CARLYLE DRAGGED INTO $300 MILLION HONG KONG NICKEL-FRAUD SAGA

Bloomberg on 29th August reported that the Carlyle Group is the latest big name to emerge in a years-long attempt to untangle an elaborate nickel-trading fraud that ensnared major metals brokerages, with a Carlyle unit known as Vermillion Asset Management named in court papers.  It is alleged that Carlyle funds took in more than $110 million from a firm tied to the alleged $300 million scam.  The development comes as part of a series of long-running lawsuits by ED&F Man and others against several Hong Kong firms accused of using fake warehouse receipts to sell the same nickel holdings to multiple buyers.

https://www.bnnbloomberg.ca/carlyle-dragged-into-300-million-hong-kong-nickel-fraud-saga-1.1308437

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

NEW UK DIGITAL EXPORT LICENSING SYSTEM TO GO LIVE IN 2020

Janes.com reported on 28th August that the UK is introducing a new online licensing system for the export of strategically controlled items in January 2020, and it will replace the current Shared Primary Information Resource Environment (SPIRE) system in a phased delivery.  Licensing for International Trade & Enterprise (LITE) and SPIRE will run in parallel until March 2020, when the latter will be formally deactivated.

https://www.janes.com/article/90705/new-uk-digital-export-licensing-system-to-go-live-in-2020

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

DOES A US FEDERAL COURT DECISION GIVE NEW LIFE TO THE ALIEN TORT STATUE AND PUT MULTINATIONALS ON NOTICE?

A Client Alert from Baker McKenzie carried details of a federal court to overturn a lower court’s decision and effectively revive the case of Doe v Nestle.  This involved a claim under the Alien Tort Statute of 1789, one of the claims that have arisen particularly around alleged human rights, labour and environmental improprieties by corporations overseas, but several US Supreme Court decisions had seemingly closed the door on such claims, limiting their viability to narrowly confined circumstances.  The recent decision appears to give rise to multinational concerns that common engagement practices with suppliers – including auditing and financing arrangements – could give rise to ATS jurisdiction and liability stemming from supplier misconduct. In the Nestle case, former child slaves filed an ATS action against Nestle and several other major agriculture multinationals for allegedly aiding and abetting child slave labour in the Cote d’Ivoire, and the claimants asserted that the defendants were aware of supplier slavery, provided personal spending money to maintain the supplier relationship, facilitated inspections by employees from US headquarters of the supplier operations, and made the operative financing decisions from US offices – and this proved sufficient to provide jurisdiction for an ATS case to go forward and litigate the veracity of those claims.  Baker McKenzie warns that the decision may well invite more ATS claims to be filed in the US against US companies relating to alleged supplier misconduct overseas, and says that the best defence will be evidence of well-developed, engaged and effectively-structured supply chain compliance programmes.

http://bakerxchange.com/rv/ff0050d6c69cd1fae65ac613ff489fdaf403fdf4

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

COUNTERFEIT CANNABIS VAPE CARTRIDGES

On 28th August, Rolling Stone magazine reported on cases of lung disease detected in the US and caused by the use of counterfeit THC vape cartridges in e-cigarettes.  The CDC has announced it is aware of 193 cases across 22 US states linked to vaping, though it is not clear how many are attributable to counterfeit THC cartridges, although 28 cases have been confirmed in California.  It is said that counterfeit cartridges have become much more common as the market has exploded in recent years, with vendors advertising counterfeit and bootleg products on Snapchat and Instagram, and there are even wholly black market brands.  Others are counterfeit versions of dispensary brands, such as Bulletproof Vapes, with dealers purchasing fake dispensary product testing stickers as a way of making them look more legitimate.

https://www.rollingstone.com/culture/culture-features/counterfeit-thc-vapes-cdc-vaping-health-alert-875931/

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y