Sovereigns | White & Case
Sovereign Law

Sovereigns

In recent times, global economic instability, monetary policy shifts and political change have all contributed to a more challenging environment for our sovereign clients, whether governments, ministries or state-owned entities.

For over 30 years, we have helped more than 60 sovereign nations resolve their complex challenges across a range of activities. Our Firm is dedicated to helping sovereign clients achieve their goals. We have been involved in the successful resolution of many of the most innovative legal, transactional and regulatory matters encountered by sovereign countries. Our relationships with several sovereign clients have spanned multiple decades, a testament to our long history of success in this area.

We work with sovereign clients worldwide throughout our offices and in multidisciplinary teams wherever needed. Our global reach and longstanding presence in key financial centers and emerging markets, coupled with our ability to offer counsel across US, English and local law, enable us to advise our sovereign clients on cross-border and domestic transactions, as well as the intricate and dynamic global regulatory environment.

We offer our sovereign clients world-class experience and knowledge in the areas that matter most to them, including:

  • Banking and capital markets
  • Debt restructuring and liability management
  • International arbitration and litigation
  • International trade
  • Energy, infrastructure and project finance
  • Privatization and legal reform
  • Public-private partnerships
  • Sovereign wealth funds

 

AWARDS

Ranked First Among the Top Global 20 Law Firms
Law360 2014

Ranked Top Firm in World Bank Investment Arbitration
Credibility International 2014

"An enviable bench of lawyers spread across its extensive global network of offices. Attracts an impressive portfolio of clients including sovereigns, state-owned entities and international companies. Notable strength in investor-state, construction and energy disputes."
Chambers Global 2014

"The firm's focus on emerging markets also extends to its capital markets practice, with many sovereign debt offerings of note."
Chambers Global 2013

Banking and capital markets
We have a particularly strong track record for sovereign bond issues in emerging markets in Europe, Asia, the Middle East and Africa. For example, we have recently advised on the debut sovereign bond issues for the Czech Republic, Italy, Indonesia, Ivory Coast, Lithuania, Montenegro, Nigeria, Qatar, the Republic of Albania, the Republic of Belarus, Senegal and the Slovak Republic.

Debt restructuring and liability management
We represented Samruk-Kazyna National Welfare Fund JSC, the national property fund of the Republic of Kazakhstan, in connection with Kazakhstan's state-sponsored stabilization and recapitalization of the four largest Kazakh banks: BTA Bank JSC, Kazkommertsbank JSC, Alliance Bank JSC and Halyk Savings Bank JSC.

International arbitration and litigation
Our work on more than 100 investor-state arbitrations regularly makes headlines for the landmark results we achieve. For example, we obtained three consecutive arbitration victories for Romania before the World Bank's International Centre for Settlement of Investment Disputes (ICSID) in Noble Ventures v. Romania, EDF v. Romania and S&T Oil v. Romania. In an independent study published by Credibility International in 2014, White & Case was recognized as both the most experienced and the most successful firm in ICSID arbitration.

International trade
We represented the governments of Argentina and Mexico in their WTO challenge of several aspects of US laws and regulations relating to sunset reviews in anti-dumping proceedings (both in general and as applied to oil country tubular goods from Argentina and Mexico). The case was successfully concluded when the US revoked the anti-dumping orders on these products.

Energy, infrastructure and project finance
We have a long track record of helping governments maximize their returns from infrastructure and other development projects. Recent examples include representing the Abu Dhabi Water and Electricity Authority in its seventh and eighth independent water and power producer projects at the Shuweihat S2 and Qidfa sites.

Privatization and legal reform
We have completed over 100 privatization transactions around the world, helping to establish many of the fundamental principles of privatizations through drafting legislation, establishing regulatory frameworks and restructuring state-owned enterprises and industries. Examples include Poland's mass privatization program and the liberalization of the Kingdom of Bahrain's telecommunications industry.

Public-private partnerships (PPP)
We have successfully assisted many sovereigns around the world with PPP. For example, we represented the Hashemite Kingdom of Jordan in connection with a 25-year concession granted to a private sector contractor to expand, refurbish and operate the Queen Alia International Airport in Amman. This was the first limited recourse airport financing in the region and is one of the largest infrastructure projects in the region to have been concluded on a PPP basis.

Sovereign wealth funds
We have significant experience representing sovereign wealth funds around the world on strategic and opportunistic investments, investment vehicles, restructuring issues, M&A transactions, project financings, tax structuring, compliance, disputes and legislative change. For example, we represented Qatar Investment Authority in connection with the investment by its principal holding company of more than US$6 billion in ordinary shares, mandatory convertible securities and perpetual tier 1 capital notes of Credit Suisse Group AG.

Sovereigns
About

In recent times, global economic instability, monetary policy shifts and political change have all contributed to a more challenging environment for our sovereign clients, whether governments, ministries or state-owned entities.

For over 30 years, we have helped more than 60 sovereign nations resolve their complex challenges across a range of activities. Our Firm is dedicated to helping sovereign clients achieve their goals. We have been involved in the successful resolution of many of the most innovative legal, transactional and regulatory matters encountered by sovereign countries. Our relationships with several sovereign clients have spanned multiple decades, a testament to our long history of success in this area.

We work with sovereign clients worldwide throughout our offices and in multidisciplinary teams wherever needed. Our global reach and longstanding presence in key financial centers and emerging markets, coupled with our ability to offer counsel across US, English and local law, enable us to advise our sovereign clients on cross-border and domestic transactions, as well as the intricate and dynamic global regulatory environment.

We offer our sovereign clients world-class experience and knowledge in the areas that matter most to them, including:

  • Banking and capital markets
  • Debt restructuring and liability management
  • International arbitration and litigation
  • International trade
  • Energy, infrastructure and project finance
  • Privatization and legal reform
  • Public-private partnerships
  • Sovereign wealth funds

 

AWARDS

Ranked First Among the Top Global 20 Law Firms
Law360 2014

Ranked Top Firm in World Bank Investment Arbitration
Credibility International 2014

"An enviable bench of lawyers spread across its extensive global network of offices. Attracts an impressive portfolio of clients including sovereigns, state-owned entities and international companies. Notable strength in investor-state, construction and energy disputes."
Chambers Global 2014

"The firm's focus on emerging markets also extends to its capital markets practice, with many sovereign debt offerings of note."
Chambers Global 2013

Experience

Banking and capital markets
We have a particularly strong track record for sovereign bond issues in emerging markets in Europe, Asia, the Middle East and Africa. For example, we have recently advised on the debut sovereign bond issues for the Czech Republic, Italy, Indonesia, Ivory Coast, Lithuania, Montenegro, Nigeria, Qatar, the Republic of Albania, the Republic of Belarus, Senegal and the Slovak Republic.

Debt restructuring and liability management
We represented Samruk-Kazyna National Welfare Fund JSC, the national property fund of the Republic of Kazakhstan, in connection with Kazakhstan's state-sponsored stabilization and recapitalization of the four largest Kazakh banks: BTA Bank JSC, Kazkommertsbank JSC, Alliance Bank JSC and Halyk Savings Bank JSC.

International arbitration and litigation
Our work on more than 100 investor-state arbitrations regularly makes headlines for the landmark results we achieve. For example, we obtained three consecutive arbitration victories for Romania before the World Bank's International Centre for Settlement of Investment Disputes (ICSID) in Noble Ventures v. Romania, EDF v. Romania and S&T Oil v. Romania. In an independent study published by Credibility International in 2014, White & Case was recognized as both the most experienced and the most successful firm in ICSID arbitration.

International trade
We represented the governments of Argentina and Mexico in their WTO challenge of several aspects of US laws and regulations relating to sunset reviews in anti-dumping proceedings (both in general and as applied to oil country tubular goods from Argentina and Mexico). The case was successfully concluded when the US revoked the anti-dumping orders on these products.

Energy, infrastructure and project finance
We have a long track record of helping governments maximize their returns from infrastructure and other development projects. Recent examples include representing the Abu Dhabi Water and Electricity Authority in its seventh and eighth independent water and power producer projects at the Shuweihat S2 and Qidfa sites.

Privatization and legal reform
We have completed over 100 privatization transactions around the world, helping to establish many of the fundamental principles of privatizations through drafting legislation, establishing regulatory frameworks and restructuring state-owned enterprises and industries. Examples include Poland's mass privatization program and the liberalization of the Kingdom of Bahrain's telecommunications industry.

Public-private partnerships (PPP)
We have successfully assisted many sovereigns around the world with PPP. For example, we represented the Hashemite Kingdom of Jordan in connection with a 25-year concession granted to a private sector contractor to expand, refurbish and operate the Queen Alia International Airport in Amman. This was the first limited recourse airport financing in the region and is one of the largest infrastructure projects in the region to have been concluded on a PPP basis.

Sovereign wealth funds
We have significant experience representing sovereign wealth funds around the world on strategic and opportunistic investments, investment vehicles, restructuring issues, M&A transactions, project financings, tax structuring, compliance, disputes and legislative change. For example, we represented Qatar Investment Authority in connection with the investment by its principal holding company of more than US$6 billion in ordinary shares, mandatory convertible securities and perpetual tier 1 capital notes of Credit Suisse Group AG.