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Jerome Jakubik of Baker & McKenzie, Chicago, discusses the structures and bidding procedures used by Asian financial institutions trying to dump burdensome non-performing loans

Since gaining independence, Ukraine’s court system has struggled to modernize against the obstacles of old Soviet procedures and structures. Vladimir Zakhvataev of Salans Hertzfeld & Heilbronn, Kiev, explains the radical reforms introduced this summer

Clifford Chance is advising the borrowers on the largest water project in the world. Stephen Harder, a project finance partner in the firm's Hong Kong office, is leading a team of lawyers in China and Hong Kong advising Anglian Water and Mitsubishi on a $200 million project financing to design, build and operate the largest water project in the global water market. The Beijing No 10 water treatment plant will supply drinking water to one in five residents of the Chinese capital.

Many employers have incorporated a pay in lieu of notice clause (PILON) into their contracts of employment. This clause reserves the right of the company to terminate an employment with immediate effect by making a payment in lieu of that person's entitlement to notice. (The legal advantage of the clause is that termination can occur with immediate effect but without any breach of contract. This means any post-termination obligations on the employee, such as restrictive covenants, may remain in force rather than fall away due to the employer's breach.)

In a significant liberalization of the currency laws, Russia has abolished the licensing requirement for foreign currency loans with terms of over 180 days. This dramatic new change appeared in Central Bank Regulation No.1030-U, dated September 10 2001, and became effective on October 1. The new regime substantially simplifies the ability of Russian corporate borrowers to attract and repay hard currency loans from non-resident banks and companies for terms of over 180 days (long-term currency loans). Previously, such loans required individual licences from the Central Bank, and this requirement often delayed cross-border financings.

Key deals - Czech Republic Privatization of Komercni Banka (October 2001) Société Générale buys Czech government's majority stake Value: euro 1.2 billion ($1.07 billion) Société Générale Allen & Overy

Czech Republic Baker & McKenzie vos Praha City Center

Singapore's United Overseas Bank (UOB) has wrapped up its takeover of Singaporean rival Overseas Union Bank (OUB) with a S$1.3 billion ($715 million) bond issue, the largest of its kind in Singapore. It also launched a US-dollar denominated $1.27 billion issue.

Simmons & Simmons has continued the expansion of its Asian services with the recruitment Masons' Hong Kong litigation team. The move comes just one month after the firm secured a joint venture in Tokyo with mid-size Japanese firm TMI Associates.

Gianni Origoni Grippo & Partners is planning to strengthen both its banking and finance, and antitrust practices, as Linklaters & Alliance's Italian ally tries to become more widely known as a full service firm.