Party Debt – Glw Drk http://glwdrk.com/ Wed, 05 Jan 2022 17:57:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://glwdrk.com/wp-content/uploads/2021/07/icon-1-150x150.png Party Debt – Glw Drk http://glwdrk.com/ 32 32 Chinese Foreign Minister visits Kenya amid unrest over rising debt https://glwdrk.com/chinese-foreign-minister-visits-kenya-amid-unrest-over-rising-debt/ Wed, 05 Jan 2022 17:57:00 +0000 https://glwdrk.com/chinese-foreign-minister-visits-kenya-amid-unrest-over-rising-debt/ Wang Yi, State Councilor and Foreign Minister of China, waves as he leaves a press conference in Tokyo, Japan, November 24, 2020. REUTERS / Issei Kato / Pool / File Photo Register now for FREE and unlimited access to Reuters.com Register NAIROBI, Jan.5 (Reuters) – China’s Foreign Minister on Wednesday began a visit to Kenya, […]]]>

Wang Yi, State Councilor and Foreign Minister of China, waves as he leaves a press conference in Tokyo, Japan, November 24, 2020. REUTERS / Issei Kato / Pool / File Photo

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NAIROBI, Jan.5 (Reuters) – China’s Foreign Minister on Wednesday began a visit to Kenya, where the government has relied on Chinese loans to develop infrastructure but faces criticism over the debt burden that result.

The Kenyan Foreign Ministry described the visit of Wang Yi, also a State Councilor, as “historic”. He said safety, health, climate change and green technology transfer would be discussed and new bilateral agreements would be signed.

Kenya is the second of three legs of Wang’s African tour, after Eritrea and ahead of Comoros. Eritrea joined Chinese President Xi Jinping’s Belt and Road Initiative (BRI) in November, a long-term plan to finance and build infrastructure connecting China to the rest of the world.

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China has loaned African countries billions of dollars under the BRI, including $ 5 billion for the construction of a modern railway from the Kenyan port of Mombasa. Read more

This model has evolved, partly under the pressure of the COVID-19 pandemic and its economic fallout and partly because of a reaction from African critics against rising debt levels. China is shifting from physical infrastructure loans to efforts to boost trade. Read more

Among critics of Kenya’s dependence on Chinese funding is Kimani Ichung’wah, a ruling party lawmaker who has become a critic of the government.

“It’s a debt trap and they should start renegotiating,” he told Reuters ahead of Wang’s visit, complaining that the interest rates on Chinese loans were sky-high.

Ichung’wah is backing William Ruto, former deputy to President Uhuru Kenyatta, to take the presidency in an election slated for August, and has said if Ruto wins his government will seek new terms for loan repayments.

Eritrea, one of the poorest and most isolated countries in the world, is embroiled in the Tigray conflict in northern Ethiopia which has destabilized the Horn of Africa region.

Lina Benabdallah, an expert on China-Africa relations at the University of Wake Forest in the United States, said Wang’s visit shows Beijing’s interest in restoring stability in the Horn and improving access to it. Africa via the Eritrean ports of the Red Sea.

Peter Kagwanja, professor of international relations at the University of Nairobi, said the Comoros shutdown was also likely linked to business interests. The Indian Ocean archipelago sits on the edge of a maritime trade route known in China as the Sea Silk Road and considered strategically important by Beijing, he said.

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Reporting by Duncan Miriri, editing by Estelle Shirbon, Timothy Heritage and Angus MacSwan

Our standards: Thomson Reuters Trust Principles.


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Governor Hochul announces applications are now accepted for the $ 539 million Homeowner Assistance Fund for eligible homeowners at risk of default, foreclosure or displacement https://glwdrk.com/governor-hochul-announces-applications-are-now-accepted-for-the-539-million-homeowner-assistance-fund-for-eligible-homeowners-at-risk-of-default-foreclosure-or-displacement/ Mon, 03 Jan 2022 19:33:26 +0000 https://glwdrk.com/governor-hochul-announces-applications-are-now-accepted-for-the-539-million-homeowner-assistance-fund-for-eligible-homeowners-at-risk-of-default-foreclosure-or-displacement/ Governor Kathy Hochul announced today that applications are now accepted for the New York State Homeowners Assistance Fund (NYS HAF), a program that will provide up to $ 539 million in assistance or other direct aids to help eligible homeowners who are at risk of default, foreclosure or relocation due to financial hardship caused by […]]]>

Governor Kathy Hochul announced today that applications are now accepted for the New York State Homeowners Assistance Fund (NYS HAF), a program that will provide up to $ 539 million in assistance or other direct aids to help eligible homeowners who are at risk of default, foreclosure or relocation due to financial hardship caused by the pandemic. New York was the first state in the country to receive approval from the US Department of the Treasury to launch its program.

“For many, buying a home is the greatest source of economic and social stability, and our Homeowners Assistance Fund – the first in the country to be approved – is an essential tool to help ease the pain of the pandemic disproportionately felt in rural communities, communities of color and immigrant communities ”, Governor Hochul said. “My administration will continue to support homeowners, renters and all New Yorkers every step of the way as we continue to recover the economy.”

RuthAnne Visnauskas, New York State Commissioner for Homes and Community Renewal, said: “What we do now to help our fellow New Yorkers keep their homes will impact communities and our state for generations to come by contributing to its vitality and building future successes. We cannot and will not stand idly by as property and economic gains are threatened in historically disadvantaged communities. Together with our partners in legal services and community housing agencies, we have designed the Homeowner Assistance Fund to help our at-risk families across the state regain financial stability.

Attorney General Letitia James said: “As the COVID-19 pandemic continues to wreak havoc on the health and wallets of New Yorkers, it is critical that homeowners get the relief they need. The Homeowners Assistance Fund will go a long way in helping homeowners navigate this crisis, but it is imperative that these funds be used to support and not replace the mortgage industry’s own efforts to help struggling homeowners. With our new mortgage execution unit, my office will ensure that these funds go where they are needed and can protect as many homeowners as possible.

Designed and administered by New York State Homes and Community Renewal (HCR), NYS HAF targets low to moderate income homeowners who are behind on mortgage payments, property taxes, and water and sewer bills. The program is also open to owners of co-ops or condominium units who are behind on maintenance fees and to owners of manufactured homes behind on household loans, retail contracts or lot rents.

Applicants may receive financial assistance to make up for missed housing payments, to reduce mortgage debt to make monthly mortgage payments more affordable, and for unemployed homeowners, assistance of up to six months of future mortgage payments. lodging.

UNHCR is also working in partnership with the New York State Attorney General’s Mortgage Enforcement Unit to advocate with mortgage lenders and mortgage agents to ensure that homeowners receive all the relief available under the federal and state rules. This can include extended mortgage terms, deferral of missed payments or forbearance amounts and lower interest rates to reduce monthly payments.

The NYS HAF Call Center – 844-77-NYHAF (844-776-9423) – will operate Monday through Saturday from 7:00 a.m. to 8:00 p.m. to assist owners and provide essential program information and instructions on how to apply.

The NYS HAF website – www.nyhomeownerfund.org – understand Frequently Asked Questions, a step-by-step application guide, and one document checklist so applicants know what documents may be required to submit their application.

Last month, Governor Hochul announced the launch of the NYS HAF Program Website, an information call center and multilingual marketing campaign that helps educate homeowners about the program and ensure that all eligible New Yorkers, especially those from non-English speaking households, are ready and able to apply.

By reviewing previous state aid programs, UNHCR designed a more streamlined app to ensure the process is straightforward and easy for owners to navigate. The efficiencies include:

· Use of several industry standard third-party verification technologies that confirm applicant identification and / or ownership, and may limit the number of documents an owner must provide as part of their application.

· Allow the application to be started, paused and resumed later without losing data and information already entered.

· Accept signed attestations from candidates in order to minimize the number of documents they will have to submit.

To make the application process accessible to all owners and to help those with limited access to technology or limited fluency in English, UNHCR has taken the following steps:

Applicants may authorize a parent or other surrogate to submit an application on their behalf and continue to communicate directly with program staff to monitor the status of that application.

· NYS HAF has partnered with a network of over 70 housing advice and legal service providers to provide direct access to the online application portal and who will be able to submit multiple applications on behalf of their clients.

· Owners can contact the NYS HAF call center and apply by phone.

· The website and accompanying materials are available in English and ten additional languages: Arabic, Bengali, Haitian Creole, Italian, Korean, Mandarin, Polish, Russian, Yiddish, and Spanish.

· The online application is available in English, Arabic, Bengali, Haitian Creole, Italian, Korean, Mandarin, Polish, Russian, Hebrew and Spanish.

The call center can help you with language translations for any application

Since the program was announced in early December, UNHCR has mobilized an awareness and education campaign targeting vulnerable homeowners to ensure they understand the program and are ready to apply. This included mobilizing a team of 23 community organizations, spanning all regions of the state, to work with their target groups of at-risk homeowners. Areas of particular interest are those historically subject to housing discrimination, areas where landlords may have limited internet access, and communities where there is a high level of homeownership distress.

In addition, a statewide multilingual marketing campaign was created with the aim of reaching vulnerable homeowners in their own language through trusted media in communities where English is not. the main language.

The NYS HAF program is administered by Sustainable Neighborhoods LLC, a not-for-profit community development finance institution selected through competitive bidding. Sustainable Neighborhoods has extensive experience administering foreclosure prevention and loss mitigation programs statewide.

Sustainable Neighborhoods CEO / CEO Christie Peale said: “Thousands of low-income homeowners who have struggled financially because of COVID will now get the relief they desperately need, thanks to the New York State Homeowners Assistance Fund. Whether you live in a manufactured home, condominium, co-op, or single-family home, we encourage you to apply as soon as possible for assistance. It is urgent to help as many families as possible to keep their homes, despite the negative effects of the pandemic. We thank Governor Hochul for her leadership and dedication.


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“Celebration of the lie” – PDP takes aim at Buhari on 2021 achievements https://glwdrk.com/celebration-of-the-lie-pdp-takes-aim-at-buhari-on-2021-achievements/ Fri, 31 Dec 2021 08:23:00 +0000 https://glwdrk.com/celebration-of-the-lie-pdp-takes-aim-at-buhari-on-2021-achievements/ the People’s Democratic Party (PDP) described the achievements of the Buhari administration in 2021 as “a litany of lies”. At a press conference in Lagos on Thursday, Lai Mohammed, Minister of Information and Culture, said that despite the challenges of 2021, the Buhari administration had made “enormous” progress in the fight against insecurity and growth […]]]>

the People’s Democratic Party (PDP) described the achievements of the Buhari administration in 2021 as “a litany of lies”.

At a press conference in Lagos on Thursday, Lai Mohammed, Minister of Information and Culture, said that despite the challenges of 2021, the Buhari administration had made “enormous” progress in the fight against insecurity and growth of the economy.

Mohammed underlined “major achievementsHe said the Buhari administration recorded in 2021.

But, reacting in a statement Thursday, the opposition party called the achievements “a celebration of lies by a failing administration.”

The PDP alleged that the APC-led administration mismanaged the Nigerian economy and failed in its primary duty to protect the lives and property of citizens.

“The People’s Democratic Party (PDP) rejects the Congress of All Progressives The performance allegations of the government led by (APC) as presented today by the Minister of Information and Culture, Alhaji Lai Mohammed, as a litany of lies and another celebration of the lie by a failing administration ”, PDP spokesperson Debo Ologunagba said in a statement.

“The performance claim by the APC government can only be a product of illusions of grandeur; a joke of the year, like the word on the streets where the real Nigerians are, is completely at odds with the fabricated lies and imaginary performance cues contained in the report.

“Isn’t it unforgivable that instead of facing its failures to secure our nation, the APC-led government, which still houses an avowed terrorist apologist, celebrates the massacres currently underway in our country by indulging in self-praise in the face of failure as terrorists continue to ravage our nation?

“Economically, the PCA government had become so addicted to lying that it forgot that Nigerians are aware that the PDP government has handed over a $ 550 billion economy (the largest in Africa and Africa). 26th in the world) and a diversified economy at APC in 2015 Today our nation has become the poverty capital of the world due to the mismanagement, corruption and recklessness of the APC government.

“In 2015 Nigeria’s external debt stood at $ 7.3 billion. Today, under the ignorant PCA government, in just over six years, external debt has reached over $ 38 billion, with no corresponding investment in the economy or infrastructure.

“Today, the poverty rate in Nigeria is 71% compared to 32% when the APC government took power in 2015. Between January and September 2021, more than $ 1.8 billion was spent on the service of debt, yet the APC government can shamelessly claim to have accomplished in 2021.

“It stands to reason that only APC gangsters can claim to have gambled despite the life experiences of ordinary Nigerians. Fortunately, Nigerians now know them for who they are.

“Moreover, it is ludicrous that the APC government pretends to be fighting corruption when it has become a haven for compromised and corrupt politicians. Obviously, that is why he has no response to reports of how the CPA leaders and their cronies have stolen over 25 trillion naira from various government agencies. It also explains why the APC government did not prosecute its APC officials and leaders openly accused of corruption.

The opposition party said that the infrastructure projects listed by the APC-led government “only exist on paper as achievements and have even attempted to take projects as their own by the PDP administrations.” The PDP challenges the APC government to name a flagship project that it has conceptualized, started and completed over the past six years ”.

The PDP said the APC “is oblivious to the pain and tears their nearly seven years of proven disappointment have inflicted on Nigerians,” adding that he will be removed from office in 2023.


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Child Labor and COVID-19: Time to Make Meaningful New Year’s Supply Chain Resolutions | Perkins Coie https://glwdrk.com/child-labor-and-covid-19-time-to-make-meaningful-new-years-supply-chain-resolutions-perkins-coie/ Wed, 29 Dec 2021 17:28:30 +0000 https://glwdrk.com/child-labor-and-covid-19-time-to-make-meaningful-new-years-supply-chain-resolutions-perkins-coie/ The holiday season is a time for contemplation, reflection and planning for the future. Additionally, having spent nearly two years in a pandemic has undoubtedly caused many of us to re-evaluate our values ​​and priorities. As the New Year approaches, now is a great time to turn the page and commit to making or re-establishing […]]]>

The holiday season is a time for contemplation, reflection and planning for the future. Additionally, having spent nearly two years in a pandemic has undoubtedly caused many of us to re-evaluate our values ​​and priorities. As the New Year approaches, now is a great time to turn the page and commit to making or re-establishing good habits.

Businesses shouldn’t be any different. Companies that assess their businesses, review their operations, and set New Year’s resolutions can start 2022. Better yet, certain New Year’s resolutions can advance environmental, social, and governance (ESG) goals broadly and significantly. literally affect millions of children. suffering in the world, in particular.

The International Labor Organization (ILO) and the United Nations Children’s Fund (UNICEF) report that the number of children trapped in child labor is on the rise. Every four years since 2000, the ILO has assessed the percentage of working children. For the first time, the percentage over a four-year period (2016-2020) has stagnated, which means that the absolute number of child laborers has increased. Although arriving at precise figures is inherently a delicate undertaking, the ILO estimates that by the start of 2020, 160 million children had been engaged in child labor.

Against the backdrop of this distressing trend in child labor, COVID-19 quickly followed and created the elements of a tragic and perfect storm: (1) a greater supply of sensitive children; (2) greater demand for cheap labor; (3) businesses (and families) in financial difficulty; (4) companies shift their resources from business improvement to business sustainability; and (5) reduced protections against child labor due to reduced regulatory enforcement and oversight, factory tours, etc. What follows is a brief overview of how this quintet of worrying trends has generated a record number of child laborers.

Child labor supply

The pandemic has disrupted business operations, supply chains and economies around the world, worsening the plight of our world’s most vulnerable people. Millions of workers have lost their jobs due to the pandemic. This rising unemployment and loss of income have pushed many households into poverty, forcing children into wage earners to help make ends meet. As if these facts weren’t enough, school closures around the world have affected an estimated one billion students. And sadder still, many of these children depended on schools for their meals. The result is that more children than ever have been drafted into work, and many are trapped in dangerous work activities like mining, farming, and manufacturing. Common injuries include burns, amputations, fractures, blindness, exposure to toxins, and electrocution. These exposures increase the risk of developing lifelong neurological disorders, lung cancer and mesothelioma.

Application for child labor

COVID-19 has increased demand for cheap labor as businesses upstream and downstream in supply chains face declining revenues. Many companies were forced to cut wages to make even a small profit. Sadly, corruption is taking hold in these desperate times. And like hawks in search of prey, organized child traffickers, who care little about the health of their “labor force” and will make a profit whenever possible, see a golden opportunity in the midst of this misery. . Rather than paying fair wages, these criminals “employ” forced labor and child labor at the lowest possible cost. Likewise, shady labor recruiters, recognizing this economic shift, have been more aggressive in recruiting workers. In addition, these low wages intensify the struggle to escape debt bondage (where a person’s services are pledged as collateral for debt repayment), as less income makes it more difficult to repay debt.

Less protections

With many global supply chains in chaos and strained government resources, COVID-19 has tragically also reduced the mechanisms that would otherwise tackle child labor. Government agencies, non-governmental organizations (NGOs) and private parties have been hampered in their ability to exercise their normal control. The pandemic has minimized travel, preventing customers, third-party auditors, government regulators and authorities responsible for finding child labor from inspecting factories and other sites. In addition, many organizations created to protect and support survivors of human trafficking (including forced labor and child labor) have seen their funding dwindle during the pandemic.

Hope and resolutions

At the risk of bringing some negativity to the holiday season, knowledgeable observers agree that the current picture of child labor around the world looks grim. This holiday season, however, can also offer the promise of hope and a more caring and empathetic future.

As we begin to see a (faint) glow at the end of the pandemic tunnel, we are also getting closer and closer to a time of judgment. Consumers and authorities alike will soon be gauging the behavior of businesses during the period when fewer were watching.

In short, the time has come to put the Compliance Houses in order. Businesses can make New Year’s resolutions to resume the fight against child labor inside and outside their supply chains. Consumers, and especially the ever-expanding subgroup of socially conscious consumers, will expect nothing less.

Here are eight resolutions businesses can take to bring joy to at-risk children:

  1. Engage in robust messaging. Company leaders, including senior management, should stress the importance of company opposition to all forms of child labor. The holiday season is an easy time for these leaders to speak up and influence the entire organization as well as stakeholders and business partners. However, aftercare is important, and unlike those diets and exercise programs that people forget in February, these executives should continue to champion their company policies through 2022.
  2. Dust off and update the company’s code of conduct. Companies should create, review or revise their code of conduct (guidelines for employees and management to clarify and make decisions that are consistent with the mission statement, core values ​​and company policies), policies (the specific rules that support guidelines), and procedures (the acts or means of complying with a company’s policies). Companies should also ensure that these documents specifically and concretely address child labor and other human rights issues. For example, if a company is required to publish, but has not put in place, the disclosures required by California’s Supply Chain Transparency Act or UK Modern Slavery Act, it must engage an experienced lawyer to help him do so.
  3. Honestly assess the company’s risk profile. Companies should rigorously check their supply chains to assess the risks of child labor and human rights violations. They should implement practical and targeted measures to eliminate any risk that may exist. Obviously, this is not a one-off act but an activity that must continue throughout the year.
  4. Make sure suppliers understand the company’s expectations. Companies should partner with suppliers and their supplier employees to ensure that suppliers comply with company requirements regarding child labor and human trafficking. Procurement agreements should require compliance with applicable laws and regulations as well as the incorporation of the company’s code of conduct and audit rights.
  5. Trust, but verify with targeted audits. Companies should engage in a practical, risk-based supplier audit program, in which they assess suppliers’ compliance with company standards regarding child labor and other important concerns. Social audits must be adapted to address the priority subjects of the company. The audit program should first focus on the suppliers that pose the most risk to the business.
  6. Train to ensure understanding. Companies should train their employees and managers responsible for supply chain management on child labor and human trafficking. They should focus on identifying and mitigating risks within their supply chains. Note that many nonprofits, vendors, and even lawyers offer such training and may provide industry specific presentations. Businesses should stress the importance of identifying these issues and reporting them to management and law enforcement.
  7. Ensure confidential report options. Companies should establish a toll-free helpline where employees, suppliers and other stakeholders can confidentially report prohibited child labor and other violations of company policies. Companies should post the hotline with the assurance that employees of suppliers do not have to fear retaliation.
  8. For “extra credit,” post what the business is doing (not overestimating or underestimating). If the company’s compliance program has reached the appropriate level of maturity, it can commit to publishing (or be required to publish) a robust annual report summarizing all of the company’s ESG efforts, including those relating to child labor, with objective measures of achievements and successes. As with all company statements, special care should be taken to ensure that the report is precise and ambitious rather than overconfident and promising “absolutes”.

ILO reports on child labor are distressing and the pandemic has made the situation worse. This holiday season, however, we can have hope for a better world. Join us in making New Year’s resolutions to finally bring at least a minimum of joy to the millions of children who may never have known him.

[View source.]


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Federal lawsuit filed against Piazza | Local news https://glwdrk.com/federal-lawsuit-filed-against-piazza-local-news/ Mon, 27 Dec 2021 19:49:00 +0000 https://glwdrk.com/federal-lawsuit-filed-against-piazza-local-news/ A federal lawsuit has been filed against Cody’s businessman Nick Piazza alleging that he and his co-conspirators implemented an elaborate ploy to prevent hedge fund Gramercy Management LLC from recovering more than $ 100 million investments in a Ukrainian agricultural enterprise with which Piazza is associated. Gramercy accuses Piazza of helping Oleg Bakhmatyuk, founder and […]]]>

A federal lawsuit has been filed against Cody’s businessman Nick Piazza alleging that he and his co-conspirators implemented an elaborate ploy to prevent hedge fund Gramercy Management LLC from recovering more than $ 100 million investments in a Ukrainian agricultural enterprise with which Piazza is associated.

Gramercy accuses Piazza of helping Oleg Bakhmatyuk, founder and majority shareholder of UkrLandFarming, one of Ukraine’s largest egg producers, illegally transfer company assets to shell companies in Wyoming as part of the of an effort to “exploit” the laws of the Cowboy State. He is accused of having committed and coordinated acts of aiding and abetting postal fraud, electronic fraud and fraudulent inducement to travel.

Piazza said her legal counsel, Kristen Mueller, advised her not to comment on the lawsuit, which she confirmed. Mueller drafted a statement on Friday, filled with appeals for state pride and entrepreneurship, which was handed out to Sleeping Giant employees and forwarded by Piazza to the Cody Company.

“(The) 105-page complaint looks more like a work of fiction than a legal document,” Mueller wrote. “Many of his claims are blatantly false, while others have a loose grip on reality. We’ll be taking a close look at this lawsuit to see if a counter-lawsuit could hold hedge fund managers accountable for the damage done to the business reputation of Nick and his partners. “

Mueller said she will not be portraying Piazza in the costume.

The lawsuit was filed as a civil case in Wyoming U.S. District Court on December 7 under the Racketeer Influenced and Corrupted Organizations Act. In addition, the lawsuit alleges allegations of fraud, tort interference, aiding and abetting and civil conspiracy.

The Sleeping Giant ski area is never mentioned in the prosecution file. The ski area, known as “Community Mountain LLC” to the Wyoming Secretary of State’s office, has a listed agent of Cody Business Services LLC. Cody Business Services is linked to SP Capital Management and TNA Corporate Solutions in their Wyoming LLC cases, two companies which are both listed in the lawsuit. Oleksandr Yaremenko, who is also listed as a defendant in the lawsuit, has filed tax returns for Community Mountain and Cody Business Services for the past two years and is the COO of SP Capital, according to the company’s website. .

Another Cody-based company with Ukrainian connections is Globberry LLC. According to its website, Globberry provides applications and infrastructure for the telecommunications industry and has offices in Cody and Ukraine. Although Piazza is not mentioned on the website, Globberry has a contact number that matches Piazza’s phone number.

This company was registered with Jackson’s attorney Scott Seedall, who also registered Community Mountain (Sleeping Giant), Cody Business Services, TNA and SP Capital with the state.

“Wyoming presents itself as the new [financial center] – it’s going to attract customers, ”said Allison Tait, a law professor at the University of Richmond, a trust and estate expert who has studied Wyoming’s financial laws, in a recent Washington Post article.

Wyoming has exceptionally lenient asset privacy laws, requiring little public information to be provided with filing documents for limited liability companies and beneficiaries of trusts. In addition, families can own assets through a Wyoming limited liability company, which is then owned by the trust.

“It’s like a gift wrapped in a wrapped gift,” Tait said. “The more wrapping you put, the more difficult it is to determine whether there has been tax avoidance or evasion or even financial crime. Very few people know what you’re doing, basically.

Wyoming is one of the few states that allows private companies to be the only party associated with a trust.

“I can’t tell you how many times I’ve taken a continuing legal education course here in New York City and I’m proud that my old playground is THE FIRST STATE to be mentioned by business lawyers like The State to move or create your LLCs, trusts, and other legal entities, ”Mueller wrote in the release.

Piazza, a graduate of Cody High School, took over the management of the Sleeping Giant Ski Resort outside of Cody in the fall of 2020. Although he is not considered the official owner of the mountain, he invested hundreds of thousands of dollars in the ski resort. since taking charge.

Piazza is also the CEO of SP Capital, a business consultancy firm with offices in Ukraine and Cody. Its website describes the company as an investment farm for “multiple debt and equity investments in agriculture, retail, foodservice, insurance, IT development, outdoor recreation and construction. shipping, as well as troubled government debt investments in Ukraine and Georgia, “according to its website. The website mentions ULF as one of its business partners, as well as its purchase of Sleeping Giant.

The lawsuit accuses Piazza of having “connections that allow him to present himself and his companies as fixers for wealthy Ukrainians and Eastern Europeans.”

“Given his contacts, his profile and his” expertise “in the protection of foreign assets by the creation of fictitious companies, Piazza was an integral part of the Bakhmatyuk project from the start”, alleges the lawsuit.

Although the hedge fund, Gramercy Funds Management LLC, has an office in Connecticut, it owns numerous funds based in the Cayman Islands. He is represented by the law firm Cheyenne Hirst Applegate LLP in the lawsuit. Hirst Applegate’s attorneys did not respond to the firm’s follow-up questions in time for the publication.

“Civilian RICO complaints are notoriously misused by opportunistic and aggressive complainants,” Mueller wrote. “I find it insulting that some hedge fund managers in the Cayman Islands are trying to create a problem with the business opportunities available to Wyoming and its residents.”

According to its website, Gramercy was founded with the aim of “investing in distressed credit opportunities in emerging markets where value could be realized through active involvement and practical restructurings.” Tax returns show the company has 49 clients and discretionary assets totaling $ 4.9 billion.

Gramercy is one of ULF’s largest creditors, but its loans were unsecured, meaning ULF did not have to offer it collateral when borrowing funds. In the event of bankruptcy, Gramercy would be the last to recover its share of the company’s assets.

But due to his over 25% stake in the business, Gramercy maintains he had the right to block certain Bakhmatyuk moves with Piazza’s help he was not told about. Specifically, Gramercy accuses Piazza of helping “house assets in Wyoming beyond Gramercy’s reach.”

“Nick and his business partners take pride in doing business in Wyoming,” Mueller wrote. “They pride themselves on bringing business opportunities to a state that has become the new frontier for businesses seeking a home base that is not only business-friendly, but also user-friendly. Wyoming is that state. Wyoming is that opportunity. There is nothing illegal or unconstitutional about the Wyoming LLC Articles of Incorporation, and there is nothing wrong with Nick or any person / entity forming a business under these Articles.

A relationship that slowly deteriorates

In 2010, Bakhmatyuk turned to global stock markets to help raise capital for ULF. In 2015, Gramercy was ULF’s largest creditor with a $ 123 million stake in the company.

Russia’s annexation of Crimea in 2014 triggered a supply chain crisis for ULF, a crisis that company officials say led to its downfall, Gramercy said.

Gramercy said that this fall, and an open investigation against Bakhmatyuk over another matter, sparked a campaign to distort the value of the company, orchestrated by Bakhmatyuk and Piazza by offering misinformation to the media and through the production of fraudulent financial statements, painting a grim picture of the company’s future that did not match market conditions.

A report by the National University of Life and Environmental Sciences of Ukraine found that data provided to an ULF news site in 2015 was “extremely inaccurate” and suggested that ” Data inconsistencies could be the result of agreements between the portal’s editorial staff and companies to include inaccurate data in the information space.

In 2015 and 2016, Gramercy agreed to restructure the reimbursement of ULF tickets. At the end of 2016, a more stringent restructuring was requested by Gramercy, which put an end to any productive negotiations between the companies. In January 2019, agricultural giant Cargill entered negotiations and offered to buy out Gramercy’s debt, but the two companies were unable to come to an agreement on terms.

Piazza is accused of requisitioning ULF debt through other creditors from 2017 to 2018 in order to isolate Gramercy in negotiations.

Gramercy said it ultimately paid for an independent ULF audit that found at least 100 of the company’s subsidiaries moved to Piazza’s TNA Corporate Solutions from November 2019 to May 2020, a decision it never disclosed. . The total value of those transfers was $ 872 million and represented at least 66% of the business, according to Gramercy.

Gramercy assumes that the TNA was created just for these transfers, as it was created two months after ULF defaulted in debt negotiations with Gramercy and other creditors. He said those transfers followed an exact “road map” that Piazza explained during a webinar in 2020 when discussing one of his other Wyoming companies, SP Advisors.

Gramercy also accused Piazza of impersonating a third party and making a low-cost offer to buy out his debt.

“Bakhmatyuk and Piazza, along with their allies, fraudulently induced Gramercy to waive the enforcement of its contractual rights, and such action will no longer provide Gramercy with any relief or remedy due to the company’s plan to misappropriate assets. Company to Shell Wyoming Companies, ”the lawsuit alleges.

By the spring of 2020, negotiations had become uncooperative between the companies, Bakhmatyuk was reportedly emboldened by the successful divestment of funds.

Gramercy was attempting to enter into negotiations with Bakhmatyuk while Bakhmatyuk was under investigation by the National Bank of Ukraine and as he transferred his Austrian villa to the property of his minor children, a house in which he s ‘settled down definitively shortly after.

In 2017, Gramercy said so and another investment group was approached by a third bondholder who said they should all unite in “restructuring negotiations to increase pressure on Bakhmatyuk and the company”. That offer was turned down due to Gramercy’s faith still in Bakhmatyuk, he said on the file.


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Overcome a Difficult Past with Integrity and Respect https://glwdrk.com/overcome-a-difficult-past-with-integrity-and-respect/ Sun, 26 Dec 2021 04:24:48 +0000 https://glwdrk.com/overcome-a-difficult-past-with-integrity-and-respect/ Editor’s Note: Each year during the Christmas-New Years season, the Reporter-News posts stories about residents of Abilene and Big Country who quietly help others and their communities. This “Everyday Hero” series begins with Johnny Walker. Johnny Walker said he heard all the jokes about his name. He is happy to laugh about it. But his […]]]>

Editor’s Note: Each year during the Christmas-New Years season, the Reporter-News posts stories about residents of Abilene and Big Country who quietly help others and their communities. This “Everyday Hero” series begins with Johnny Walker.

Johnny Walker said he heard all the jokes about his name. He is happy to laugh about it.

But his laughter hasn’t always been a part of his life. For a long time, his situation was serious.

Walker, of Abilene, is not your typical “everyday hero”. He made mistakes and paid his debt to society. But this debt has helped him become a new force for good in the world he lives in.

“Integrity,” he said of what makes an everyday hero in his mind. “It’s about doing the right thing when no one is watching. When you rely on that (mindset), you go out in public carrying it with you. People can look at you in a certain way. They can wear it. judgments.


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What is a privilege? Information for owners https://glwdrk.com/what-is-a-privilege-information-for-owners/ Fri, 24 Dec 2021 04:58:46 +0000 https://glwdrk.com/what-is-a-privilege-information-for-owners/ Privilege FAQs Now that you know the basics, let’s answer some frequently asked privilege questions. What does it mean to have a lien against you? When you have a lien against you, it means that someone has an interest in your property under specific circumstances. Typically, this would involve defaulting on an agreement or loan. […]]]>

Privilege FAQs

Now that you know the basics, let’s answer some frequently asked privilege questions.

What does it mean to have a lien against you?

When you have a lien against you, it means that someone has an interest in your property under specific circumstances. Typically, this would involve defaulting on an agreement or loan. The government will also place a lien on your property over unpaid taxes.

Privileges don’t have to be a bad thing. Sometimes that just means you haven’t finished paying off a debt. Anyone who has a mortgage has a lien on their home. They are also common if you have a solar panel loan.

How do I remove a lien from my property?

More often than not, you get a lien waived by paying off your debts in full, paying for work under an agreement, satisfying a judgment, or paying back taxes. If you believe that a lien has been wrongly placed, there are certain circumstances in which you may need to go to court to have it removed.

Will a lien affect my credit rating?

If you have a lien, it is possible that it has an impact on your credit score as it can show up on your report as a negative item, especially if you have something like an unpaid judgment. It’s common to have a lien on your home or car if it’s a car loan, but if you have things like judgments, mechanic’s liens, or tax arrears to settle, this is might present a greater challenge to qualify.

Can I refinance my home if there is a federal tax lien on it?

Generally, tax liens must be paid before you close your home. The only exception is that the FHA allows you to close with a tax lien under certain circumstances if you are on a repayment plan and have made at least 3 months of documented payments. We recommend that you discuss your situation with a mortgage expert.


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Omicron nervousness supports eurozone safe haven debt markets https://glwdrk.com/omicron-nervousness-supports-eurozone-safe-haven-debt-markets/ Mon, 20 Dec 2021 10:50:00 +0000 https://glwdrk.com/omicron-nervousness-supports-eurozone-safe-haven-debt-markets/ LONDON, Dec.20 (Reuters) – The yield on the German 10-year Bund dipped to its lowest level in nearly two weeks on Monday, with demand for safe-haven assets as the surge in Omicron cases triggered tighter restrictions in Europe. The Netherlands went into lockdown on Sunday and the possibility of more COVID-19 restrictions being imposed ahead […]]]>

LONDON, Dec.20 (Reuters) – The yield on the German 10-year Bund dipped to its lowest level in nearly two weeks on Monday, with demand for safe-haven assets as the surge in Omicron cases triggered tighter restrictions in Europe.

The Netherlands went into lockdown on Sunday and the possibility of more COVID-19 restrictions being imposed ahead of the Christmas and New Year’s holidays loomed in several European countries as the Omicron variant spreads rapidly. Read more

Yields on German 10-year bonds, considered one of the safest assets in the world, plunged to -0.402%, their lowest level since December 8. They flirted with their lowest levels since August.

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“An underlying security offer due to Omicron’s uncertainty ahead of the Christmas season has likely helped and looks set to stick,” said Rainer Guntermann, Commerzbank rate strategist.

Omicron nervousness weighs on global markets

Still, market movements and trading ranges were thin, with liquidity in bond markets declining in the last two weeks of the year.

Low liquidity exacerbated price swings in the Italian bond markets, with yields hovering between higher and lower on the day. Ten-year Italian bond yields last rose around 1 basis point to 0.93%.

Monday’s moves in European bond markets appeared relatively modest given the steeper declines in equity markets.

The pan-European STOXX 600 (.STOXX) fell 2.2%, falling to its lowest level in more than two weeks as investors fear tighter restrictions in the event of a pandemic would hurt prospects for economic growth.

Concerns about a hawkish turn at the European Central Bank may have tempered price gains in bond markets, analysts said.

ECB policymakers meeting last week called for greater recognition of inflation risks, but were pushed back by chief bank economist Philip Lane in an unusually robust debate, sources close to him told Reuters of the debate. Read more

“Obviously, on the hawkish side of the spectrum, there is a reasonable amount of dissent at the ECB, but that’s not very unusual of late,” said Lyn Graham-Taylor, senior rate strategist at Rabobank.

The new German government has chosen Joachim Nagel, a career central banker linked to the ruling Social Democratic Party, as the next head of the Bundesbank.

Nagel, a former member of the Bundesbank’s board of directors, will replace Jens Weidmann on January 1, who resigned five years earlier after a decade of unsuccessful opposition to the ECB’s aggressive stimulus policy of interest rates sub-zero and massive government bond purchases. Read more

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Reporting by Dhara Ranasinghe; Editing by Pravin Char

Our standards: Thomson Reuters Trust Principles.


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White House stands still on February 1 after student loan cancellation ends https://glwdrk.com/white-house-stands-still-on-february-1-after-student-loan-cancellation-ends/ Sat, 18 Dec 2021 16:48:32 +0000 https://glwdrk.com/white-house-stands-still-on-february-1-after-student-loan-cancellation-ends/ One of those “tense meetings,” described by someone familiar with what transpired in the conversation, took place on Wednesday. Advocates of the loan cancellation have told members of Biden’s national political and economic teams that beyond the actual economic, legal and political implications of lifting the loan repayment pause, the move was “wrong. politically ”. […]]]>

One of those “tense meetings,” described by someone familiar with what transpired in the conversation, took place on Wednesday. Advocates of the loan cancellation have told members of Biden’s national political and economic teams that beyond the actual economic, legal and political implications of lifting the loan repayment pause, the move was “wrong. politically ”. They wanted to “sound the alarm bells for them on what we believe is a very serious political mistake that they are about to make,” said a second source close to the conversation.

Biden’s team has not been moved.

Several sources familiar with what was said at the meeting described the administration’s message as effective that borrowers had two years to prepare for it and knew the hiatus wouldn’t last forever. An administration official at the meeting suggested that overall the pandemic was heading in the right direction and that the resumption of student loan repayments was part of the return to normal.

The White House has also ‘pulled this kind of bullsh – from’ the fundamentals of the economy are strong ‘which is devoid of reality,’ added the first source familiar with the conversation. “Yes, of course the stock market can be better. The unemployment figures are better – yes, absolutely. But in terms of real wages, in terms of how people feel in their wallets, it’s completely illusory. “

In the eyes of supporters of debt cancellation, the ramifications of lifting the recess are dire. Not everyone is feeling the effects of a recovering economy. Rising prices and now a new variant of the coronavirus are causing widespread discomfort. And at the start of an electoral cycle, a decision like this could affect turnout and enthusiasm, especially among younger voters, who are already unreliable midterm voters.

Arisha Hatch, Vice President of Color of Change, did not attend the meeting but described the political perspective thus: “Our early research showed that people would make political decisions based on this issue. When you combine it with quite a tale of the struggles Democrats face [in] in pushing forward an economic agenda that actually offers relief to people, a lot of people were wondering: what’s the narrative, what’s the story, what’s the push when you go back to voters in this next election cycle? “

Some of the debt cancellation supporters left the meeting feeling the White House did not yet have a comprehensive plan in place. “It was like the tail was wagging the dog,” said a third person familiar with the meeting. “Like someone at one point a few months ago said, ‘We can’t keep this thing on hiatus forever. And so everyone went into run mode, and no one stopped to think about what They did. And now we are here.

The White House declined to comment on the meeting minutes, but administration officials again insisted the loan repayment pause was still meant to be temporary, and highlighted the measures the administration has already taken in this area – including forgiveness of “$ 12.7 billion in student loan debt.”

An administration official said he expected announcements “in the weeks and months to come” on what resources will be available so borrowers who have already battled the pandemic can take advantage of the right payment plan, including including the carry over.

“The Education Department is taking a number of steps to make sure it’s not just some kind of cold turkey,” the official said. “We try to take all possible measures to do good to borrowers. “

As for the Department of Education’s review of whether Biden has the power to unilaterally write off at least $ 10,000 in student debt per borrower – which Biden has campaigned on – administration officials said conversations were still ongoing and no final decision had been taken. An official said Biden was still prepared to sign a $ 10,000 student loan cancellation bill if Congress could pass it.


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Shareholder and intra-group loans – beware of tax risks | Hogan Lovells https://glwdrk.com/shareholder-and-intra-group-loans-beware-of-tax-risks-hogan-lovells/ Fri, 17 Dec 2021 00:24:15 +0000 https://glwdrk.com/shareholder-and-intra-group-loans-beware-of-tax-risks-hogan-lovells/ introduction Most business groups rely on shareholder and / or intragroup loans in order to manage liquidity needs within the group and easily transfer liquidity from one entity to another as needed. While discussions of debts to third parties can take days, weeks or months, shareholder and intragroup loans are sometimes documented and granted on […]]]>

introduction

Most business groups rely on shareholder and / or intragroup loans in order to manage liquidity needs within the group and easily transfer liquidity from one entity to another as needed.

While discussions of debts to third parties can take days, weeks or months, shareholder and intragroup loans are sometimes documented and granted on a short-term basis based on internal models.

However, based on the latest publications from the German Ministry of Finance, we expect shareholder (cross-border) and inter-group loans to come under further scrutiny by the German tax authorities in the future. to come up. When entering into new shareholder or intragroup loan agreements, it is therefore recommended to check the latest legal publication from the German Ministry of Finance.

What does the German Ministry of Finance say?

The tax framework for shareholder and / or intragroup debt financing in Germany is currently undergoing radical change. The current uncertainty is over the appropriate transfer pricing method and the fundamental question of whether tax authorities accept shareholder loans as debt for tax purposes or treat part of shareholder loans as equity.

The German Ministry of Finance issued a decree on July 14, 2021 concerning, among other things, the tax treatment of cross-border shareholder loans with some surprising statements regarding the accounting for a loan and the calculation of an arm’s length interest rate in cross-border situations between parties:

First, the financing will only be accepted fiscally as a debt if it is economically necessary. A prudent and conscientious entrepreneur will not borrow capital in the market unless there is at least a reasonable prospect of return covering the cost of financing. The use of borrowed capital should be in accordance with the purpose of the business. If these characteristics are not met, the loan will be considered as equity.

Second, if the loan is considered a debt, the deductibility of interest charges paid to a related enterprise without sufficient substance is limited to interest calculated on the basis of the cost plus method capped at the “risk-free” interest rate. . Although there is no definition of a “risk-free” interest rate in the decree itself, in some statements it appears to refer to the interest on the bonds of State with the highest credit rating. No higher rate of interest can be claimed for tax purposes as arm’s length, because in the case of a finance company without sufficient substance, the finance company is not acting as a lender but rather as an arm’s length finance company. as a servicer from a tax point of view and, therefore, only the cost-plus method may apply.

What must be considered when considering debt for tax purposes?

Although there are no clear statements from the tax authorities, the following aspects should be relevant in this context:

  • economic justification for the loan;
  • corporate and / or industry customs in debt structuring;
  • the use of the loan in accordance with the purpose of the business;
  • past behavior of the borrower and lender towards third party debt;
  • the creditworthiness of the borrower;
  • interest rate, accounting for interest payments for tax purposes;
  • terms and conditions of the loan;
  • whether or not the loan will be secure / guaranteed;

Overall, when agreeing on a shareholder loan, the circumstances of the situation should be considered in a holistic way, based on the diligence and diligence of a prudent businessman. As with any other business transaction, shareholder loans require proper substantive review before being entered into in order to avoid unwanted (legal) consequences.

Summary and additional points

The declarations of the German tax authorities are regarding intra-group financing structures very difficult if the financing is provided by non-resident companies with little or no substance. In particular, the potential for adjustment of interest rates by the German tax authorities should be taken into account as excessively high interest rates can have important implications for tax compliance. It should be noted that German tax courts, in particular German federal tax courts, have recently ruled that the cost plus method should only be applied if it is not possible to determine an arm’s length interest rate. on the basis of the price comparison method. . Although it seems more preferential in this case compared to a cap on the interest rate of government bonds with the highest credit rating, in today’s low interest rate market the actual effect may being weak. Therefore, it should be carefully considered which entity of a group of companies provides debt financing to German affiliates in order to avoid significant tax problems in Germany.


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