Altamiro Boscoli, senior partner of leading Brazilian law firm Demarest e Almeida, has been elected to the board of directors of the law firm network Lex Mundi.
Under new law No. 19,738 published in the Official Gazette on June 19, the Chilean government has established that as a general rule interest paid abroad in connection with foreign loans is subject to withholding tax at a rate of 35 per cent.
One of the most important decisions to be issued by the Constitutional Chamber of Venezuela's Supreme Justice Tribunal recently has been the dismissal of the motion for nullity filed by attorneys Fermín Toro Jiménez and Luis Britto García against the double taxation convention signed by the United States and Venezuela. The action was defended by the National Investment Promotion Council (CONAPRI), with counsel from 'Torres Plaz & Araujo.
The Brazilian Monetary Council (CMN) has issued new rules governing on-term and over-the-counter swap transactions, agreements traded in commodities future exchanges and entities authorised to operate by the Brazilian Central Bank (Bacen) and the Brazilian Securities and Exchange Commission (CVM). The new rules were published in Bacen Resolution 2873 dated July 26, 2001.
Tax legislation approved on July 2 by the Congress of Costa Rica has added a new article (61 bis) to the country’s income tax law, completing the chapter on rates, liquidation, and payment of taxes on foreign remittances. The article establishes an annual tax of US$125,000 for offshore banks and financial institutions with ties to Costa Rica, to be settled in the national currency, colones.
In August 2001 Brazilian law firm Pinheiro Neto Advogados advised Banco do Brasil, the country’s largest bank, and Merril Lynch on the first future-flow financial securitisation in Brazil. The value of the deal was US$ 300million - with a 20 per cent oversubscription - in securitisation of electronic remittances from Brazilian nationals working in Japan.
Local firm Alcaíno, Rodríguez & Sahli has advised a group of private investors who, jointly with SK Inversiones Portuarias (related to the SK Group), reached an agreement with power and electricity generator Gener (the Chilean subsidiary of AES), under which the latter sold to the former a controlling equity interest in Puerto Ventanas (approximately 66.5 per cent of its capital stock).
PeCom Energía SA has issued US$220 million Medium-Term Floating Rate Notes, Series C, due July 20, 2005.
Cariola, Diez Pérez-Cotapos and McCarthy Tétrault have advised Falconbridge on the purchase of the Lomas Bayas copper mine and adjacent Fortuna de Cobre copper deposit in Chile.
Creel, García-Cuéllar y Müggenburg advised PanAmSat Corporation and Controladora Satelital de México in obtaining a concession to use and exploit in Mexico the satellite signals from 11 satellites operated by PanAmSat. The concession was granted on August 10.