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The mega deal drought that lasted more than half-a-year was finally broken by the third quarter of 2002. The last private equity transaction that exceeded $100 million took place back in March when US-based Farallon Capital invested $520 million into Indonesia's Bank of Central Asia. By the two months ending mid-September, however, three transactions were, or were in the process of being, completed. Their combined transaction total would command an amount in the vicinity of $620 million (figure 1). All three transactions were undertaken by the Asian arms of global private equity houses. At a time when the Asian private equity industry is facing its most extensive consolidation to-date, the active participation of these non-indigenous Asian firms is not only a pledge of faith in the regional market, but also an affirmation of their central position in driving forward private equity outside of Japan.

After graduating in Economics and Law from the University of Sydney in 1977, Andrew worked in resource and industrial project development, and focused on identifying opportunities for adding value in the Australian resource sector.

By John Mackie of the British Venture Capital Association

By Fredrik von Baumgarten and Sara Bohman of Advokatfirman Vinge KB

Protecting the private equity investment without killing the golden goose By Stephen M Davis and Kenneth Drake, Heller Ehrman White & McAuliffe LLP

The US venture capital industry in 2002 By John Taylor of the National Venture Capital Association (NVCA)

China Motor Bus Company recently used new tactics to beat off a hostile takeover from Asia Time Investments. Nick Rees and Christopher Walker, of Linklaters in Hong Kong, reveal the lessons to be learnt from an unusual bid

The past six months have seen the successful completion of the first rated collateralized fund obligations. Shlomo Twerski, Paul Watterson and David Nissenbaum of Schulte Roth & Zabel explain how to structure this new financial product

On July 14 2002 the Turkish Competition Board issued a new communiqué, mainly in line with the European Commission Block Exemption Regulation, on the group exemption of vertical agreements, replacing previous communiqués on group exemptions of exclusive distribution agreements, exclusive purchasing agreements and franchise agreements. Agreements benefiting from the previous group exemption communiqués must now comply with the provisions of the new communiqué by July 14 2003 to be exempted from the application of the relevant article of the Law on Protection of Competition regarding the prohibition of concerted practices resulting in the prevention, restriction or distortion of competition in a market for goods and services.

The nature of the payments abroad to non-residents or non-domiciled foreign entities determines the applicable income and remittance tax withholding in Colombia. This applies at a rate of 7% in the case of dividends, of 10% in the case of technical assistance, technical services and consulting services, and 39.55% in the case of financial earnings, commissions, fees, and royalties.