Thursday 24th July 2014
slib33
WEDNESDAY TICKER: JULY 23RD 2014 - According to a local press reports, the Mobileye initial public offering on Wall Street will be valued at approximately $3.8bn. The original prospectus was for a valuation between $3.5-5bn, making the actual valuation at the lower end of estimates. The Israeli company will offer 8.325m shares at a price of $17-19 per share. The offering will most likely take place in two weeks, when the stock will be traded under the ticker MBLY on the New York Stock Exchange. Mobileye was founded in 1999 and has developed a camera-based system to mount on vehicles in order to aid in collision prevention - Rubicon Minerals Corporation has closed its previously announced bought deal financing of 7,060,000 flow-through common shares of the Company at a price of C$1.70 per Flow-Through Share for aggregate gross proceeds to the Company of C$12m. The Offering was conducted by a syndicate of underwriters co-led by TD Securities Inc. and BMO Capital Markets, and included National Bank Financial Inc. and Canaccord Genuity Corp. The gross proceeds from the offering will be used to incur eligible Canadian Exploration Expenses - BNP Paribas 2nd Quarter 2014 Results will be available on Thursday 31 July 2014 from 6.00 am (London time). A live webcast in English with synchronised slides of the analysts conference call hosted by Lars Machenil, chief financial officer, will be available on the bank’s website starting at 1.00 pm (London time) - After six years of severe recession that led to a cumulative loss of 1.1m jobs, the Greek labour market has started to show signs of recovery says National Bank of Greece. More than two thirds of employment losses in the private sector (730,000 jobs) are due to the closure of about 220,000 micro and small firms (30% of the existing micro and small enterprise population) together with layoffs in this segment. NBG Research’s composite indicator of employment trends, that combines information from forward-looking and coincident indicators, points to an employment growth of +0.6% y-o-y in Q3:2014 (or +20,000 jobs) and +0.9% y-o-y (or +32,000 jobs) in Q4:2014 compared to the same period of 2013 - Trading Technologies International, Inc. (TT), a provider of high-performance professional trading software, says Robbie McDonnell has been transferred to EVP Global Sales from VP/Managing Director of Asia/Pacific. McDonnell will relocate from Sydney to TT’s headquarters in Chicago, where he will report directly to CEO Rick Lane and be responsible for leading TT’s worldwide sales operation - Eze Software Group, a provider of global investment technology, has expanded its Regulatory Filings Manager service to support Alternative Investment Fund Managers Directive (AIFMD) Annex IV filings. Clients can now leverage the robust functionality of this enterprise reporting solution to generate necessary reports in accordance with the compliance deadlines of AIFMD. Proposed by European Securities and Markets Authority (ESMA) last year, AIFMD requires that alternative investment funds meet specific risk management standards for better monitoring, measuring, and reporting. Funds need to provide supervisory authorities with detailed investment data on a quarterly or bi-annual basis for increased transparency into funds’ activity. “Our AIFMD solution is a natural extension of all that we have learned in helping our clients file Form PF and CPO-PQR,” explains Michael Hutner, senior managing director and co-head of global sales for Eze Software Group - Cordea Savills, the international property investment management company, has purchased three canal side office buildings in Camden, North London for a total of £14.07m on behalf a corporate pension fund client. The complex is on the former site of the Camden Brewery and comprises three buildings. Elephant House and The Cooper’s Building are Grade II-listed and let to Viacom for over 8 years. The Lock Building is let to a Charity, which offers the potential for redevelopment in the short term as there are mutual break options in 2015. Cordea Savills’ were represented by Fineman Ross and CBRE acted for the vendor, Derwent London -

Mukhtar Ablyazov associate imprisoned, $5bn civil litigation ongoing

Tuesday, 14 August 2012
Mukhtar Ablyazov associate imprisoned, $5bn civil litigation ongoing On August 10th a Cypriot court sentenced British citizen, Paul Kythreotis, to 2 months in prison for contempt of court. Mr. Kythreotis is an associate of Mukhtar Ablyazov, former chairman of Kazakstan’s BTA Bank, who is accused of misappropriating BTA funds totalling around $10bn during his time at the bank. http://www.ftseglobalmarkets.com/

On August 10th a Cypriot court sentenced British citizen, Paul Kythreotis, to 2 months in prison for contempt of court. Mr. Kythreotis is an associate of Mukhtar Ablyazov, former chairman of Kazakstan’s BTA Bank, who is accused of misappropriating BTA funds totalling around $10bn during his time at the bank.

Kythreotis was the subject of a July 2010 English High Court order instructing him to disclose details of his assets as part of a world-wide freezing order. He failed to disclose information concerning over $68m of his personal assets, and also refused to comply with the request to provide information on a further $295m of BTA Bank assets alleged to have been misappropriated by himself, Mr. Ablyazov and other associates. He also later admitted to supplying the English court with false information. He was susequently found guilty of contempt of court and sentenced to 21 months imprisonment.

Mr.Kytherios has avoided serving his sentence by refusing to return to the UK, however BTA bank were able to successfully pursue action against him through the Cypriot legal system, where he currently resides. Despite currently residing in a Cypriot prison the English judgement and corresponding 21-month sentence remain outstanding.

Pavel Prosyankin, BTA Bank managing director, welcomed the judgement and reaffirmed the bank’s commitment to seek redress from Mr.Ablyazov and his associates, whom they allege to have misappropriated billions of dollars of funds during his tenure as chairman.

BTA Bank has launched 9 civil cases through the English High Court as a part of its restructuring agreement with creditors to recover missing assets. The proceedings were filed against Ablyazov and his associates- including Kytherios- shortly after his 2009 arrival in London. Somewhat Ironically, Ablyazov had applied for UK asylum on arrival to the UK, citing politically motivated persecution as the cause of his flight from Kazakhstan. In the early stages of the litigation, the English courts froze his assets and held his passports to prevent him fleeing the jurisdiction. However, Ablyazov subsequently fled the UK after the High Court sentenced him to prison in February 2012 and is now in hiding- his location is currently unknown.

He also has a 22-month contempt of court sentence against his name, and Justice Teare, presiding, has taken the unusual step of issuing Mr. Ablyazov an "unless order"- meaning that he will not be able to defend BTA’s suits against him should he continue to fail to comply with the outstanding court order against him. He has appealed both judgements through his lawyers, with a verdict expected in October.

Sources close to the bank have stated, "The bank’s main priority is to protect the assets [that they believe Ablyazov has misappropriated] through all legal channels so they can be returned to the bank and creditors. Ablyazov’s assets were put into receivership to prevent them from being removed or hidden, but there has been evidence that assets were improperly dealt with since then, so the bank sought and won a committal action."

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