Tagged: USA

Court orders HDG Mansur to pay $5.8M in dispute with Islamic funds

Islamic Finance

Court orders HDG Mansur to pay $5.8M in dispute with Islamic funds

<p>A judge has ruled that HDG Mansur Investment Services must return $5.8 million in fees it paid itself from two equity funds it managed under Islamic law. The Indianapolis real estate fund asset manager didn&rsquo;t have the right to recalculate its fees to claim a higher take for itself, according to federal Judge Colleen McMahon of New York. The lawsuit contends that, starting in early 2012, HDG Mansur began paying itself fees in advance for future real estate transactions. When those deals never happened, the Indianapolis company came up with the underbilling rationale in an effort to cover up the unearned payments that they had been making to themselves. HDG Mansur was dropped as the funds&rsquo; manager earlier this year. The judge also ordered HDG Mansur to pay 9 percent interest on the fees that are to be returned.</p>
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<p><a href="http://www.indystar.com/article/20130807/BUSINESS/308070070/Court-orders-HDG-Mansur-pay-5-8M-dispute-Islamic-funds?nclick_check=1" title="http://www.indystar.com/article/20130807/BUSINESS/308070070/Court-orders-HDG-Mansur-pay-5-8M-dispute-Islamic-funds?nclick_check=1">http://www.indystar.com/article/20130807/BUSINESS/308070070/Court-orders…</a></p>
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‘Shariah’ Bankruptcy Gets An OK

Islamic Finance

‘Shariah’ Bankruptcy Gets An OK

<p>A U.S. judge Tuesday approved Arcapita Bank B.S.C.'s plan to gradually liquidate itself in a process that conforms with Islamic Shariah law, which generally prohibits borrowing money with interest. The Bahrain-based investment firm entered bankruptcy protection last year with a goal of restructuring itself but ended up with a plan to orderly liquidate its private-equity investments. The modified proposal solved several concerns from creditors, including creating a new entity that will retain the firm&rsquo;s management, and setting a minimum valuation for the company&rsquo;s remaining assets. Arcapita manages infrastructure, real-estate, private-equity and venture-capital investments that are compliant with Shariah.</p>
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<p><a href="http://www.zawya.com/story/Shariah_Bankruptcy_Gets_An_OK-ZW20130612000006/" title="http://www.zawya.com/story/Shariah_Bankruptcy_Gets_An_OK-ZW20130612000006/">http://www.zawya.com/story/Shariah_Bankruptcy_Gets_An_OK-ZW20130612000006/</a></p>
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Arcapita Bank Judge Greenlights Ch. 11 Plan

Islamic Finance

Arcapita Bank Judge Greenlights Ch. 11 Plan

<p>Arcapita Bank on Tuesday secured a New York bankruptcy judge&rsquo;s approval of Chapter 11 reorganization plan, allowing it to exit bankruptcy, pay off its creditors and turn over its assets to a new entity that will manage and dispose of them over time. Sixteen months after it entered bankruptcy, the Bahraini investment bank sailed through a confirmation hearing before U.S. Bankruptcy Judge Sean H. Lane with substantial support from creditors and shareholders.</p>
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<p><a href="http://www.law360.com/articles/449179/arcapita-bank-judge-greenlights-ch-11-plan" title="http://www.law360.com/articles/449179/arcapita-bank-judge-greenlights-ch-11-plan">http://www.law360.com/articles/449179/arcapita-bank-judge-greenlights-ch…</a></p>
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Goldman Breaks Drought With Saudi Property Bond: Islamic Finance

Islamic Finance

Goldman Breaks Drought With Saudi Property Bond: Islamic Finance

<p>Goldman Sachs Group Inc. (GS) led its first sukuk in more than three years after helping a Saudi property developer raise $450 million. The bank was a lead arranger on Dar Al Arkan Real Estate Development Co. (ALARKAN)&rsquo;s sukuk on May 21, reforging links with the Riyadh-based real estate company after helping arrange the sale of its $450 million five-year bonds in February 2010. The New York-based bank is seeking to catch up with U.S. competitors as demand accelerates for securities that conform to Islamic principles. Increased competition in the industry could work in banks&rsquo; favor, as lower fees increase the chances borrowers will come to market and more banks means a greater profile for the Islamic industry.</p>
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<p><a href="http://www.bloomberg.com/news/2013-06-05/goldman-breaks-drought-with-saudi-property-bond-islamic-finance.html" title="http://www.bloomberg.com/news/2013-06-05/goldman-breaks-drought-with-saudi-property-bond-islamic-finance.html">http://www.bloomberg.com/news/2013-06-05/goldman-breaks-drought-with-sau…</a></p>
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