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A recent case underlines the reluctance of UK courts to impose personal duties on directors of companies where there is economic loss but not personal injury. By David Kavanagh of Watson, Farley & Williams, London

The Amsterdam Treaty, to be signed in October, makes significant reforms but failed to answer the main questions of how to reach decisions in an enlarged EU. By Raymond O’ Rourke of Stanbrook and Hooper, Brussels

Greater transparency is being recognized as the key to identifying the trail of illicit funds in South America. By Rodolfo Gerardo Papa of Cárdenas, Cassagne & Asociados, Buenos Aires

Private sector finance is increasing in France. But undertaking projects with local government will require foreign companies to bridge a cultural gap. By Jacques Bertran de Balanda and Gilles Heude of Clifford Chance, Paris

A recent case in New South Wales seems to have resolved the doubts surrounding the creation of fixed charges over receivables raised by Royal Trust Bank. By John Stumbles and Scott Farrell of Mallesons Stephen Jaques, Sydney

By the end of fiscal 2000, a momentous series of reforms should have opened the Japanese financial markets. The government’s programme is reviewed by Naoaki Eguchi, Yasushi Murofushi and Jeremy Pitts of Tokyo Aoyama Law Office-Baker & McKenzie, Tokyo

A Presidential Decree has clarified the rules concerning foreign ownership of shares of RAO Gazprom, the world's largest natural gas producer (accounting for approximately one quarter of world production). Before the Decree, Gazprom's corporate charter had established a rule that no more than 9% of its shares could be owned by "foreigners or their affiliated persons or legal entities". However, there was no clear mechanism for enforcing the limit, and the definition of 'affiliated' remained murky. Gazprom also maintained the right to approve any sale of shares to foreigners, as well as a general right of first refusal to repurchase any shares sold by Russian shareholders (except that certain shares sold to Russian shareholders by auction were exempted from the latter rule).

Saudi Consolidated Electricity Company in the eastern province of Saudi Arabia (SCECO-East) has borrowed up to US$500 million to finance part of the cost of construction of Ghazlan II, a 2400MW power plant. This is the first internationally syndicated secured financing for a Saudi Arabian public utility. Gulf International Bank acted as agent and security agent.

In 1996, AT&T Corporation (AT&T) closed the sale of its equipment finance and leasing subsidiary, AT&T Capital Corporation (AT&T Capital), to management and Hercules Holding (Cayman) Limited, which is owned by a group of companies led by GRS Holding Company. The acquisition, which closed on October 1 1996, was followed , two weeks later, by the issue of approximately US$3.2 billion of equipment-lease-backed-notes ('the notes'), approximately US$1.2 billion of which was used to finance the acquisition.

The Intergovernmental Conference, which had the task of reviewing the Maastricht Treaty, reached an agreement on a draft Treaty at the Amsterdam European Council on June 16 and 17. The draft Treaty is due to be signed in October 1997, at Amsterdam.