National Australia Bank has hired Mahesh Lakhani. Mahesh joined NAB in July and will initially lead the UK tax team.
Mr Lakhani is a highly experienced banking tax professional. In his early career he worked with JP Morgan, Deutsche Bank and Enron. He was London Head of Tax at Commerzbank from 2001 to 2005 and then a Director at Credit Suisse from 2005 to 2008, where he focussed on Front Office tax support. Most recently he was Head of Tax at KBC Financial Products, running teams in London, Tokyo, Hong Kong and New York.
Commenting on his new role Mahesh said “I am delighted to join National Australia Bank in London. There is a fantastic global tax team and I am looking forward to being a key member of the team and adding value to the NAB group.”
Milbank, Tweed, Hadley & McCloy has announced the addition of Tax partner Michael O’Hara Duff, who joins the firm’s Los Angeles office. He is a prominent new member of the project finance and renewable energy team.
With a practice focused on federal taxation issues, Mr. Duff advises on complex partnerships and other corporate structures used to acquire a wide array of renewable energy assets, including solar, wind, geothermal and photovoltaic energy sources. He has counselled clients on the tax aspects of more than $30 billion in renewable energy transactions, including acquisitions using leveraged lease structures and like-kind exchanges.
Mr. Duff also regularly serves as tax counsel to financial institutions and other large investors in infrastructure project finance matters. He joins Milbank from the Los Angeles office of Sidley Austin, where he was a partner in their tax, energy and project finance and infrastructure practices.
“Our renewable energy and project finance teams handle a steady stream of large transactions in which complex tax considerations play a central role,” said Milbank Chair Scott Edelman. “Michael Duff brings extensive experience advising on a variety of tax-related structures used in energy and infrastructure financings, acquisitions, asset sales and other deals. His strength across the renewables sector will be a benefit to our many stakeholder clients engaged in big-ticket green energy transactions.”
Mr. Duff’s recent transactional matters include:
- $2.4 billion investment in partnership acquiring a portfolio of wind energy facilities;
- $1 billion purchase and lease of three geothermal facilities;
- $531 million upfront and $116 million contingent investment to purchase a portfolio of wind farms;
- $380 million acquisition of a wind farm, using $170 million of third-party debt;
- $308 million acquisition and leaseback of a solar thermal plant;
- $100 million investment in partnership to purchase a utility-scale solar plant in Puerto Rico.
- Financing transactions for portfolios of rooftop photovoltaic systems in several states.
“Large-scale renewable energy and infrastructure transactions increasingly demand specialized and often innovative tax expertise to achieve maximum benefit for the parties involved,” said Paul Aronzon, co-managing partner of Milbank’s Los Angeles office. “Mike has demonstrated a cutting-edge command of the unique tax aspects of these ventures, and we’re certain he will become a key contributor to our market-leading West Coast project finance team on our clients’ trailblazing renewable energy and infrastructure deals.”
Mr. Duff said, “I’m excited to join Milbank’s Tax Group, which plays an integral role in such a diverse range of major deals the firm handles in renewable energy, power and other infrastructure. Milbank is among the preeminent legal transactional advisers in these important sectors, and I’m looking forward to working with colleagues across the firm.”
Mr. Duff earned his law degree at Vanderbilt University and his Bachelor’s degree at the University of California, Los Angeles.
BNY Mellon has promoted Mariano Giralt from Head of Tax Services for EMEA to Global Head. Mariano is based in the London office and has been with the bank for over 4 years. He was previously an Exec Director at JP Morgan Chase and before that a tax lawyer with the law firm Cuatrecasas in Barcelona.
His role involves tax product strategy and development, project management, sales, market intelligence and risk management and acting as a primary contact for clients’ tax requests. He covers the following businesses: Global Custody, Fund Administration Services, Transfer Agency, Trustee & Depositary and Alternative Investments.
Main Tax Projects and responsibilities:
•Tax analysis at investors level:
Investor Tax Reporting: German Tax Reporting, Austrian Tax Reporting services, EUSD.
US Tax Reporting: Cost Basis (1099), FATCA, 1042
•Tax analysis at investment vehicle level:
Luxembourg FCPs, SICAVs and SICARs, Irish CCFs, PLCs, Unit Trusts, UK Limited Partnerships, OEICs, PFPVs, US Funds, Special Funds.
Fund pooling vehicles (tax transparent entities), offshore structures, REITs structures
•Tax analysis at investment level:
Tax market intelligence, tax efficiency, tax relief at source and via reclamation of investments and application of double tax treaties and European Court of Justice tax reclaim services.
Capital Gain Tax computations and Fin 48
Financial Transaction Taxes
Morgan Lewis has recruited corporate tax partner Paul Beausang, who will join the firm in October.
Mr. Beausang assists clients with a broad range of corporate tax issues with particular emphasis on structured finance transactions, big ticket indirect real estate projects, and public/private development partnerships.
He is currently a partner at K&L Gates in London, prior to that he was a partner with Nabarro. Also joining from K&L Gates is Paul’s colleague, Theresa Kradjian, a structured finance partner.
Alston & Bird has expanded its federal and international tax capabilities with the addition of Scott Harty as partner in the firm’s Atlanta office.
“Our tax practice has experienced vibrant growth in recent years, and Scott’s addition to the team is an important continuation of that trajectory,” said Sam Kaywood, Alston & Bird partner and co-chair of the Federal Income & International Tax Group. “With tax authorities the world over seeking to increase tax revenue to bridge budget deficits, Scott’s extensive experience and know-how further deepen our bench capacity to advise multinationals who are facing increasing challenges and uncertainties in the areas of tax planning and dispute resolution.”
Harty’s practice focuses on complex domestic and cross-border commercial transactions, including taxable and tax-free mergers and acquisitions, joint ventures and corporate restructurings. He has substantial experience advising corporate and private clients on all facets of U.S. inbound and outbound investments, including private equity investments, treaty planning, Subpart F and withholding tax issues arising under the Foreign Account Tax Compliance Act (FATCA) and the Foreign Investment in Real Property Tax Act (FIRPTA).
“Given the complexity and cross-border nature of today’s global economy, Scott’s outstanding track record of creating innovative solutions to sophisticated international tax issues will enhance our ability to serve our clients,” said Edward Tanenbaum, co-chair of the Federal Income & International Tax Group. “He brings remarkable insight to the legal and business intricacies of tax planning and disputes and will be a tremendous resource for clients as they look to achieve their business goals without tax friction.”
Harty also represents clients in domestic and international tax controversy matters, including Internal Revenue Service administrative audits and appeals, as well as negotiation and settlement of taxes and civil penalties. He handles tax audits for public and private companies, income and gift tax audits for individuals and cases with significant offshore trust and foreign corporate tax issues. He will also collaborate with the firm’s private client practice on similar matters, including the tax implications of cross-border wealth transfer planning, advising families on their business and private equity investments and handling IRS controversies.
“Scott’s addition gives us even more firepower to meet the demand for sophisticated tax planning by our multinational clients both locally and on a global scale,” said Janine Brown, partner in charge of Alston & Bird’s Atlanta office. “He will have an important role to play in a market where uncertainty about forthcoming tax reform will drive demand for thoughtful and creative tax counseling.”
A frequent speaker on domestic and international tax issues, Harty joins from the Atlanta office of Smith, Gambrell & Russell, LLP, where he was a partner and head of the Tax Practice.
The Goodyear Tire & Rubber Company has announced that Peter R. Rapin will join the company as vice president and treasurer. He will report to Laura K. Thompson, executive vice president and chief financial officer.
Rapin most recently served as vice president, treasury and tax for TRW Automotive (now part of ZF Friedrichshafen AG) where he directed the global treasury, tax, insurance, and pension functions.
“We are pleased to welcome Peter to the Goodyear team,” said Thompson. “He is an accomplished finance executive with extensive treasury experience, an in-depth knowledge of the automotive industry and a proven leadership track record in corporate finance.”
Prior to joining TRW in 2003, Rapin spent eight years with Engelhard Corp., a specialty chemical company, where he served as treasurer from 1998 to 2003 and assistant treasurer from 1995 to 1998. He began his career at Westinghouse Electric Corp. in 1981 where he held various senior treasury positions.
He earned a Bachelor of Science degree in finance and a Master of Business Administration degree from Duquesne University.
Rapin will succeed Thomas Kaczynski who has served as Goodyear’s treasurer since January 2014. Kaczynski is leaving the company for another opportunity, effective August 28, 2015.
Goodyear is one of the world’s largest tire companies. It employs about 67,000 people and manufactures its products in 50 facilities in 22 countries around the world. Its two Innovation Centers in Akron, Ohio and Colmar-Berg, Luxembourg strive to develop state-of-the-art products and services that set the technology and performance standard for the industry.
KPMG has appointed Rob Clayton as a new partner to its 25-strong UK insurance tax team with effect from 1 October 2015.
Rob Clayton has been leading tax teams in the insurance sector since 2006. Most recently he was Group Tax Director at Friends Life and, prior to that, Group Tax Director at RSA. Until April this year, Rob was also the Chair of the ABI’s tax committee, taking a key role in leading the industry’s response to relevant tax policy issues. His appointment as partner at KPMG in the UK is a return to the firm as he was with KPMG from October 1998 to September 2001 after training with the Inland Revenue.
In his role as insurance tax partner, Rob Clayton will be responsible for leading KPMG’s tax relationship with groups in the sector, with a particular focus in the short term on the general insurance market. Rob’s profile in and knowledge of the sector means he will be an important addition to the team as insurers embark on a new round of consolidation and continue to address the challenges presented by regulatory reform.
Commenting on Rob Clayton’s appointment, Phil Smart, Partner and Head of Insurance and Investment Management at KPMG in the UK, said:
“Rob brings to us a vast knowledge of tax in the insurance sector, is a highly respected and well known member of the insurance community and has excellent experience of the broader role tax has to play in our clients’ businesses. We are really looking forward to him joining the team as we look to build on the growth of the last two years.”
Rob Clayton added: “After 14 years in industry, I am delighted to be returning to KPMG. I have very fond memories of my previous time there when I joined as an assistant manager back in 1998 before leaving as a manager in 2001. The people in my team were enormously supportive to me and helped me build the foundations of my career in tax. Now that I am rejoining the firm as a partner I am looking forward to supporting the next generation of KPMG tax professionals and building on the great opportunity KPMG has to extend its reach into the insurance sector.”
, Head of Tax at KPMG in the UK, concluded: “I am delighted to welcome Rob back to KPMG. His industry expertise and experience significantly enhances our ‘bench strength’ in insurance tax.”
Andy Baik returns to EY’s National Tax Department as a Principal in International Tax Services, splitting his time between Lyndhurst, NJ, and Singapore. Baik spent his 21-year career with EY in the US and Singapore until 2013, when he joined PwC to lead the Sovereign Wealth Fund tax group in Asia and serve as the Asia lead tax partner on key global MNC accounts. At EY, he will focus on serving private equity and Sovereign Wealth Fund clients.
Jose Murillo has been named the Director of the EY National Tax Department’s Washington International Tax Services group, where his practice focuses on cross border acquisitions, dispositions, and restructurings. Murillo worked in the US Treasury Department’s Office of Tax Policy from 2007-2010, where he assisted with the development of international tax policy and legislative proposals and Treasury regulations and in the negotiation of income tax treaties.
Brian Abbey returns to EY as an Executive Director in International Tax Services based in Pittsburgh, PA. Previously, he served as International Tax Director with Dentsply International and has also worked with Deloitte.
Edel Flynn joins EY as an Executive Director in New York as a member of the Indirect Tax Services team focusing on VAT.
Flynn was previously with KPMG for 12 years (in Ireland and then later in Manhattan) and also spent time at Abbott Medical Optics as the company’s European Indirect Tax Manager.
Kevin Kaiser joins the Transaction Advisory Services practice of EY in Minneapolis as an Executive Director. He will be a leader in the Transaction Tax practice with a focus on financial services clients. Previously, he was a Partner with Lindquist & Vennum LLP in Minneapolis focused on M&A tax and corporate finance, and was previously with KPMG. He earned his JD from William Mitchell College of Law and his MS in Accountancy from San Diego State University.