Walk (HKLW) was born. The timing could not have been much better. After the challenges of the past few years, including the long months of lockdown and isolation, many people were keen to get outside and get involved in something bigger. Speaking to the Hong Kong Legal Talk podcast in September, Amanda Rasmussen, Managing Director of FTI Consulting, summarised this...

Cyber Security Breaches in Hong Kong

November 10, 2023
A Growing Trend and a Call to Action JENNIFER WU Hong Kong has witnessed a recent surge in cyber security breaches, with both private and public sectors falling prey to cyberattacks. According to the Office of the Privacy Commissioner for Personal Data (“PCPD”) in Hong Kong, there was a more than 20% increase in reported data breaches in the first half of 2023 compared to the second half of 2022. These breaches have had a profound impact on businesses and individuals, from disrupting business operations to compromising sensitive personal data including credit card details, login credentials and, more severely, medical records. The consequences of these breaches extend beyond financial losses, affecting trust and reputation in the long run. Acknowledging the magnitude and impact of these breaches, the PCPD has taken a more proactive approach to combat the issue. The PCPD is actively investigating and reporting breaches of data privacy and issuing comprehensive guidelines to help organisations improve their data management and security practices. This article aims to shed light on the cyber security risks, recent enforcement actions taken by the PCPD, and the recommended measures to prevent data breaches. An Insight Into A Recent Investigation The PCPD’s investigation into the unauthorised access to credit data in the TE Credit Reference System (“System”) is one example of the impact of data breaches and the remedial measures that could have helped prevent the incident. The complainant discovered that their credit records in the System had been accessed without their knowledge and consent by several other money lending companies. The System was developed and operated by Softmedia Technology Company Limited (“Softmedia”). Around...

Marriage & Acrimony: Recent Trends in M&A Disputes

November 10, 2023
Global M&A activity has slowed significantly – the total value of M&A fell to US$732.82 billion in the second quarter of 2023, from $1.14 trillion in the second quarter of 2022 according to Dealogic data as of June 29 20231. While there have been fewer ‘marriages’ in the past year, we are seeing an uptick in acrimony and ‘divorces’. By that, we mean M&A related disputes in the context of both ongoing M&A activity and deals that have been completed in recent years. This growth appears to have been prompted by the economic headwinds that have seen all businesses suffer. These include record levels of inflation and high interest rates, coupled with a slower than expected economic recovery by the second largest economy in the world, China, and the continuing conflict in Ukraine. Therefore, obtaining maximum value from M&A ongoing and past activity has never been more important. This article explores three scenarios in M&A disputes that have come to the fore in recent times, highlighting their implications and possible mitigating measures for businesses and their inhouse lawyers. Material Adverse Change (mac) And Conditionality Related Disputes MAC clauses provide a contractual mechanism that may allow the buyer to terminate the acquisition agreement and withdraw from the transaction if, before completion, certain events occur which negatively impact the target company’s value or operations. MAC clauses provide a means for allocating risk between the parties before completion – essentially providing an exit route for buyers in certain, limited, circumstances. Other conditions precedent for the completion of a transaction are also often necessary for regulatory or commercial reasons. The present global environment...