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MTN buys into the Middle East Freshfields Bruckhaus Deringer and Dewey Ballentine took the lead roles when MTN, Africa's largest mobile telecommunications company, acquired Investcom for $5.5 billion.

The Financial Services Agency (the FSA) is considering revisions to the regulations concerning moneylenders, such as amendments to the Moneylending Business Law, to ensure greater borrower protection and more stringent regulation of moneylending activities.

The Fair Trade Commission of Korea (KFTC) has introduced a new bill to amend the Monopoly Regulation and Fair Trade Act (MRFTA) to promote the conversion of conglomerates into a holding company structure.

In 2004 Finland introduced new tax provisions on participation exemption for capital gains arising from the sale of shares held by a Finnish company, to ensure the international competitiveness of the Finnish tax system after similar developments in many other EU member states.

George Davis and Michele Meises explain the continuing struggle between Ferc and the bankruptcy courts over energy agreements

Allen & Overy and White & Case advised on TMB Bank's $200 million perpetual non-cumulative bonds, Thailand's first hybrid Tier 1 issue. The Allen & Overy team, led by Jeremy Stoupas in Singapore and Stephen Jaggs in Thailand, acted for Barclays Capital and DBS Bank as lead managers. White & Case's Bangkok office advised TMB Bank and Maples and Calder was issuer's counsel on matters of Cayman Islands law.

The Serbian Ministry of Finance has prepared a new foreign exchange law that aims to loosen restrictions on cross-border money transfers while leaving the current structure generally intact. The draft law is awaiting parliamentary debate and could be enacted shortly.

The captive insurance market in Malta is witnessing sustained growth, both in terms of the number of captives as well as their managers. This year Malta has continued to build on its success in previous years, with HSBC Insurance Management (Malta) becoming the latest name to be added to the list of captive insurance managers, which includes Aon, Marsh, Heath Lambert and AIG.

Rahail Ali was appointed the first global head of Islamic finance at Denton Wilde Sapte. Ali is a senior equity partner in the firm's Dubai office and previously worked on landmark deals such as the $3.5 billion Dubai Ports sukuk and the $550 million sukuk for Emirates.

A slew of legal advisers helped conclude Thailand's largest and most prolonged debt restructuring. The $3.7 billion restructuring of Thai Petrochemical Industry (TPI) included a $750 million debt/equity conversion and a $650 million equity purchase by strategic investors. Johnson Stokes & Master, led by Bangkok partner Steven Miller, advised the committee of creditors which included 140 lenders. Baker & McKenzie acted for the original plan administrator and Norton Rose represented the second plan administrator. TPI was advised by Linklaters before the court-based rehabilitation. Siam Niti provided Thai law advice to the second plan administrator and International Legal Counsellors Thailand represented TPI's executives and former controlling shareholders.