On 17 June 2019, FINFSA announced Danko Koncar penalty now totals €110mn. There have accumulated 11 additional installments from July 2018 and June 2019. On 1 March 2019, Helsinki Administrative Court dismissed the complaint by Koncar. Judgment not final as Koncar has appealed to the Supreme Administrative Court. Background On 21 February 2018, FINFSA fined…
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U.K. – CMA Paypal/iZettle Takeover
On 12 June 2019, UK CMA confirmed it had cleared PayPal’s completed takeover of rival mobile payments company iZettle after an in-depth, Phase 2, investigation. While iZettle and PayPal are 2 of the largest suppliers of mPOS devices, the firms' customers are also willing to switch to more traditional style point of sale devices. Two…
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India – RBI Bank Shareholding Fine
On 7 June 2019, IND RBI fined Kotak Mahindra Bank for disclosures. This action is based on deficiencies in following regulatory compliance directive. Charges The bank was told to submit information about details of the shareholding held by its promoters and submit details of proposed course of action/plan/strategy. For complying with the permitted timeline for…
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Qatar – Substantial Shareholding Foreign Limit
On 3 June 2019, QAT Exc said Qatar Central Securities Depository modified foreigners’ ownership limit of Doha Insurance Group to become 49% of the company's capital.
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Hong Kong – SFC Takeovers Table Updated
From 2 June 2019, a new offer period has commenced for Maanshan Iron & Steel Company Limited (Stock Code: 323).
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China – CBIRC Baoshang Bank Takeover
On 24 May, CHI CBIRC, CHI CB issued notice on bank takeover. Decided to take over management of Baoshang Bank for one year, due to serious credit risk, in order to protect the rights and interests of the bank customers. Takeover A takeover team was set up by relevant parties to take over the management.…
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