7 ASIAN LEGAL BUSINESS – JUNE 2024 WWW.LEGALBUSINESSONLINE.COM BRI EFS Duc believes the political uncertainty stemming from the anticorruption campaign has been posing another significant challenge for foreign investors. “The removal of high-ranking officials as part of the campaign has created a sense of instability within the political landscape, leading to concerns about policy paralysis and regulatory unpredictability,” says Duc. There are also concerns that the anti-graft campaign was weaponised by the authorities to target political rivals. The political motives could render the campaign arbitrary and could cloud investment prospects. HOW CAN FOREIGN BUSINESSES NAVIGATE THE CAMPAIGN? Lawyers believe businesses that can successfully demonstrate transparency, compliance with local laws, and thorough due diligence will more likely get the green light from officials unnerved by the optics of corruption. “Transparency is a top priority for authorities, especially in dealings involving foreign investment. Investors must ensure transparency in their financial sources and technical capabilities. This transparency helps demonstrate the legitimacy and credibility of the investment, DEALS $3.4 BLN Nippon Life Insurance’s acquisition of stake in Corebridge Financial Deal Type: M&A Firms: Debevoise & Plimpton; Latham & Watkins; Wachtell, Lipton, Rosen & Katz Jurisdictions: Japan, U.S. $2.6 BLN Take-private offer for Malaysia Airports Holdings Deal Type: M&A Firms: Weil, Gotshal & Manges; Wong & Partners Jurisdictions: Malaysia, U.S. $1.4 BLN Mitsubishi UFJ Financial Group’s acquisition of Link Administration Deal Type: M&A Firms: Gilbert + Tobin; Herbert Smith Freehills Jurisdictions: Australia, Japan $1.25 BLN Uber’s acquisition of Foodpanda Taiwan and investment in Delivery Hero Deal Type: M&A Firms: Freshfields; White & Case Jurisdictions: Germany, Taiwan, U.S. $1 BLN Chandra Asri consortium’s acquisition of Shell Energy and Chemicals Park Singapore Deal Type: M&A Firm: Latham & Watkins Jurisdictions: Indonesia, Singapore $835 MLN Carlyle Group’s offer to buy KFC Holdings Japan Deal Type: M&A Firms: Kirkland & Ellis; Mori Hamada & Matsumoto; Nagashima Ohno & Tsunematsu; Nishimura & Asahi Jurisdictions: Japan, U.S. $719 MLN Brookfield India Real Estate Trust’s acquisition of stake in Rostrum Realty Deal Type: M&A Firms: Cyril Amarchand Mangaldas; Khaitan & Co; Shardul Amarchand Mangaldas & Co Jurisdictions: India, U.S. $326 MLN CITY Developments Limited’s acquisition of Delfi Orchard Deal Type: M&A Firm: Rajah & Tann Jurisdiction: Singapore mitigating concerns about potential corruption or illicit financial activities,” says Duc. In addition, Duc points out that thorough due diligence on business partners and third-party suppliers is essential to mitigate risks of corruption or bribery. “Investors should conduct comprehensive background checks and assessments to ensure the integrity and credibility of their partners and suppliers,” says Duc. “This helps prevent potential involvement in corrupt practices and protects the reputation and interests of the investors,” he adds. u
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