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No song and dance for the Birla family
October 9, 2012

The world of Indian movies is dominated by songs, dances and drama – lots of it. And now, one family business has found itself in the midst of it all due to the lyrics of a song in an upcoming Bollywood film.

The world of Indian movies is dominated by songs, dances and drama – lots of it. And now, one family business has found itself in the midst of it all due to the lyrics of a song in an upcoming Bollywood film.

The Birla family, which controls multi-billion-dollar conglomerate the Aditya Birla Group, has sent a legal notice to Prakash Jha – the director of a new film called Chakravyuh– objecting to a song in the movie.

LVMH 'did not engage in insider trading'
October 4, 2012

The chair of France’s market regulator reckons LVMH, the luxury group controlled by Bernard Arnault, did not engage in insider trading when building up a stake in fellow family business Hermes.

The chair of France’s market regulator reckons LVMH, the luxury group controlled by Bernard Arnault, did not engage in insider trading when building up a stake in fellow family business Hermes.

Paris-based LVMH, owner of Louis Vuitton, bought its first 14% stake in Hermes in 2010, which it later raised to more than 20%.

Ruia family secures majority votes to win Essar governance battle
September 6, 2012

The family behind Essar Energy, a London-listed subsidiary of India’s Essar Group, appears to have won its battle against a British lobby group that had criticised its corporate governance practices.

The family behind Essar Energy, a London-listed subsidiary of India’s Essar Group, appears to have won its battle against a British lobby group that had criticised its corporate governance practices.
 
At the family-controlled business’s annual general meeting on 4 September, family member Prashant Ruia was re-elected as a director of the company, with 99.73% votes in his favour.
 

Essar Energy board in full support of Ruia family member
August 24, 2012

Essar Energy, a London-listed subsidiary of Indian family business Essar Group, is confident about its corporate governance principles, despite being criticised by a UK lobby group.

Essar Energy, a London-listed subsidiary of Indian family business Essar Group, is confident about its corporate governance principles, despite being criticised by a UK lobby group.

South Korean family business head jailed for four years
August 16, 2012

Kim Seung-Youn, chair of South Korean conglomerate Hanwha, has been jailed for four years and fined 5.1 billion Korean won (€3.7 million) after being found guilty of embezzlement.

Kim Seung-Youn, chair of South Korean conglomerate Hanwha, has been jailed for four years and fined 5.1 billion Korean won (€3.7 million) after being found guilty of embezzlement.

The 60-year-old head of the family business, whose operations range from manufacturing and construction to financial services, was sent directly to jail following the ruling by a South Korean court today.

Rich hiding more than $21 trillion in offshore tax havens
July 23, 2012

The rich and their families are hiding more than $21 trillion (€17.36 trillion) in offshore tax havens, equivalent to around $250 billion in lost tax revenues for governments, according to a report released on Sunday.

The rich and their families are hiding more than $21 trillion (€17.36 trillion) in offshore tax havens, equivalent to around $250 billion in lost tax revenues for governments, according to a report released on Sunday.

Conducted for the Tax Justice Network, a pressure group that campaigns against tax havens, the study drew on data from the World Bank, the International Monetary Fund, the Bank for International Settlements and national treasuries.

Italy’s mozzarella king arrested over alleged mafia links
July 19, 2012

Giuseppe Mandara, head of Italian cheese-making family business Mandara Group, has been arrested for alleged ties to the Camorra.

Giuseppe Mandara, head of Italian cheese-making family business Mandara Group, has been arrested for alleged ties to the Camorra.

According to media reports, the third-generation president of the family firm – one of the country’s biggest buffalo mozzarella-makers – was taken into custody this week. Company assets worth about €100 million were also seized.

Tetra Pak heir charged with preventing wife’s lawful burial
July 19, 2012

Hans Kristian Rausing, an heir of the Tetra Pak empire, has been charged with preventing the lawful and decent burial of his wife Eva, who was found dead in their London home last week.

Hans Kristian Rausing, an heir of the Tetra Pak empire, has been charged with preventing the lawful and decent burial of his wife Eva, who was found dead in their London home last week.

Rausing, whose grandfather founded the food packaging family business, appeared in court on 18 July. He had previously been arrested in connection with Eva’s death and was transferred to a psychiatric hospital.

Salini family wins battle against Gavios to control construction business
July 18, 2012

Italy’s Salini family has won the battle against the Gavio family to control the country’s biggest construction company, Impregilo, after shareholders approved a plan to oust board members backed by the Gavios.

Italy’s Salini family has won the battle against the Gavio family to control the country’s biggest construction company, Impregilo, after shareholders approved a plan to oust board members backed by the Gavios.

No charges against Ambani family after ban of former UBS banker
May 24, 2012

No charges have been filed against the Ambani family, which controls Reliance Group, despite the decision by a British authority to ban a former UBS banker for setting up an illegal vehicle for the Indian family.

No charges have been filed against the Ambani family, which controls Reliance Group, despite the decision by a British authority to ban a former UBS banker for setting up an illegal vehicle for the Indian family.

A statement from Reliance Group, headed by Anil Ambani, said the family members were “neither party to the proceedings, nor represented therein”.

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