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Evolvence Capital Signs MOU With Japan's Shinsei Bank2005/12/10 Evolvence Capital (ECAP), a leading Dubai-based alternative investment and private equity company, today announced it has signed a memorandum of understanding with Shinsei Bank from Japan allowing the Japanese bank to place Evolvence Capital's diverse product offering for investors in the Japanese market. 'We are excited to sign this Memorandum of Understanding with Shinsei Bank, one of the leading Japanese banks. This is further evidence of the international reach of Evolvence Capital and its ambitious plans to become a world-class player in the alternative investment and private equity industry,' said Khalid Al Muhairy, Founder & CEO, Evolvence Capital.
'The choice of India to launch such a fund comes after extensive market research and analysis of investment opportunities available in that market. India offers, among other merits, the best risk-reward balance and has attractive macro economic fundamentals. Evolvence Capital is strongly committed to capturing new investment opportunities in emerging markets,' Al Muhairy added. The Evolvence India Fund ('EIF') is the first independent fund of funds focusing on private equity, real estate development and infrastructure in India. The fund is structured as a Protected Cell Company in Mauritius. EIF targets to generate above par returns in a well diversified, risk minimized manner by investing and partnering with top quartile fund managers in India. The Fund is seeking to raise $300 million (U.S.D.) in commitments, approximately sixty percent of which will be allocated to funds and the balance would be co-invested in an opportunistic manner. The fund had its first close on 30th September 2005 with US$ 73 million in commitments from investors in the Gulf Co-operation Council countries. Global investors will have the opportunity to participate in the second close. Founded in 2001, Evolvence Capital (ECAP) is not only an established member in the Global Alternative Investment industry, but also is recognized for its innovation in the private equity industry. With over US$800 million in assets under management and a proven track record as advisor, asset manager and investment product developer, ECAP is ideally positioned to be both a regional and global industry leader. About Shinsei BankWhere can I find basic information about Shinsei Bank? Please visit our Company Profile to learn about Shinsei Bank. When was Shinsei Bank created? In October 1998, Long-Term Credit Bank of Japan, the predecessor of Shinsei Bank, was declared temporarily nationalized under the provisions of the Financial Reconstruction Law. While in temporary nationalization, the Bank implemented management policies to fully resolve its non-performing loan issues and undertake the rationalization of its operations. In March 2000, ownership of the Bank was transferred to New LTCB Partners, an investor group established by influential financial institutions in Europe and theUnited States. The temporary nationalization ended and on June 5, 2000, the Bank's name was changed to Shinsei Bank, Limited. What is the Shinsei Bank's strategy? They are focused on being a bank that is always in a leadership position by devoting management resources to strategically important areas and offering value-added products and services that answer the particular needs of our customers. To achieve this leadership position, we believe Better Banking is the key. Shinsei Bank is a Japanese bank that was originally established under the Long-Term Credit Bank Law in 1952. On April 1, 2004, Shinsei Bank converted its charter to Ordinary Bank licensed under and regulated by the Banking Law. In order to secure transparency and soundness of management to improve corporate value, we continue to strengthen its corporate governance by (1) enhancing the decision-making and review functions of the Board of Directors, (2) adopting transparent management decision-making policies, (3) implementing a rigorous compliance system and (4) increasing disclosure of corporate information. To ensure these points, we adopted a company with committees board model (iinkai-tou-setchi-gaisha) after the annual general meeting of shareholders held on June 24, 2004. Want to read more articles about investment industry, please visit Shinsei Bank. h1About GWU's Investment Industry Lately2005/12/12 GWU Caused Loss Of Employment, Obstructing Investment - MII&ITThe Ministry for Investment, Industry and IT has blamed the GWU for the loss of 123 employments at Sea Malta after the union failed to reach an agreement with Atlantica SpA that would have allowed the privatisation process of the company to be finalized by the November 30th deadline. The Ministry also said that the GWU was even more irresponsible when it said that it would stop the Italian company from operating in Malta unless it accepted the conditions set down by the union. Moreover, in its reaction the Ministry said it could not understand how the GWU could expect to set down conditions to a foreign investor who wanted to invest in the country, evidence of how the union's claims that it had the investment in the country at heart were void and untrue. Minister Austin Gatt said that it is a shame that a union that claims that it safeguards the workers' interests has led to the loss of employment of 123 persons and was now obstructing an investment of 20 million euros from a global company such as Grimaldi. GWU is not to blame for Sea Malta job losses
about gwuThe fundamental principles of the GWU are inspired by democratic ideals. These principles were enshrined in the Union's first statute in 1943 and remain basically so until today. These principles aim at promoting workers' prosperity and welfare primarily by improving their working conditions, socially and economically, in their field of employment, and politically, by enhancing the standard of living of the people through solidarity and social justice. These principles are entrenched as basic human rights:-
GWU denies any "u-turn" on Sea Malta position Government says GWU has changed its position three times in the space of few hours December 06, 2005 -- 1950CET--General Workers' Union (GWU) Secretary General Tony Zarb slammed all media reports claiming a "u-turn" by the Union on the Sea Malta issue, saying that changing a decision in the interest of workers is not a u-turn but responsibility. Contacted by di-ve news Zarb stated that the Union has done no u-turn as various media reports have suggested. Zarb said that the Union is just changing a previously taken stand on an issue for the interest of workers. "That is what I call responsibility and not a u-turn", Zarb said. With regards to the MCESD meeting, Zarb said that the Union felt that it was necessary to request such a meeting "so that the GWU will explain its decisions on the Sea Malta issue to all social partners". Meanwhile, the Ministry for Investment, Industry and Information Technology declared that the GWU has, in the space of few hours, changed its position three times. It first denied any agreement with Atlantica on the conditions of workers for the Sea Malta sale; then it declared an agreement with Atlantica on the conditions of workers but imposed a condition upon Atlantica by which the latter has to automatically recognize the GWU as the union for the Sea Malta employees; and finally declared an agreement with Atlantica on the conditions of workers for the Sea Malta sale and removed the previously imposed condition on Atlantica. The Ministry said that the GWU has now adopted a position which, had it been adopted prior to the 30th of November, Atlantica would have been obliged to buy Sea Malta and employ all of its sailors together with twelve of its ground workers, at present wage conditions and with a guarantee that no redundancies would take place in the coming five years. Nevertheless, in view of the Union's new position, the Investment Industry and IT Ministry has sent a letter to Atlantica wherein it called for a reconsideration of the decision taken after the 30th November deadline. Visit: General Workers' Union for more info about investment industry. |
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Under the present agreement, Shinsei Bank will enjoy the exclusive rights to place Evolvence Capital's products for investors in the Japanese market. As a start, the bank will raise up to US$ 100 million for the Evolvence India Fund, the company's first India focused Fund of Funds, building up on its market leadership and established connections with local investors.
12/12/05-The Sea Malta saga has ended with the shareholders today discussing and upholding the government??s proposal to liquidate the company. This will mean the loss of 144 jobs. During the last days the GWU was unstoppingly attacked by the pro-nationalist media and its allies whereby blaming the Union for the said job losses. However, the facts are very different. Sig. Emanuel Grimaldi, the Italian entrepreneur interested to by Sea Malta has himself stated that not only the GWU is not to blame for the negative developments in the Sea Malta privatisation issue but he praised the Union for what it did for the problem to be solved. He said also that the whole saga turned to worse after the letter sent by the seafarers to stop the GWU from further negotiating on their behalf and that they were not ready to accept the working conditions, particularly the tour of duty, that Grimaldi was proposing. Grimaldi made this statement during a meeting he had with the Union??s highest officials in the presence of Sig. Federico Libertino, from CGIL Campagnia who was in Malta to mediate for the problem to be resolved.