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AA-Postscript 2.Qxp:Layout 1 THURSDAY, MARCH 26, 2015 ANALYSIS THE LEADING INDEPENDENT DAILY IN THE ARABIAN GULF ESTABLISHED 1961 Founder and Publisher YOUSUF S. AL-ALYAN Editor-in-Chief ABD AL-RAHMAN AL-ALYAN EDITORIAL : 24833199-24833358-24833432 ADVERTISING : 24835616/7 FAX : 24835620/1 CIRCULATION : 24833199 Extn. 163 ACCOUNTS : 24835619 COMMERCIAL : 24835618 P.O.Box 1301 Safat,13014 Kuwait. E MAIL :[email protected] Website: www.kuwaittimes.net Issues Cheap eurozone takeaway fuels Chinese appetites By Kelly Olsen he inexorable decline of the single currency offers ambi- tious Chinese firms a bargain buffet of eurozone busi- Tness, analysts say, with this weekend’s multibillion deal for Italian tyremaker Pirelli only the latest course in an acquisi- tion binge. Less than a year ago the euro was worth nearly $1.40 on international markets. Earlier this month it stood at less than $1.05, down by a quarter as the European Central Bank embarks on a massive stimulus program while the US Federal Reserve is widely expected to start raising interest rates. By the standards of first-world forex markets it ranks as a collapse. It has recorded a similar performance against China’s yuan currency, falling from almost 8.7 yuan in May to bottom at less than 6.6 yuan. The yuan trades in a tight range against the dollar. As the unit weakens it makes eurozone acquisitions cheaper for outside buyers and its biggest headline impact Donor channelled millions through company may come in terms of Chinese overseas investment, which surged past $100 billion for the first time last year. “For Chinese going into Europe it can’t get better than this,” By Tom Bergin Research, the spokesman initially said the payments were for research A Family Dispute said Joerg Wuttke, president of the European Union Chamber work. He later said some of the payments were for management servic- Joseph Cyril Bamford, father of Anthony and Mark, started the JCB of Commerce in China (EUCCC). “Chinese companies are eager leading British industrialist and political donor has channelled es, including fees to directors. The directors include Bamford and his empire in a rented lock-up garage in 1945. In 1956 he established J.C. to go outside China as its own domestic economy is slowing more than half a billion pounds through an obscure company wife, Carole. The spokesman for JCB declined to say how much money Bamford Excavators Ltd, which became famous for making bright yellow down,” he told AFP, adding that profit margins in the rest of the Athat isn’t required to file financial accounts, a Reuters analysis of JCB Research paid its directors. backhoe loaders. It remains the group’s main operating company. As the world are higher than in China, according to EUCCC member corporate filings shows. Much of the money allegedly ended up being There is no suggestion that JCB or Bamford used the arrangements business grew, Joseph Bamford set up JCB Research in 1961 as a limited surveys. “So I can only expect a major push from Chinese com- paid to the industrialist himself, according to claims in court documents. to minimise tax liabilities. Indeed, tax experts said Bamford may in fact company. But in 1974 the whole group was restructured shortly before panies to buy into the European company landscape.” Lord Anthony Bamford made the payments as head of the family- have incurred more tax by paying himself partly via JCB Research than if Anthony Bamford took over running the firm. Joseph Bamford moved to The latest deal came with state-owned chemical giant owned JCB group, which is one of the world’s top makers of construc- he had received the money as dividends from JCB group. In return, how- Switzerland and ownership of the business was shifted offshore. JCB ChemChina agreeing to buy out the largest shareholder in tion machinery. It has annual sales of sales of nearly £3 billion ($4.5 bil- ever, he gained secrecy. Limited companies, even if family-owned like Research was re-incorporated as an unlimited company outside the main Pirelli, valuing the purveyor of Formula One accessories and lion). JCB group, are required to disclose the total remuneration paid to their JCB group, with Joseph Bamford and his wife Marjorie owning the com- racy calendars at just over seven billion euros - now about 48 Bamford is one of Britain’s best-known business leaders and a mem- directors. Independent unlimited companies do not have to do so. pany’s two shares, filings show. Independent unlimited companies are billion yuan, or 13 billion yuan less than in May. ber of parliament. In the past five years he has given £2.6 million to the However, Bamford’s brother Mark, a director of JCB Research until rare, in part because the owners accept complete liability for the compa- Conservatives, the dominant party in Britain’s ruling coalition, and in 2011, voluntarily opened a window into the company when he brought ny’s debts. Only 0.15 percent of companies incorporated in Britain are ‘Itching to Invest’ 2013 he became a Conservative member of the House of Lords, the a legal action in 2010. He disputed ownership of the company and how unlimited, a spokeswoman for Companies House said. An even smaller The euro has flirted with parity against the dollar in recent upper chamber of the British parliament. The peer has urged politicians JCB Research had distributed millions of pounds to directors. In publicly number are, like JCB Research, unlimited and not owned or controlled by weeks - for the first time since 2002 - and while the euro rose to to provide more incentives for companies to invest in manufacturing, available but previously unreported court papers, Mark Bamford alleged limited companies. They benefit from minimal reporting requirements. $1.0964 on Tuesday it remained within striking distance of and JCB group has a reputation for reinvesting more of its profits in that his brother had transferred more than £300 million from JCB group Prem Sikka, professor of accounting at Essex University, described JCB more-than-dozen-year lows. China’s overseas direct invest- developing new products than do listed companies with dividend-hun- to JCB Research between 2001 and 2008. Mark alleged that JCB Research as a “black box” because of its lack of transparency. In court fil- ment pushed sharply higher in February, the commerce min- gry shareholders. “JCB may be a global company, but first and foremost Research had then paid more than £130 million to Anthony Bamford ings, Anthony Bamford said that the purpose of registering JCB Research istry said, driven by oil giant China National Petroleum Corp we’re British and we invest heavily in Britain,” Bamford was quoted as and his wife between 2001 and 2008. Mark Bamford also alleged that as an unlimited company was “to preserve the confidentiality of pay- putting nearly $3 billion into a Dutch transaction. “The contin- saying in 2013. JCB Research provided a loan account to an unidentified director that at ments made by JCB Research and in particular to shield details of the JCB ued slumps in the euro’s value against the dollar have led the A Reuters study of JCB group accounts found that between 2001 times exceeded 40 million pounds, according to the documents. It has group’s research programme and outlay from competitors.” price of eurozone assets to fall, creating an opportunity for and 2013, the group paid 577 million pounds to a separate company not been publicly disclosed how much money JCB Research paid or When the dispute between Anthony and Mark Bamford erupted in Chinese companies to invest and carry out mergers and acqui- sitions there,” said commerce ministry spokesman Shen called JCB Research, which conducts research and development for JCB may have lent to directors after 2008. JCB Research was “a conduit for 2010, the media paid little attention. In an interview with London’s Danyang. Beijing has accrued the world’s biggest foreign group. However, much of that money did not go to fund research, certain members of the Bamford family to extract value” from JCB group, Evening Standard newspaper at the time, Anthony Bamford down- exchange reserves and has been running record monthly trade according to allegations in previously unpublished court documents. according to Mark Bamford’s legal claim. played the case, saying: “It is essentially a dispute about jigger all.” But surpluses, with the state-run China Daily newspaper saying in Instead, according to a legal claim by Bamford’s brother, large sums In court documents, Anthony Bamford responded that JCB Research court documents obtained by Reuters portray a family drama involving an editorial the country “is itching to invest overseas”. Private went to directors of JCB Research - including at least £130 million to had paid senior executives of JCB group and members of the Bamford millions. By then, Joseph and Marjorie Bamford were dead, and Anthony companies are also taking a seat at the table, with billionaire Bamford and his wife. family. But he denied that JCB Research was used to extract value from Bamford owned both shares in JCB Research. Mark Bamford claimed Wang Jianlin buying 20 percent of Spanish league champions Until now JCB Research, based in Staffordshire, central England, was JCB group. Lawyers for Bamford said that details of Bamford’s earnings that he should have had the share that had been owned by his mother Atletico Madrid in January, the first mainland Chinese invest- widely seen as a business of modest size, best known for being the vehi- from JCB were private and should remain so. The dispute between the and that he had been deprived of it by Anthony.
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