The bid for a majority stake in Consorcio Ecuatoriano de Telecomunicaciones SA Conecel, one of the two holders of a mobile cellular licences in Ecuador by Teléfonos de México SA de CV (Telmex) was approved on March 21.
On March 20 the National Assembly (Congress) elected four new Magistrates for the Supreme Court of Justice. This fulfilled the regulation established in the amendments to the Political Constitution regarding the numerical increase of magistrates in the Supreme Court from 12 to 16 (Article No. 163 Cn). The new Magistrates elected are: Armengol Cuadra, Carlos Guerra Gallardo, Guillermo Selva Argüello and Rafael Solís Cerda.
Mr Beltran Gambier is resident partner at the new office, inaugurated on March 16. It aims to bring the firm closer to its Spanish clients.
The Supreme Court of Justice has clarified the rules of jurisdiction of Argentine Courts in international agreements. In re Exportadora Buenos Aires S.A. vs. Holiday Inn’s Worldwide Inc. (20/10/98, La Ley published on March 8, 2000) the Supreme Court adopted a broad interpretation of the rules contained in Sections 1215 and 1216 of the Civil Code.
On 7 March 2000 the Government informed each of the 8 pre-qualified bidders for the privatisation of Lima's Jorge Chávez International Airport that the final version of the concession contract has been approved and that the concession will be awarded.
The government has sent to Congress a draft "Economic Reactivation Law" for prompt consideration and approval. The law is part of a reactivation program which contemplates the enactment of other regulations as well.
Holland & Knight has announced the addition of Miguel E Rubio as senior counsel to the Washington office's Project Finance Group. Rubio practices in the areas of project finance, trade-finance and privatisation, as well as complex international business transactions, with experience in structured finance transactions throughout Latin America. Prior to joining Holland & Knight, Rubio was senior counsel at the Export-Import Bank of the United States. "The addition of Miguel Rubio will add substantial heft to the international business group's core capabilities in sophisticated financings and the full range of securities matters involving Latin American markets," said William J. Mutryn, head of the business law section in Washington, D.C.
A new title (XXIV) has been added to Law no. 18.045 (the "Securities Law"), containing the applicable regulations to the public offer in Chile of foreign securities or securities deposit certificates representing them ("CDV").
The Ministries of Finance and Economy of the new Administration have been considering the possibility of eliminating the mandatory one-year stay restriction on foreign capital brought into Chile either under the Foreign Investment Statute (Decree Law 600) or the Central Bank regulations.
The Income Tax Law, being prepared by the Tax Administration for adoption by Presidential Decree is still being drafted. The modifications are designed to increase tax revenues by expanding the taxable events to include new sources of territorial income (dividends).