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September 1, 2014

Family-controlled banks Pictet and Lombard Odier have left behind a dated corporate structure by transitioning from an unlimited to a limited liability partnership, a family wealth lawyer says.

Family-controlled banks Pictet and Lombard Odier have left behind a dated corporate structure by transitioning from an unlimited to a limited liability partnership, a family wealth lawyer says.

Last week both banks released their financial data for the first time in their more than 200-year-old histories – a requirement of their new partnership structures, which both changed from unlimited to limited liability in January this year.

June 25, 2014

US grocery chain Market Basket has chosen not to re-elect second-generation chief executive Arthur T DeMoulas following a longstanding feud over the direction of the family business. 

US grocery chain Market Basket has chosen not to re-elect second-generation chief executive Arthur T DeMoulas following a longstanding feud over the direction of the family business. 

In a statement, the board, chaired by DeMoulas’s cousin and rival Arthur S Demoulas, said the 58-year-old would “not retain any management responsibilities moving forward”.

Market Basket, founded initially as a small grocery store in 1917, has annual revenues of more than $4 billion (€2.9 billion) and employs 21,000.

May 1, 2014

James Packer's expansion plans for his resorts business in Sri Lanka have suffered a setback, with the government refusing to grant a casino license for a planned $400-million (€288.3 million) development in Colombo.

James Packer's expansion plans for his resorts business in Sri Lanka have suffered a setback, with the government refusing to grant a casino license for a planned $400-million (€288.3 million) development in Colombo.

Since 2007, the billionaire – a third gen of the Australian media dynasty behind Consolidated Press Holdings – has been moving away from his family's traditional interests to focus on developing his casinos and resorts company, Crown Limited.

April 10, 2014

Families need to ensure that flexibility is built into the legal framework of their businesses and family trust vehicles to avoid “context conflict” and safeguard governance, a legal whitepaper suggests.

Families need to ensure that flexibility is built into the legal framework of their businesses and family trust vehicles to avoid “context conflict” and safeguard governance, a legal whitepaper suggests.

Context Conflict: Preserving Goals and Values in the Family Enterprise highlighted the potential conflict in family businesses between value maximisation in the present and creating long-termvalue for the family in the future.

April 9, 2014

The octogenarian co-founder of a UK-based luxury hotel chain has lost a court battle with his son to force him share the wealth generated by the enterprise he helped to build.

The octogenarian co-founder of a UK-based luxury hotel chain has lost a court battle with his son to force him share the wealth generated by the enterprise he helped to build.

Bal Mohinder Singh, 87, co-founded the Radisson Blu Edwardian chain with his son Jasminder, 63, after immigrating to the UK from India via Kenya in the 1970s.

March 27, 2014

The nature of the Internet means online insults traded between two family business next gens, Aga Bakrie and Nat Rothschild, could resurface in Google searches and due diligence for years to come, even after the media storm surrounding it has died down, say family business experts.

The nature of the Internet means online insults traded between two family business next gens, Aga Bakrie and Nat Rothschild, could resurface in Google searches and due diligence for years to come, even after the media storm surrounding it has died down, say family business experts.

This week the Indonesian family behind Bakrie Group formally separated itself from its ill-fated natural resources group Bumi (now renamed Asia Resource Minerals) it co-founded in 2010 with Nat Rothschild, of the English branch of the famous banking dynasty.

March 25, 2014

A US family business’s fight against the inclusion of emergency contraceptives in its healthcare insurance policies could set a precedent for family and non-family firms alike, according to a reproductive health policy expert, by implying a corporation has the same religious freedoms as an individual.

A US family business’s fight against the inclusion of emergency contraceptives in its healthcare insurance policies could set a precedent for family and non-family firms alike, according to a reproductive health policy expert, by implying a corporation has the same religious freedoms as an individual.

March 19, 2014

A Hong Kong property tycoon has been forced to prematurely hand over the reins of the family businesses after being convicted of bribing a senior official and money laundering by a Macau court.

A Hong Kong property tycoon has been forced to prematurely hand over the reins of the family businesses after being convicted of bribing a senior official and money laundering by a Macau court.

Billionaire chairman of Chinese Estates Holdings Joseph Lau, 62, was found guilty of bribing a former Macau public works chief to the tune of HK$20 million (€1.9 million) to secure the sale of a parcel of land on the peninsula, which has a booming gambling and tourist industry.

March 18, 2014

A court in Stuttgart, Germany, has dismissed a lawsuit brought against Porsche SE – the investment company that controls the eponymous German carmaker – by a group of hedge funds seeking €1.4 billion in damages. 

A court in Stuttgart, Germany, has dismissed a lawsuit brought against Porsche SE – the investment company that controls the eponymous German carmaker – by a group of hedge funds seeking €1.4 billion in damages.

The hedge funds claimed Porsche mislead the markets back in 2008 over its takeover plans for rival German car brand Volkswagen.

The Piech and Porsche families, who are descendants of Ferdinand Porsche, the carmaker's founder, control Porsche SE.

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