
CHINA: ‘Yin and yang’ contracts identified as tax evasion
China’s top judicial authorities have identified so-called “yin and yang” contracts as a type of tax evasion in a newly released legal document. The designation has been highlighted
Press Release from: Carey Olsen, Wednesday 17 January, 2024.
Lawyers from Carey Olsen’s corporate team have acted as Jersey counsel for long standing client, Wentworth Resources plc (“Wentworth”), on its £61.7 million takeover by Maurel & Prom (“M&P”).
A Jersey company previously listed on the London AIM market, Wentworth has provided affordable and reliable natural gas to fuel Tanzania’s socioeconomic development for the last 20 years. M&P is an oil and gas exploration and production company listed on Euronext Paris, specialising in the production of hydrocarbons.
The takeover of Wentworth by M&P, conducted by way of a Jersey law scheme of arrangement, has increased M&P’s working interest in Tanzanian gas field Mnazi Bay from 48.06% to 80%. The acquisition is set to strengthen the long-term partnership between M&P and state oil company Tanzania Petroleum Development Cooperation (“TPCD”), as TPCD is expected to increase its stakes in Mnazi Bay from 20% to 40%. The arrangement would result in M&P holding 60% ownership of Mnazi Bay and TPDC holding the remaining 40%.
China’s top judicial authorities have identified so-called “yin and yang” contracts as a type of tax evasion in a newly released legal document. The designation has been highlighted
The world’s biggest multilateral climate fund said it will make its largest ever series of investments and speed up dealmaking as it looks to help poorer nations respond to global warming. The
Press Release from the Bahamas Financial Services Board and the Association of International Banks and Trusts, Wednesday 21 February, 2024. The Ministry of Finance is pleased to announce The Bahamas’
Amid a higher debt burden, U.K. should not be considering pre-election tax cuts, forecaster says. The International Monetary Fund advised Chancellor Jeremy Hunt against additional tax cuts in its annual