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Edinburgh Reporter
07-07-2025
- Edinburgh Reporter
Domestic abuse conviction ends legal career dreams for Luxford Burgers boss Alexander Galpin
Edinburgh 'burger king' Alexander Galpin's dreams of a high-flying legal career are in tatters after one of the world's top law firms confirmed his trainee solicitor position has been axed following a conviction for domestic abuse. Galpin boasted on social media that he had secured a coveted post and was due to start a full-time trainee role in August with Magic Circle firm Clifford Chance – one of the UK's most prestigious legal firms which has an annual £2 billion turnover. But following his conviction for domestic abuse and aggressive behaviour against his former partner and mother of his 19-month-old daughter, Clifford Chance has confirmed Galpin's traineeship offer has been withdrawn. The Edinburgh Reporter revealed Galpin, 24, owner of two Luxford Burgers restaurants in Edinburgh and a 'dark kitchen' Deliveroo operation, was convicted under the Domestic Abuse (Scotland) Act 2018, at Edinburgh Sheriff Court on 23 June. Galpin repeatedly pressurised his pregnant partner to have an abortion against her wishes, leading to confrontation and furious arguments. Shamed Alexander Galpin leaves Edinburgh Sheriff Court after being convicted of domestic abuse – Pic by Stephen Rafferty In one text message – seen by The Edinburgh Reporter – Galpin told the stressed woman: 'You've had no right to hold this over me every day and watch me squirm, you had no right to force me to look at pictures of a scan of kid that I view as a cancer, nothing more nothing less.' The court heard that following one row over the pregnancy the would-be lawyer drove his car at speed with his pregnant partner in the passenger seat while the door was open. The vehicle struck a post and Galpin later tried to pull her from the car, causing bruising to her arm. During a campaign of abuse, which included him sending hundreds of text messages, Procurator Fiscal Peter Finnon told the court that one offensive message stood out. The woman, who suffered mental health issues, was on the phone to her doctor seeking help, when Galpin messaged: 'Ask if you can get medication for malicious parent syndrome'. In court Galpin admitted that he did repeatedly act in an aggressive manner, and encourage his victim to make representations to the court in support of removal of bail conditions. He admitted that on one occasion, he seized her by the body, pulled her and caused her to fall on a bed, and that he repeatedly contacted her and made offensive remarks. Following the final break up of the relationship in July 2024, Galpin is said to have engaged in an 'extreme form' of behaviour which included repeatedly phoning and messaging his ex-partner at all hours of the day. Galpin has been championed by Edinburgh Chamber of Commerce as an exemplary businessman – winning the Chamber's 2024 'Rising Star' award and being nominated for the 2025 High Growth Business Award – despite the Edinburgh Reporter making the organisation aware of a business failure which left debts of almost £120,000. Edinburgh Chamber of Commerce's Rising Star, Alexander Galpin, (centre) has crashed and burned. We revealed in February how Galpin put Luxford Burgers' parent company, Secure Kitchens Ltd, into liquidation, leaving a trail of debts due to small local businesses, while UK tax payers were left to pick up an £80,000 bill in unpaid VAT, PAYE and corporation tax. Galpin then 'phoenixed' the failed business, setting up a new company Got Buns Ltd in June 2024, and continues to operate the Luxford Burgers restaurants in St Leonard's Street and Brandon Terrace. On his LinkedIn profile, Galpin claims he is 'Executive Director of Galpin Group, a hospitality management business that owns and operates a portfolio of restaurants across the UK, with a combined gross turnover of £6m+ per annum.' He previously stated on his profile: 'I am an incoming trainee solicitor at Clifford Chance, one of the world's leading law firms, where I will start me legal career in August 2025', but that has now been deleted. Galpin has deleted his LinkedIn post boasting about joining law firm Clifford Chance The Edinburgh Reporter contacted Clifford Chance on 28 February and 4 March informing the firm of Galpin's business failure and questioned if it was appropriate that he should be offered a trainee solicitor position. It was only after his conviction for domestic abuse last month that Clifford Chance confirmed the traineeship had been axed. A spokeswoman said: 'As a policy we do not comment on individual applicants to the firm, but I can confirm this individual will not be a future trainee or join Clifford Chance.' Galpin, of Salvesen Crescent, Edinburgh, did not respond to a request for comment. He will be sentenced at Edinburgh Sheriff Court on 1 August. Galpin enjoying La Dolce Vita in Florence but he is in the frame for domestic abuse and due to be sentenced on 1 August. Like this: Like Related
Gulf Today
02-07-2025
- Business
- Gulf Today
Dubai Chambers' workshops focus on tax, employment law
Dubai Chambers recently organised two workshops focusing on key aspects of the UAE's Corporate Tax regime and Employment Law. The sessions were designed to ensure the local business community remains informed on the latest legal and regulatory developments across diverse sectors and attracted a total of 125 participants from the private sector. The first workshop focused on the evolution of the UAE Corporate Tax and was organised in collaboration with Habib Al Mulla & Partners and Andersen. The session offered practical insights into corporate tax in the UAE. Participants gained a clear understanding of essential areas including the applicability of corporate tax, Free Zone taxation, tax grouping, calculation methods, transfer pricing compliance, and key legal considerations. The workshop also addressed industry-specific expense deductions, corporate tax return readiness, recent legislative updates, and tax accounting considerations for current and deferred tax. This comprehensive session ensured participants were well-prepared for compliance in the evolving tax landscape. The second workshop was organised in collaboration with Fragomen UAE and Gateley Middle East and explored the UAE's employment laws and regulations. The session provided an overview of the legal framework governing the labour market and practical guidance on visa requirements, categories, and work permits. The workshop also covered essential employment aspects such as probation, pay and benefits, performance management, grievance procedures, and end-of-service processes. Meanwhile Dubai Chambers recently organised two legal workshops aimed at raising awareness among companies about shareholder agreement procedures and tax-related transactions, as well as the importance of participating in the Customer Councils workshops organised by the Federal Tax Authority. The sessions were attended by 70 representatives from the private sector across diverse industries. The first workshop, presented in collaboration with Clifford Chance, focused on key considerations of a Shareholders' Agreements (SHA). The session delved into the intricacies of structuring, governance, investor protections, and international investment implications within SHAs. Participants gained a comprehensive understanding of best practices and essential elements involved in the negotiation and implementation of SHAs. Key areas covered included the stages of a transaction and the role of SHAs, essential elements of an SHA, structuring joint ventures, governance and key reserved matters, term and exit strategies, non-compete and exclusivity clauses, and considerations related to anti-trust, foreign direct investment, taxation, sanctions, and export controls. The second workshop was hosted in partnership with the Federal Tax Authority (FTA) and focused on the importance of participating in the Authority's Customer Councils. These councils fall under the UAE government's Customer Councils initiative, which aims to enhance the quality of government services by involving stakeholders in co-designing innovative experiences based on their feedback and insights. WAM
Business Times
22-06-2025
- Business
- Business Times
US investors, Asia's ultra-rich drive growth in Asia-Pacific private credit
[SINGAPORE] A slight uptick in private-credit fundraising in Asia-Pacific (Apac) last year has given market players optimism for a positive 2025, even as investors continue to avoid China. They said deals in India and Australia can fill the gap, while more investors within and outside Apac are allocating capital to private credit in the region. And the key sectors they are looking to lend to are infrastructure such as data centres, and renewable energy. Last year, Apac-focused private credit fundraising hit almost US$5.9 billion across 33 funds, 7.5 per cent higher than the $5.5 billion raised from 32 funds in 2023, according to Preqin Pro data. 'Given the success of private credit strategies in the US and Europe generally, many of the funds from these markets view Asia as the next frontier, both from a capital deployment perspective and a market diversification perspective,' Shaun Langhorne, partner at law firm Clifford Chance, told The Business Times. State Street is seeing more US credit managers looking to diversify into Apac. West Coast-based managers are looking for new growth ideas, according to Eric Chng, senior managing director for global alternatives at State Street. 'They have come to a point where they can only grow US for so much, they're looking for new ideas for growth. Recently, I had two conversations with two managers, each managing more than US$100 billion in private credit. They are asking me, how do I deploy to Asia?' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The US remains the biggest market for private credit, which market players estimate is around US$1.7 trillion in global assets under management (AUM) currently. Apac, which Preqin said accounts for 5 per cent of the global market, could grow at an annualised rate of 8 per cent until 2029 to US$160 billion. In a State Street survey of 450 institutional investors over the world – 120 of them from Asia – 31 per cent said they would deploy more capital this year to developed Apac, a subset spanning Singapore, Australia, Japan, Hong Kong and New Zealand. That's up from 29 per cent in 2024. American investors in Apac deals A look at some of the biggest private credit deals in the Asia-Pacific shows the deep involvement of American investors. These include India's biggest deal on record: a US$3.4 billion refinancing for conglomerate Shapoorji Pallonji Group. Investors include American managers such as Ares Management, Cerberus Capital Management, Davidson Kempner Capital Management and Farallon Capital Management. Goldman Sachs Asset Management's hybrid fund – part of its private credit strategy – has also reportedly provided US$600 million to partially finance conglomerate Jubilant Bhartia Group's purchase of a 40 per cent stake in Coca-Cola's Indian bottling unit. Another reason investors are showing more interest in Apac is the higher spreads they can get here, compared to the competitive and mature markets in the West, said Chng. 'Because it's so ultra competitive, the spreads are lower than what you get in Asia, and the outperformance of Asian credit is at the top of mind of a lot of Western fund managers … as a fund manager, if you know that you can get 200 basis-point extra spread on the same structure in Asia, you will find a way to get there.' Spread measures the additional yield that investors demand for holding debt with a higher perceived credit risk than a safer bond, such as a government bond or an investment-grade corporate bond Investor interest globally has been rising in private credit, the financing provided by non-bank lenders to companies. That's as returns have beaten those from private equity (PE) in the past three years, and where PE investors are facing challenges in exiting their current investments due to the volatile deal climate. An Apr 29 report by index provider MSCI shows that private credit funds generated 6.9 per cent last year, exceeding the PE funds' return of 5.6 per cent. 2024 marked the third straight year of outperformance. For Apac, the returns could be in the range of mid-to-high-teens per cent, said Chng. More family offices getting invested Within Asia itself, more family offices are allocating funds to private credit, as their liquidity needs and investment horizon are aligning closer to those of institutional investors. 'Family offices are now coming into private credit space in a big way, because they have similar needs to the institutional investors,' said Serene Chen, Asia-Pacific head of credit, currency and emerging market sales, and head of Singapore institutional sales at JPMorgan Chase. While family offices comprise less than 10 per cent of the Asian investor base in private credit, interest is growing, Chen said. JPMorgan has also seen increased participation in private credit from Asian institutions, across local sponsors, insurance and pension funds, she added. With the increased interest, market players said private credit managers have no problems securing capital in Apac. These include Ares, which is raising another Asia special situations fund to boost its credit investments in the region. It's reportedly targeting a size no smaller than its previous fund, which hit about US$2.4 billion in 2023. On Jun 12, Chicago-headquartered investment manager Nuveen announced the second close of its Australian commercial property debt fund, raising more than A$650 million. Last month, Singapore-headquartered Granite Asia said it secured over US$250 million from anchor investors for its first private credit fund. Active fund-raising Market players noted that raising capital isn't an issue, especially as lower returns and the challenging exit environment for PE investments are leading investors to turn to private credit. Some note that, with investors still preferring to steer clear of China – traditionally the biggest private credit market in Asia – the danger is borrowers may have the upper hand. With a 'deep pool of capital chasing' limited pool of borrowers, some private credit fund managers could be tempted to impose less stringent terms to ensure deployment, said State Street's Chng. Clifford Chance's Langhorne said it's not a clear-cut case that a deep capital pool would improve the bargaining position of borrowers. Citing the Sharpooji Pallonji deal signed last month, he said: 'Demand was high and they were able to borrow a substantial amount in one transaction. However, given they are unlikely to be able to raise the same amounts of capital from traditional capital providers, the trade-off for the borrower involves meeting the returns the private credit funds seek, as well as accommodating the structure and protections required to deploy the funds.' The loan tenor for that transaction is three years, with the yield on the zero-coupon bond hitting as high as 19.75 per cent. 'There is a lot of capital available for deployment, but that does not mean that capital providers are just throwing money at the borrowers seeking capital. The investment still has to meet their expected returns and risk expectations,' said Langhorne.
Malaysian Reserve
04-06-2025
- Business
- Malaysian Reserve
Inaugural Finance Summit from London Blockchain Highlights Real-World Blockchain Innovation
Leading industry figures discuss how blockchain is reshaping the future of finance LONDON, June 4, 2025 /PRNewswire/ — The London Blockchain event series proudly hosted its inaugural Finance Summit on 3 June, a groundbreaking event that brought together world-renowned industry leaders, innovators and decision makers at the intersection of blockchain technology and financial services. Held at Clifford Chance head office in London, and in collaboration with Global Digital Finance (GDF) and European Blockchain Association, the summit offered forward thinking insights into regulation, infrastructure and real world blockchain applications in finance. The day covered a wide variety of topics from blockchain regulation to the convergence of TradFi and DeFi in reshaping the financial landscape. Guests heard insights from speakers and moderators from key institutions such as Standard Charter, UBS, Deutsche Bank, Vodafone and JP Morgan. The event commenced with a welcome address from Diego Ballon Ossio, Partner with Clifford Chance. 'It's great to see crypto professionals and TradFi services experts coming together to develop something new. These sessions demonstrate that we are entering a more sophisticated phase in the digital assets space and the Distributed Ledger Technology (DLT) is poised to become the next technology of choice for financial services' Alex Stein, Conference Director, London Blockchain said, 'The Finance Summit made one thing clear. Blockchain is no longer on the sidelines of finance, it is becoming part of the core infrastructure. From regulatory frameworks to real-world deployments, we are proud to provide a platform where banks, startups, policymakers and innovators can come together to shape the future of financial services.' About the London Blockchain ConferenceUNITING ENTERPRISE, AI & WEB3 At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, big ecosystem announcements, new product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself. Notes to editors: Session highlights: 1. Blockchain Regulation: Latest Insights into Key Regulatory Developments– Moderated by Madeleine Boys, Director of Programmes and Innovation at GDF. Speakers including Laurent Marochini, CEO, Standard Chartered Bank, Luxembourg Reginald Tumusiime, CEO, CapitalSavvy, President, Blockchain Association of Uganda Ron Tarter, Founder & CEO, MNEE Angus Brown, CEO, Minit Money Session highlights: Digital asset regulation has shifted rapidly around the world in the last six months: Regulatory efforts have accelerated rapidly across major jurisdictions over the past six months, with the panel of experts outlining the key developments in the US, EU, Africa, and beyond. The US is seen as less restrictive compared to the EU: The US is seen as more permissive under the current Trump administration, with easier licensing and new laws (e.g., Genius Act, Stable Act) supporting fintech and stablecoins. By comparison, the EU remains a global leader with stricter, more structured rules, especially under the MICA framework, which has been in development since 2018. Africa is making positive steps toward digital asset regulation: Regulation is catching up with fast-growing private-sector adoption. Countries like South Africa, Kenya, Uganda, and Rwanda are actively shaping legal frameworks. There is regulatory fragmentation, but it's not unique to digital assets: Regulations across the world are not fully aligned, and this can lead to fragmentation. However, most jurisdictions share 90% of the same rules. Collaboration and guidance notes are key to bridging gaps. 2. The Convergence of TradFi and DeFi – Moderated by Elise Soucie Watts, Executive Director, Global Digital Finance. Speakers including Adeline Bachellerie, Deputy Director, Innovation and Financial Market Infrastructures, Banque de France Anna Dinescu, Partner, Hilbert Capital Munder Shuhum, Founder and Managing Partner, Pearls Capital Session highlights: Traditional finance and decentralised finance are merging: The gap between traditional and decentralised finance is closing rapidly. Experts believe regulators and businesses should now treat them as part of the same ecosystem. Tech modernisation, not a revolution: Munder Shuhum explained that blockchain and tokenisation should be seen as natural upgrades to existing financial infrastructure, not separate systems. Regulation is still a barrier: Despite positive steps being taken, widespread adoption of decentralised finance is being slowed by regulatory uncertainty. DeFi benefits from TradFi practices: Firms with a traditional finance background are successfully applying their expertise to decentralised finance systems, particularly in real-world asset tokenisation. Not everything needs to be on-chain: The experts warned against using decentralised finance just for novelty. Instead, adoption should be driven by clear, scalable business benefits. 3. The Evolution of Digital Currencies: Navigating the Future of Finance – Moderated by Bilal Jafar, Hedge Fund & Crypto Correspondent, Dow Jones. Speakers including Ray Dillet, Head of Financial Institutions, Bitwise Asset Management Simon Seiter, Former Head of Digital Assets, Hauck Aufhäuser Lampe Privatbankiers, AG Previn Singh, Executive Advisor to Global Digital Finance (GDF) Centre of Competency, Credit Suisse Francesco Roda, Services Digital Asset Risk Director, Citi Bank Joy Adams, Chief Operating Officer Digital Asset, Deutsche Bank Michael R. Blaschke, Global Principal Enterprise Architect, Enterprise Architecture & Advisory, SAP Session highlights: Enterprise adoption of digital assets is not just about disruption: True adoption comes from shifting from hype to serious strategic planning, emphasising change management and risk control rather than just technology leadership. Regulatory attitudes have matured: Blockchain is now viewed as a foundational infrastructure and will connect other megatrends like AI and green energy. Risk management is also evolving Enterprises are encouraged to integrate digital asset risks into existing frameworks instead of isolating them. Lessons from past tech transitions, such as cloud computing, should inform how enterprises handle decentralised finance today. True transformation requires structural change: The experts warned that true organisational change based on blockchain doesn't just mean faster and cheaper processes. Successful adoption depends on managing internal change and aligning blockchain use with new business models. 4. Real-World Applications of Blockchain in Finance – Moderated by Madeline Boys, Director of Programmes and Innovation at GDF. Speakers including David Palmer, Chief Product Officer, Vodafone Emma Lovett, Executive Director – Markets DLT, J.P. Morgan Anthony Clark-Jones, Executive Director, UBS Investment Bank Session highlights: Blockchain in finance is moving from a purely technology focus to real-world applications: This is like using smart contracts for exact settlement times. Key executives need to understand the technology properly: Before it can grow and see widespread adoption. The Bank of England's Digital Security Sandbox has seen significant interest: There are nine firms already involved in testing during the first phase. 5. Blockchain's Impact on Operation Efficiency – Moderated by Previn Singh, Executive Advisor to GDF, Former Head of the Digital Assets & Distributed Ledger Technology (DLT) Centre of Competency, Credit Suisse. Speakers including Anand Paul, Independent Expert, Former Project Lead of Blockchain Securities Lending Production, Credit Suisse Nadine Teychenne, Global Head of Digital Assets, Investor and Issuer Services, Citigroup Centre Micheal R. Blaschke, Global Principal Enterprise Architect, Enterprise Architecture & Advisory, SAP Session highlights: Blockchain can make transaction lifecycles, compliance, and auditing far more efficient: This reduces settlement times and enabling real-time data sharing. Collateral management and remittances benefit from blockchain: Happens through faster movement, automation with smart contracts, and the use of stablecoins. Blockchain reduces the need for outsourcing back-office functions: Bringing cost savings and efficiency to finance houses. 6. Strategies for Blockchain Integration in Financial Services – Moderated by Alex Stein, Conference Director, London Blockchain Conference. Speakers including Ciarán McGonagle, Chief Legal & Product Officer, Tokenovate Sonia Chawla, Head of Legal Investment Transactions, Schroder Thomas Giacomo, Head of Payments Division, Teranode Group Riccardo Donega, Innovation Product Manager, DLT Digital Assets, Banca Sella Session highlights: Developing standards and aligning with regulations is key for blockchain adoption: Legal clarity is needed around tokenised assets and smart contracts. Fintechs often drive innovation in blockchain: As the industry works together toward regulatory certainty, bigger banks will slowly adopt Firms should speak to everyone from regulators to competitors: As there is a need for clarity around blockchain adoption. 7. Future-Proofing Financial Institutions with Blockchain – Moderated by Adriana Ennab, Executive in Residence, GDF. Speakers including Sabih Behzad, Head of Digital Assets & Currencies Transformation, Deutsche Bank Ray Dillet, Head of Financial Institutions, Bitwise Asset Management Brett Johnson, Head of Sales, Rekord AG Session highlights: Government friendliness has driven adoption of blockchain in the last 12–18 months: This has happened through clear support from the US and more regulatory clarity from the EU. Large institutions face inertia: However, blockchain is now solving real problems like collateral management and saving banks millions of pounds. Retail groups and fintech's take the initial risks: This makes it easier for banks to adopt proven blockchain technologies later. Photo: View original content:
The Star
30-05-2025
- Business
- The Star
Citi reverses trader firing after five years
Terms of the settlement weren't disclosed. — Bloomberg TOKYO: Citigroup Inc revoked the firing of a senior trader in Japan as part of a wrongful dismissal settlement following years of wrangling over problematic trading practices in the bank's Asia unit. Ken Ohtaka's dismissal was rescinded after the two sides reached an agreement last month, according to a copy of the settlement seen by Bloomberg News. Ohtaka, Citigroup's ex-Japan agency trading head in Tokyo, rejected a confidentiality clause in the settlement so that he can talk openly about what he describes as a 'global witch hunt in search of scapegoats' that triggered several firings. The internal probe launched in 2018 by law firm Clifford Chance was 'flawed', and its outcome felt 'predetermined' in order to pin the blame for questionable practices on a group of Asia equity sales traders, Ohtaka said in a phone interview. Ohtaka 'suffered great mental distress as a result of being unilaterally fired by the defendant without any disciplinary reason', according to court filings for his wrongful dismissal lawsuit. Terms of the settlement weren't disclosed. Citigroup said the bank took appropriate action in line with procedures when personal conduct failed to meet its high standards. 'All Citi investigations are conducted based on facts and evidence, with assistance from independent experts as needed,' a Hong Kong-based spokesperson said in an email. The bank 'has implemented significant remedial measures to strengthen our compliance and internal controls to address this legacy issue, and continues to enhance its processes to reflect best market practices and to meet regulatory expectations'. Clifford Chance in Hong Kong said the firm doesn't comment on client matters. Hong Kong Probe Ohtaka's settlement is the latest chapter in a saga that began when Hong Kong's securities regulator found that traders in Citigroup's Asia markets division had at times misrepresented the bank's own stock positions on trades as client interest for more than a decade. In essence, the regulator concluded, they had indicated there was customer demand to buy and sell specific stocks when it didn't exist. The Securities and Futures Commission (SFC) said that the 'pervasive dishonest behaviour' went as far back as 2008. The regulator faulted Citigroup for internal control deficiencies and poor management oversight, and fined it about US$45mil. After the SFC began reviewing the trades, Citigroup launched its own probe, just months after Ohtaka joined the firm in 2018. — Bloomberg
