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Elliott Expresses Disappointment at Republic of Korea’s Decision to Challenge Award in Corruption Case

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WEST PALM BEACH, Fla., July 18, 2023 /PRNewswire/ — Elliott Investment Management L.P. (“Elliott”), today issued the following statement:

Elliott is disappointed by the Republic of Korea’s (“ROK”) decision to commence a legal proceeding in London to set aside the Award of approximately US $108.5 million (representing damages, interest, and legal fees and costs) granted to Elliott by the Tribunal last month.

The ROK’s refusal to honor the Tribunal’s unanimous decision—which, after five years of thorough litigation, found against the ROK on virtually every substantive ground—sends the wrong message about the Republic’s tolerance for corruption and impairs the country’s objective to be viewed as a fair and responsible market for foreign investment. Further, many Koreans, including institutional investors and pensioners, were damaged by Samsung and the prior administration’s actions. Had Elliott not been illegally obstructed by the corrupt conduct at the heart of this case, these Korean institutions and pensioners all would have benefited significantly.

This challenge to the Award seems once again designed to use opposition to Elliott to distract from the damage done to Korean shareholders, domestic and foreign, by Samsung and the ROK, who together treated them as pawns to be sacrificed in a scheme to benefit only a few powerful individuals. It is noteworthy that all of this conduct was proven in Korean courts and prosecuted by members of the current administration. Elliott’s right to recovery is based on the factual findings of Korean judges under the exacting standard of beyond a reasonable doubt, applied under well-established international law.

From Elliott’s perspective, the legal proceeding initiated by the Republic today is wasteful: It appears that the ROK is planning to reiterate arguments that it made in the arbitration proceeding, which the Tribunal has considered and rejected. Further, precedents show that the English courts hold set-aside applications to a very high standard. The interest and costs due on the Award will continue to accrue until the payment of the full award is made to Elliott. Under the circumstances, Elliott believes that this legal proceeding will only result in further needless expenditure of Korean taxpayers’ money. 

Elliott intends to vigorously oppose the arguments advanced by the ROK.

More information regarding this matter can be found on the website of the Permanent Court of Arbitration by following the link below:

https://pca-cpa.org/en/cases/197/ 

About Elliott

Elliott Investment Management L.P. manages approximately $55.2 billion of assets as of December 31, 2022. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.

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Media Contact:

U.S.
Stephen Spruiell
Elliott Investment Management L.P.
T: +1 212 478 2017
[email protected] 

London
Alice Best
Elliott Advisors (UK) Limited
T: +44 203 009 1715
[email protected] 

Seoul
Jin Kim
Nine Crosby
T: +82 (2) 866 9455
[email protected] 

Logo – https://mma.prnewswire.com/media/1179754/Elliot_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/elliott-expresses-disappointment-at-republic-of-koreas-decision-to-challenge-award-in-corruption-case-301879770.html

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Cost-Effective Solutions: How Online Bookkeeping is Revolutionizing Florida’s Small Businesses

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MIAMI, Jan. 8, 2025 /PRNewswire/ — The U.S. accounting services industry, including bookkeeping, is experiencing significant growth, projected to reach over $1 trillion by 2026. This surge reflects the rising demand for innovative financial management solutions, with online bookkeeping emerging as a leading choice for small businesses in Florida.

Online bookkeeping services are meeting this demand by offering cost-effective, efficient, and secure alternatives to traditional financial management. With cloud-based software, businesses can automate processes and access financial data anytime, anywhere, enabling faster, more informed decision-making that boosts both efficiency and productivity.

Schedule 30-minute free consultation to streamline your Florida business’s bookkeeping- https://www.ibntech.com/free-consultation/?pr=prnewswire 

“One of the key challenges for small businesses has always been managing finances without overstretching their resources,” says Ajay Mehta, CEO of IBN Technologies. Online bookkeeping solutions provide an efficient, accurate, and cost-effective way to simplify financial management for businesses.

A standout benefit of online bookkeeping is its affordability. Small businesses can significantly reduce costs by eliminating the need for in-house staff and expensive software. Instead, they only pay for the services they need, freeing up resources for critical investments like marketing and growth.

Beyond cost savings, online bookkeeping services enhances accuracy and security. Advanced encryption technology and automated workflows minimize human error and protect sensitive financial data. Small business owners can rest assured knowing their financial records are accurate and secure, enabling them to focus on scaling their operations.

“Financial technology is no longer just about convenience—it’s about empowering businesses to make smarter, data-driven decisions,” added Ajay Mehta, CEO of IBN Technologies. “By adopting online bookkeeping, Florida’s small businesses can position themselves for long-term success in an increasingly competitive market.”

As Florida’s small businesses navigate a competitive landscape, embracing online bookkeeping is no longer just an option—it’s a necessity. Solution providers like IBN Technologies are at the forefront of this transformation, offering tailored, reliable, and cost-effective online bookkeeping services that empower small businesses to simplify financial management and achieve sustainable growth. By partnering with IBN Technologies, businesses gain access to innovative tools and expertise that help them stay ahead in today’s dynamic market.

Therefore, online bookkeeping is changing the game for Florida’s small businesses, delivering cost-effective and secure financial management solutions. By adopting these innovative tools and partnering with trusted providers like IBN Technologies, businesses are empowered to operate more efficiently, allocate resources strategically, and focus on what matters most—driving growth and success.

About IBN Technologies 

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IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive efficiency and growth. 

Contact Details:  

Pradip
[email protected]
+1 – 844 – 644 – 8440 

USA:  

IBN Technologies LLC
66 West Flagler Street Suite 900 Miami, FL 33130 

India: Global Delivery Centre  

IBN Technologies Limited
Kohinoor House, 2nd floor,
691/A/1B, Plot no. 7,
Bibwewadi Road, Pune-411037 

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/cost-effective-solutions-how-online-bookkeeping-is-revolutionizing-floridas-small-businesses-302346004.html

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Davidson Kempner and Afendis complete acquisition of YSCO, advancing Glacier’s ambitions in European ice cream market

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LONDON, Jan. 8, 2025 /PRNewswire/ — Davidson Kempner Capital Management LP (“Davidson Kempner“), a global investment management firm, supported by operating partner Afendis Capital Management (“Afendis”), has completed the acquisition (the “Transaction”) of ice cream producer YSCO through its ice cream investments platform, Glacier. Financial terms of the transaction were not disclosed.  

The acquisition is transformational for Glacier’s ambitions to grow in the global ice cream industry, with YSCO joining Gelato d’Italia which was acquired in 2022. Gelato d’Italia is a leading independent ice cream producer with two sites in Italy and a key innovation and manufacturing partner for ice cream brand owners and retailers worldwide.

Bringing Gelato d’Italia together with YSCO will create one of the largest third-party ice cream manufacturers globally with revenues in excess of €600 million. Aligned in their commitments to innovation, efficiency and customer satisfaction, the companies are highly complementary in operations and ethos.

YSCO works closely with almost all the mainstream European retailers for the co-creation and production of their home-brand ice cream products. YSCO has production capabilities in Belgium and France and distributes up to 200 million liters of ice cream per year, predominately within the European market.

Glacier aims to leverage its scale to become a key partner to ice cream brand owners worldwide, aided by its commitment to delivering the fastest ideation-to-launch for new products.

Working with these international brand owners, Glacier is targeting international expansion and becoming the third-party ice cream manufacturer of choice.

Bert Van Nieuwenborgh, CEO of YSCO, said:

“This acquisition represents an exciting opportunity for YSCO to accelerate our growth as part of Glacier’s ambitious vision. As Europe’s second-largest private label ice cream producer, our expertise in large batch production and strong retailer relationships perfectly complement Glacier’s innovative approach. Together, we are well-positioned to lead the way in a rapidly growing and evolving market, delivering exceptional value to our partners and customers.”

Cem Karakaş, Chairperson of Glacier and Partner at Afendis, said:

“Glacier is perfectly positioned to capitalize on strong growth in the fragmented European third-party ice cream sector. By building on the success of Gelato d’Italia and leveraging YSCO’s scale and expertise in long-run production of large batch products, Glacier is well-placed to be a leading player in Europe. This acquisition will be the launchpad for further expansion across the globe.”

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About Davidson Kempner Capital Management LP

Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has approximately $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.

About Afendis Capital Management

Afendis Capital Management is a specialist investor and investment manager of food and pharmaceutical businesses.

About Glacier

Glacier is a global ice cream investments platform backed by Davidson Kempner Capital Management and Afendis Capital Management. It unites leading producers like YSCO and Gelato d’Italia, creating one of the world’s largest third-party manufacturers with revenues over €600 million. Glacier specializes in innovation, efficiency, and rapid ideation-to-launch, partnering with brand owners and retailers worldwide to drive growth and set new industry standards.

Contact details:

Davidson Kempner Capital Management LP
[email protected]

Afendis Capital Management
Matthew Frost
[email protected] 

View original content:https://www.prnewswire.co.uk/news-releases/davidson-kempner-and-afendis-complete-acquisition-of-ysco-advancing-glaciers-ambitions-in-european-ice-cream-market-302345953.html

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DAR GLOBAL LAUNCHES OVER US$1.9 BILLION IN GLOBAL LUXURY REAL ESTATE PROJECTS IN 2024, SETS SIGHTS ON EXPANSION INTO US IN 2025

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LONDON, Jan. 8, 2025 /PRNewswire/ — Recording a milestone year, Dar Global, the London-listed luxury real estate developer, is pleased to announce that it unveiled ten landmark projects in 2024, spanning Saudi Arabia, the UAE, Qatar, Oman, and Spain, with a combined value exceeding US$1.9 billion. These unique developments not only strengthen Dar Global’s position as a leader in redefining the global luxury real estate landscape but also present projects that have high investment potential.

Dar Global’s latest launches highlight its continued partnership with the Trump Organization, including the Trump Jeddah Tower (US$530 million), which is set to become one of Jeddah’s tallest landmarks with luxury apartments and an exclusive members-only club. In Riyadh’s area next to Expo 2030, Neptune by Mouawad (US$230 million) offers 200 premium villas. In the UAE, The Astera (US$238 million) features Aston Martin-designed interiors on Al Marjan Island, including the exclusive Sky Villa (US$11 million) part of its exclusive 1 of 1 portfolio. In Spain, Marea Interiors by Missoni (US$108 million) introduces a gated community in Finca Cortesin, blending luxury living with Missoni’s iconic design.

Qatar’s The Weekend 2 by Elie Saab (US$75 million), located on Qetifan Island North, blends luxury living with premier recreational amenities. In Oman, the portfolio includes The Great Escape 2 (US$70 million), a residential complex in Aida, Muscat, as well as the Marriott Residences (US$100 million), exclusive beachfront properties in Aida, and the Trump International Hotel & Trump Cliff Villas (US$495 million), a premium mixed-use development spanning 3.5 million square meters. Additionally, the Trump Golf Villas (US$40 million), perched 130 meters above the Muscat Riviera, offer spectacular views and luxury living.

Ziad El Chaar, CEO of Dar Global, said: “Last year’s launches highlight our unwavering commitment to delivering world-class luxury properties in some of the most sought-after destinations. These projects reflect our ability to anticipate and meet the evolving demands of global investors, offering unmatched lifestyle and investment opportunities. As we look ahead, we are focused on further strengthening our global footprint.

Building on its momentum, Dar Global is gearing up for US expansion, with plans to invest in key international cities. The Company aims to partner with top-tier developers to create luxury residences, targeting both US and international buyers.

Photo – https://mma.prnewswire.com/media/2593683/Dar_Global.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/dar-global-launches-over-us1-9-billion-in-global-luxury-real-estate-projects-in-2024–sets-sights-on-expansion-into-us-in-2025–302345950.html

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