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Gazprom US$2.5 billion facility agreed

Russian gas company RAO Gazprom has obtained a US$2.5 billion credit facility, its first such facility without government guarantees and other public sponsoring. The loan is secured by proceeds from gas sales contracts with Western gas purchasers, and will finance sections of the Jamal pipeline. It is governed by German law and underwritten by an international consortium of banks lead managed by Dresdner Bank Group.

April 30 1997

Skadden loses China team

A team of associates from Skadden, Arps, Slate, Meagher & Flom's Beijing office has defected to Vinson & Elkins. The move halves Skadden's Beijing office, leaving two partners and three associates.

April 30 1997

Latin America litigation

A decision of the Colombian Constitutional Court, issued in August 1996, has blocked the ratification of a bilateral investment treaty entered into by Colombia and the UK in 1994 and approved by the Colombian Congress in late 1995. With the failure of a recent government initiative to overturn the constitutional basis for the court's decision, it now appears that the treaty has been shelved indefinitely.

March 31 1997

Switzerland

In its February session, the Swiss Federal Banking Commission gave the green light for the first two foreign funds with special risks to be sold and marketed in Switzerland.

March 31 1997

Finland

The amendments to the Finnish Companies Act (see International Financial Law Review, August 1996, page 56) and certain related legislation were ratified in February 1997 and due to come into effect on September 1 1997.

March 31 1997

Denmark

At the end of 1995 the Danish parliament decided that the rules on the rights and duties of of the management of financial institutions (insurance companies, banks, stockbroker firms, pension funds and so on) should be harmonized and, where appropriate, tightened. In February of this year, the Ministry of Economy, which now encompasses the Financial Supervisor, submitted its proposal on the matter to other ministries and interested bodies for comment.

March 31 1997

Singapore

The Economic Expansion Incentives (relief from income tax) Act provides a range of income tax incentives to encourage investment and industry in Singapore, particularly in the engineering and technology sectors. Since the Act was passed in 1967, it has been amended from time to time to clarify and broaden the tax incentives available to various industries.

March 31 1997

China

The Provisional Regulations Banning Entrance into the Securities Industry were promulgated on March 3 1997. The Regulations outline various securities violations for professionals working in the securities industry, including the following:

March 31 1997

Fed expands role of Section 20 companies

A liberalization of US Federal Reserve rules on the securities activities of bank holding company affiliates could be a window of opportunity for foreign banks. By Nancy Jacklin of Clifford Chance, New York

March 31 1997

Cigna acquires Healthsource

US insurance company Cigna Corporation agreed to acquire managed care concern Healthsource for US$1.4 billion. The deal boosts Cigna's position as a leading provider of healthcare and is part of a trend towards consolidation in the health-insurance industry.

March 31 1997

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