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Arthur Cox halts work for Russian clients after Ukraine invasion

Law firm Arthur Cox has halted its work for dozens of Russian clients because of the Ukraine invasion, as pressure piles on business to cut ties with the Putin regime.

The firm’s roster of Russian clients included some groups targeted by international sanctions and some groups in which key executives have been hit by sanctions.

Among them was an Irish subsidiary of Rosneft, the state-controlled oil giant closely linked to the Kremlin, and a Dublin-registered financing company which had Rosneft as its only borrower. Rosneft chief executive Igor Sechin, a former deputy prime minister of Russia, was hit by US sanctions against “Russian elites” after the invasion. EU sanctions this week prompted France to block his superyacht from an urgent departure from the Mediterranean port of La Ciotat, near Marseilles.

Arthur Cox, one of Ireland’s largest solicitors firms, also had a specific “Russian capital markets practice”, acting for more than 60 Russian borrowers. A page on the company’s website said a partner in the firm, Glenn Butt, has advised on more than 220 Russian deals in the last 14 years.

Clients, named on the same web page, included: lenders Alfa Bank, Credit Bank of Moscow, Sovcombank, and TCS; Russian state leasing firm GTLK; Russian Railways; potash producer Uralkali; miner Norilsk Nickel; steel and mining group Metalloinvest; chemicals company Phosagro; and steel group NLMK.

The EU resolved this week to exclude Sovcombank from the Swift payments network and Alfa Bank ranks among the institutions the EU has banned from bonds, shares or loans for refinancing their operations.

“We are appalled by the horrific scenes in Ukraine and condemn the invasion of Ukraine by Russia, which has prompted a review of all existing and any new Russia-related work,” Arthur Cox said in a statement on Friday.

“At this time, we have decided to both decline new instructions and cease all Russia-related work that goes against our values or existing or emerging sanctions. Though we are subject to strict client confidentiality rules and are not at liberty to comment on individual clients, we can confirm that this review has already resulted in our ceasing to act for a number of clients.”

Policy change

The statement, on the ninth day of the Russian invasion, reflects a policy change. On the first day of the attack the firm said it “has always and will continue to be guided by and comply fully with all applicable sanctions” when The Irish Times asked whether its work for two entities with Rosneft links might be reviewed because of the military campaign.

The oil group has long had a corporate vehicle in Ireland, Rosneft International, which facilitates investments and for which Arthur Cox was solicitor. The Dublin unit, with a registered office at Merrion Square, reported a $28.53 million (€26.13 million) pre-tax profit in 2018 and a $2.83 million profit in 2019.

Companies Office records show Arthur Cox was solicitor to a separate Irish company, Rosneft International Finance. That entity issued $3 billion in loan notes in 2012 to Rosneft, $2 billion of which falls due next Monday, according to accounts filed in December.

The Arthur Cox statement added: “We are actively engaging with our pro bono partners to find ways to support Ukrainian people who are arriving in Ireland, alongside our support for the International Red Cross.”

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Modest four-bed 1950s house in one of the last undeveloped waterfront plots in millionaire’s playground Sandbanks goes on the market for £4m

A modest 1950s house is up for sale for a whopping £4million – because it is one of the last undeveloped waterfront plots in the exclusive enclave of Sandbanks.

The Breakers is a relatively unremarkable two-storey home from the front but it backs directly onto the award-winning Sandbanks Beach in Poole, Dorset.

The property has been used as a holiday home by the same family for more than 70 years but they have now decided to sell up.

The new owner will most likely demolish it so they have a blank canvas to create an ultra-modern mansion in keeping with most of the other properties on the sought-after peninsula.

Experts say a 5,000sq ft detached mansion could be built on the plot which would be worth £7.5million when complete.

The Breakers is a relatively unremarkable two-storey home from the front but it backs directly onto the award-winning Sandbanks Beach in Poole, Dorset

The Breakers is a relatively unremarkable two-storey home from the front but it backs directly onto the award-winning Sandbanks Beach in Poole, Dorset 

Experts say a 5,000sq ft detached mansion could be built on the plot which would be worth £7.5million when complete

Experts say a 5,000sq ft detached mansion could be built on the plot which would be worth £7.5million when complete 

To the back of the property is  a stunning panoramic view of Poole Bay. It even has private direct access to the sandy beach from a gate at the bottom of the garden

In 2000, the area was named the fourth most expensive place to buy residential property in the world, behind Tokyo, Hong Kong and London

In 2000, the area was named the fourth most expensive place to buy residential property in the world, behind Tokyo, Hong Kong and London

The Breakers has 1,295 sq ft over two floors with a dining room, lounge and kitchen downstairs and four bedrooms, although one is a box room, and a family bathroom

The Breakers has 1,295 sq ft over two floors with a dining room, lounge and kitchen downstairs and four bedrooms, although one is a box room, and a family bathroom

An image of the sitting room inside the modest 1950 property

An image of the sitting room inside the modest 1950 property

The property is on Banks Road and sits in a long plot of land with trees shielding it from the road.

But to the back it has stunning panoramic views of Poole Bay. It even has private direct access to the sandy beach from a gate at the bottom of the garden.

Most of the waterside plots on the millionaire’s row have been redeveloped over the past 20 years making this sale a rare opportunity.

Sandbanks has been one of the most desirable places to live in the UK for more than 20 years and has attracted celebrities like Harry and Sandra Redknapp, TV football pundit Graeme Souness and interior designer Celia Sawyer.

The Breakers has 1,295 sq ft over two floors with a dining room, lounge and kitchen downstairs and four bedrooms, although one is a box room, and a family bathroom.

Robert Dunford, from estate agents Tailor Made, said: ‘There are so few plots left that you can literally step out directly onto the sandy beaches of Sandbanks.

‘The concealed location, set back form the road, offers owners privacy, whilst enjoying the beachfront location to the rear. The land is ultimately what someone is buying rather than the dated house that is located there.’

An old photograph of the house

An image of the property now

Then and now: The home was originally built in 1950 and has been used as a holiday home by the same family for more than 70 years but they have now decided to sell up

Another old image showing the property from a distance

Another old image showing the property from a distance

Another view of the property in present day that backs directly onto the award-winning Sandbanks Beach in Poole, Dorset

Another view of the property in present day that backs directly onto the award-winning Sandbanks Beach in Poole, Dorset

An image of one of the four bedrooms in the two-storey home

An image of one of the four bedrooms in the two-storey home 

Another image of one of the four bedrooms in the the £4m valued property

Another image of one of the four bedrooms in the the £4m valued property

The Dorset property has access to the beach with stunning views

The Dorset property has access to the beach with stunning views 

An image showing the kitchen of the 1950's modest home

An image showing the kitchen of the 1950’s modest home

In 2000, the area was named the fourth most expensive place to buy residential property in the world, behind Tokyo, Hong Kong and London.

And that doesn’t seem to have slowed down in recent years. In March a 117-year-old waterfront chalet bungalow set a new record for the peninsula when it sold for £13.5million.

Dunford added: ‘The current home is simply not fit for purpose for modern day living, so I full expect to see an architectural masterpiece in its place, in the years ahead.

‘We are in such a fortunate position as agents to be able to offer for sale this detached home and experience the journey the buyer takes in making it their dream home.

‘We have already received offers, ahead of the best bids by date set, and we therefore expect this to be sold imminently.’

Tailor Made are accepting best bids by Friday.

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The Benefits Screenwriters Will Enjoy After The Strike Include Juicy Bonuses, Better Salaries & Limits On AI

The Benefits Screenwriters Will Enjoy After The Strike Include Juicy Bonuses, Better Salaries and Limits On AI
Actors picketing outside Paramount studio.

From the first minute of this Wednesday, the screenwriters’ strike will become part of Hollywood history. The leaders of the screenwriters’ union, the Writers Guild of America (WGA), have ratified the agreement reached with the studios on Sunday. On Tuesday afternoon, WGA leaders endorsed the final text of the contract, putting an end to the 148 days in which the scriptwriters turned off their computers, and brought the entertainment industry to a halt.

The agreement has an estimated value of $233 million a year, a much higher figure than the $83 million that executives put on the table in the first round of negotiations. Hollywood, however, is still a couple of weeks away from returning to normal. Actors are still on strike.

The 11,500 members of the WGA will vote between October 2 and 9 on the collective contract that is on the table. The WGA’s negotiating committee made it clear it was pleased with the deal struck on Sunday, describing it as “exceptional.” Following the tentative agreement, the leaders of the organization began to explain the benefits contained in the new 94-page text, which will be in force for three years.

The deal will 5% increase writers’ basic pay in the first year of the contract’s term, 4% in the second year and 3.5% in the third. It also includes bonuses for hit shows online, and restricts the use of artificial intelligence. Now that WGA leaders have voted to recommend the tentative agreement, writers will be able to return to work, starting Wednesday.

Talk show writers are expected to be the first to return, as they were the first to walk off the job when the strike was called. These shows are set to go back on air in the first days of October.

As the scriptwriters requested, the new collective contract will offer protections against the emergence of AI in the industry. Under the deal, the tool cannot be used to write a script or rewrite a new version of one, not can it be credited as a writer instead of a human. Studios will not be able to force a screenwriter to use an AI program, such as ChatGPT, to assist with a script. The WGA will have the final say, on behalf of its members, on whether or not to allow creative materials to be used to train or develop artificial intelligence software.

The studios also agreed to a new model for residuals, the payment that is given to members of a production when a program is broadcast in a new market or platform. Under the new system, the bigger the viewership, the more a screenwriter will be paid.

This was one of the points that had stalled negotiations for weeks, as studios were adamant about not revealing audience numbers. In the new text, however, the studios will share with the union, through a confidentiality agreement, the total number of hours a title was streamed both domestically and internationally.

The new contract promises to compensate, from January 1, 2021, the screenwriters for a high-budget title that is considered a success. This is defined as any title that is viewed by 20% of domestic subscribers to a streaming service, such as Prime or Netflix, in the first 90 days of release.

Screenwriters will receive residual bonuses for series and films that meet this threshold. The bonus will be calculated with a formula that takes into account a production’s budget, the length of the series or film and the number of views. This means, for example, that writers of a widely watched TV series will pocket about $9,000 for a half-hour episode and $14,600 for an hour-long episode. For a feature film that has cost more than $30 million to produce, screenwriters can expect a bonus of $40,500.

Under the new contract, studios must also hire a minimum number of writers to develop treatments for a TV season. At least three writers will be needed for a six-episode show, while six is the minimum for a 13-episode show. Three of these writers may have the position of writer and producer.

The wins achieved by the WGA have raised the hopes of actors on strike. Currently, no negotiations are being held between the actors union SAG-AFTRA and the Alliance of Motion Picture and Television Producers (AMPTP), which represents Paramount, Sony, Universal, Walt Disney, Warner Bros., the major TV networks and streaming companies such as Netflix and Apple TV, among others.

Actors continue to picket outside Hollywood studios. The WGA has not called any demonstrations since Sunday, but the group’s leadership is allowing writers to show solidarity with their colleagues on the picket line.

On Tuesday, the creator of the TV show Mad Men, writer Matthew Weiner, accompanied his friend, actor Noah Wyle, at one of the protests. “We would never have had the leverage we had if SAG had not gone out,” Weiner told AP. “They were very brave to do it.”

Meanwhile, the industry is coming under greater pressure. Striking actors voted on Monday to expand their walkout to include the lucrative video game market, which recorded nearly $35 billion in profits this year.

The threat promises to extend the wave of strikes that the United States has been experiencing. The video game companies under fire are Activision, Electronic Arts, Epic Games, Take 2, as well as the corresponding divisions of Disney and Warner Bros.

“It’s time for the video game companies to stop playing games and get serious about reaching an agreement on this contract” SAG-AFTRA President Fran Drescher said in a statement. The studios must sit down at the negotiating table if Hollywood wants to see the light at the end of the tunnel.


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This Friday Is Going To Be The Busiest Day Of This Year For Moving House

Myra Butterworth paid more to move home on a Friday

Myra Butterworth paid more to move home on a Friday

Back in 2006, I was selling my third property and buying my fourth.

I knew the golden rule of not moving on a Friday.

Not only it is more expensive as it is such a popular day to move house and removal men are in high demand, but if anything goes wrong, you have less time to sort things out.

If things go wrong, you have to patiently wait for the weekend to pass and solicitors to return to their office on the Monday.

However, I still ended up trying to move on a Friday in December.

As well as starting a new job that week, I needed the weekend to settle in and it was December. Surely in the depths of winter, just before Christmas, fewer people would be moving and I could get away with moving on a Friday.

So I agreed to the long chain moving on that Friday, in the hope of getting the deal done.

However, what I forgot to factor in was Christmas parties, something my seller’s solicitor conveniently didn’t mention.

Indeed, that very morning on moving day, our solicitors and estate agents were all talking to one another, suggesting everything was on track to complete contracts and move house. My large removal van turned up to my home and the removal men started loading it up.

It was during this process, around lunchtime, that things started to go extremely quiet. I soon learnt that my vendor’s solicitor had left the office for the afternoon. Apparently, to go to his office Christmas party, I was told.

It meant that he could not confirm whether he had received my money, which was being transferred to the vendor.

At this point my vendor’s estate agent started negotiating with me so I could at least unload my removal van at what was going to be my new home.

They audaciously offered a one-hour slot to unload as much as I could, to store my items in my vendor’s property over the weekend.

This offer would cost me something to the tune of £1,500 (remember this was in 2006, which taking into account inflation is more like £2,500 today).

It also meant I had to deal with my buyer’s removal men who were just turning up to my property.

A deal was done and contracts were completed on the Monday. I hope my buyer’s solicitor didn’t have too much of a hangover during the weekend.


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