Legal Games End up Forcing BNY Mellon to Partially Freeze Kazakh SWF Assets
A series of complicated legal battles in multiple jurisdictions has led to partial assets of a sovereign wealth fund being frozen by a custodial bank. Bank of New York Mellon (BNY Mellon) has frozen US$ 22.6 billion in assets that are held by Kazakhstan’s National Oil Fund. The Justice Ministry of Kazakhstan acknowledged that BNY Mellon had initially decline to freeze assets of the National Fund in response to rulings via the courts in Belgium and the Netherlands. However, on October 30, 2017, BNY Mellon had changed its position and moved to freeze the assets, according to the Justice Ministry of Kazakhstan.
Moldovan businessman Anatolie Stati and his son Gabriel Stati, and two of their companies – Ascom Group, S.A. and Terra Raf Trans Traiding Ltd., are in a multi-year legal war against the Kazakhstan government. The Moldovan businessmen claim they were harassed by the Kazakhstan government to forcibly sell their investments in the country’s oil and gas industry at a below market price. The Kazakhstan government denied the allegations against the Stati parties. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.
The People’s Bank of China (PBOC) created a new department to oversee and attempt to eliminate financial risks to the system. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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