Case Highlights

SEADRILL GHANA OPERATIONS LIMITED v. TULLOW GHANA LIMITED
ENGLAND AND WALES HIGH COURT

Drilling for oil is a risky business. Oil companies seek to protect themselves against the financial consequences of risk by appropriate clauses in their contracts, for example, by a force majeure clause. This case concerns a contract for the hire of an ex pensive oil rig which contained such a clause. During the course of a territorial sea dispute between neighbouring states the arbitration tribunal determining that dispute required drilling to cease in the disputed sea where drilling was to take place....

Article Highlights

Sharia investment start-up aims for Malaysia, India expansion

Islamic finance
Wahed Invest hopes to launch in Malaysia, India and Nigeria
There are 172 million Muslims in India — roughly equivalent to 10 per cent of the world’s entire Muslim population — and yet there isn’t one Islamic bank. Junaid Wahedna thought that was strange. So, when Wahedna was 22, he started his own Sharia-compliant finance company with $30,000 (Dh110,175). Three years later, Wahed Invest is now valued at $100 million, according to Wahedna, the firm’s chief executive.

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Company director hit with record $113,400 fine

SINGAPORE
Company law
Director fined S$113,400 for multiple breaches of Companies Act
His breaches of Companies Act include failure to hold AGMs and not filing annual returns for nine firms. A company director has been given a record fine for multiple breaches of the Companies Act, including failing to hold annual general meetings (AGMs) and not filing annual returns for nine companies. Tan Hang Song was fined $113,400, the Accounting and Corporate Regulatory Authority (Acra) said in a statement yesterday. His punishment was nearly double the previous record of $57,000 meted out by the courts last July.

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