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(11/2) モルスタと戦っている中国企業の株式をGSが保有 (FT)
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11月2日にFinancial Timesに掲載された記事です。昨日掲載した記事の続編です(http://merlion0520.jugem.jp/?eid=264)。モルスタを訴えている中国企業の株主としてゴールドマンがいるとなると、そこからデリバティブの評価に対する助言が行われているのではないかと勘ぐりたくなります。ただ、当のゴールドマンも別の会社と同じ問題に関して交渉中で、モルスタの訴訟の行方がそちらの交渉に影響を及ぼすことになるというのは皮肉なものです。

 

[抄訳]

モルガン・スタンレーとデリバティブに関して法廷闘争を行っている中国企業の主要な投資家がゴールドマン・サックスだ。ゴールドマンの子会社のプライベート・エクイティが、同社の香港に上場している株式の20%を保有している。この投資は受身的なもので、取締役を送ったり金融アドバイスを行ったりするものではないとみられている。今回の訴訟に中国企業が勝つことでゴールドマンは利益を上げることはできるが、これを期に同様の訴訟が増えることで投資銀行全体には悪い影響を及ぼすことになる可能性が高い。ゴールドマン自身、別の会社とデリバティブの損失に関して交渉が続いている。

 

 

 

[本文]

 

Goldman holds stake in China group battling M Stanley

The Financial Times

2 November 2009

 

The leading foreign investor in the Chinese company embroiled in a legal spat with Morgan Stanley over derivatives is Goldman Sachs, the US investment bank’s arch rival.

 

Morgan Stanley and China Haisheng Juice Holdings are battling in English and Chinese court over a disputed hedging contract.

 

The case is the most public example to date of the stand-off between foreign investment banks and mainland companies over derivatives deals, which has resulted in a collapse in such structured product deals in China this year.

 

Goldman Sachs made its first investment in Haisheng in early 2005 and its private equity arm now holds 20 per cent of the Chinese company’s Hong Kong-listed shares.

 

Goldman’s investment in Haisheng is understood to be passive and it does not have a board seat or provide financial advice to the privately founded Chinese company.

 

In London, Morgan Stanley is pursuing $26m it alleges it is owed after Haisheng failed to post collateral relating to the renminbi-dollar hedges. The Chinese company is suing the US bank in a provincial mainland court for allegedly mis-selling the hedging contracts.

 

While Goldman’s private equity unit would benefit from Haisheng winning the dispute, the US group could suffer on a wider level as a Chinese victory would be likely to embolden local action against foreign banks. Many global banks are in dispute with Chinese companies over derivatives deals. Goldman itself is negotiating with Shenzhen Nanshan Power, a mainland utility, to settle a contractual dispute relating to oil derivatives contracts.

 

Goldman and Morgan Stanley declined to comment.

 

Beijing authorities want to clamp down on the over-the-counter derivatives markets after a raft of state-owned companies made disastrous bets on currency and commodity movements. As a result, the amount of derivatives business being conducted by global investment banks in China has fallen by about 75 per cent this year, according to overseas groups.

 

Chin-Chong Liew, a senior derivatives lawyer at Linklaters in Hong Kong, said that the cross-border derivatives business had plummeted, amid the disputes and the general economic slowdown.

 

However, he added: “Lessons are being learned by all sides and China will again represent a major market in derivatives as soon as these issues subside.”

 

Ironically, many of the derivatives contracts that caused such large losses at Chinese companies have become profitable just as some of the disputes are being brought to court, thanks to resurgent commodity prices and the falling US dollar.

 

China’s three largest airlines all returned to profit in the third quarter, partly due to a rise in jet fuel prices which allowed them to reverse hedging losses they made last year.

 

Air China and China Eastern in particular made large bets on derivatives contracts in early 2008 that jet fuel prices would continue to rise, but suffered huge losses when oil prices plummeted later in the year.

 

 

| Merlion | 19:04 | comments(0) | trackbacks(0) | pookmark |
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