GLG News by Healthcare Experts: Legal, Economic, and Regulatory Affairs (EU)

EU Internal Market Commissioner Charlie McCreevy announced that he wants to take Germany to the European Court of Justice (ECJ) since in his view, Germany has failed to amend the so-called “VW Law” properly and in line with European legislation. The ECJ held last year that the VW law was in breach of...

Siemens announced that the Supervisory Board has approved recommendations of its law firm to claim damages from executive board members in charge between 2003 and 2006. It will be the first time in German history that a chief executive of a company listed on the German blue-chip stock index DAX has...

Porsche recently purchased shares outright corresponding to a 4.92 % share of VW’s common stock. The European Commission announced the postponement, of its decision in regard to the request submitted by Porsche for approval of its planned shareholding. Meanwhile, in order to ensure that its share of...

Volkswagen’s two major shareholders – Porsche and the State of Lower Saxony - are on course for a showdown at the company’s upcoming annual general meeting (AGM) to be held on 24 April 2008. Porsche’s fight with Lower Saxony stems from the so-called “VW law,” parts of which were struck down last year...

More than USD 42 billion was invested by foreign government investors in Germany in 2007 and more than 2.2 million German employees work for companies owned by non-resident government and private funds. In regard to foreign investment funds, a German draft bill would allow the German government to prohibit...

The Porsche AG founded a new corporate entity in the legal form of a Societas Europaea (SE), the Porsche Automobil Holding SE, which got registered in November. According to Porsche CEO Wendelin Wiedeking the registration of the Porsche Automobil Holding SE was a prerequisite for Porsche to enhance...

Leo Kirch, whose media group collapsed in 2002 in Germany’s then largest bankruptcy, has made a surprising comeback. The media entrepreneur bought the rights to German league soccer on October 9, thereby guaranteeing higher revenues for the league’s various clubs. The deal with Kirch was reportedly...

The Transrapid railway system is an ambitious business project with high potential. Unfortunately the German developers were not able to see their modern train run in Germany or Europe as the concept was exported to China and the first track was build to link Shanghai with its airport. Now the high...

The Siemens group is currently manoeuvring in troubled waters as the bribery scandal finally starts to enter the courtrooms in Germany and abroad. But the payment charges against Siemens are not limited to fines for the punishable misconduct or neglect. The figures for levies on illegally made profits...

This article discusses a remarkable judgment by the highest German tax court. With its decision from February 7, 2007, the Supreme Tax Court contradicted the tax authority’s long standing approach and stated that the regulation contained in section R 63(3) of the Corporate Tax Guidelines (Körperschaftsteuerrichtlinien;...