Experiencia creativa 2011

Creative experience 2011

Experiencia creativa 2011

Creative experience 2011

Estimados clientes, amigos y colaboradores,

Durante el ao 2011 hemos tenido importantes experiencias profesionales y logrado xitos notables, que con mucho agrado deseamos compartir con ustedes. En el transcurso del mismo fuimos distinguidos como la firma legal del ao por dos de los directorios legales internacionales ms prestigiosos, como son Chambers & Partners e International Financial Law Review. Dicho reconocimiento nos comprometen a continuar brindando un servicio de excelencia, poniendo en prctica, a cada paso, creativamente nuestra experiencia de ms de 60 aos. La calidad de nuestros abogados, sumado al principio de confidencialidad y lealtad con nuestros clientes, nos ha permitido ser participes vitales y estratgicos en operaciones y casos muy complejos, cuyo xito ha repercutido en el desarrollo y estabilidad del pas y que apreciarn en las siguientes pginas. En el mbito profesional hemos participado proactivamente en una serie de casos y operaciones de gran envergadura, hitos en el desarrollo y fortalecimiento del pas, algunos de las cuales se presentan en esta memoria. Por otro lado, nuestra participacin en la emisin de una serie de instrumentos financieros en los mercados externos ha colaborado a facilitar recursos para el desarrollo de actividades econmicas importantes. La preocupacin de trascender nuestro espacio natural y retribuir con nuestro quehacer la confianza de la sociedad peruana es permanente. Hemos dedicado nuestro servicio legal atendiendo como Pro Bono a sectores vulnerables, y nuestra labor en responsabilidad social se ha visto plasmada en varios proyectos que apoyamos a travs del ao. Organizamos asimismo, nuevamente con xito el Moot Lima en su segunda versin consecutiva, un concurso inclusivo para estudiantes de pregrado de todas las facultades de Derecho del Per. Este concurso busca promover sus habilidades de anlisis, exposicin y persuasin, a la vez de fomentar la integracin de estudiantes de diferentes universidades. Somos cerca de 100 abogados y un equipo de ms de 200 personas, comprometidos a continuar con el mismo profesionalismo y creatividad con que empezamos el 2 de enero de 1950. Un servicio legal de primer nivel seguir siendo nuestra contribucin al desarrollo del Per. Cordialmente, Ismael Noya de la Piedra Director

Dear clients, friends and collaborators,

Throughout 2011 we have had important professional experiences and have achieved notable successes, which, with great pleasure, we wish to share with you. During this year, we have been recognized as the law firm of the year by two of the most prestigious international legal directories, Chambers & Partners and International Financial Law Review. These recognitions compel us to continue to offer excellent service; putting our experience creatively into practice with each step we have taken for over 60 years. The quality of our lawyers, in tandem with our principles of confidentiality and loyalty to our clients, have allowed us to be vital and strategic participants in very complex operations and cases, and the successful outcome has reverberated in the development and stability of our country, which can be appreciated in the following pages. In the professional field, we have participated proactively in a series of successful cases and operations of great scope, milestones in the development and stable growth of the country, some of which are presented in this annual report. Incidentally, our participation in the issuance of a series of financial tools into foreign markets has effectively facilitated procurement of resources for the development of important economic activities. We permanently care about transcending our natural space and returning, through our tasks, the confidence due to Peruvian society. We have dedicated our Pro Bono legal services to vulnerable sectors and our work in social responsibility has been expressed in the various projects we support throughout the year. In this respect, we again successfully organized the second consecutive version of Moot Lima, a competition for undergraduate students from all law schools of Peru. This competition seeks to promote their abilities of analysis, debate, speech and persuasion, while simultaneously promoting integration of students from a diversity of universities throughout the country. We are close to 100 lawyers and a team of more than 200 persons committed to continue with the same professionalism and creativity with which we started on January 2, 1950. Excellence in our legal service is and will continue to be our contribution to the development of Peru. Sincerely, Ismael Noya de la Piedra Director
, , , .

El Per tiene una ubicacin geogrfica estratgica, posee una amplia variedad de recursos naturales y diversidad de climas, su economa ha crecido sostenidamente en los ltimos aos, tiene sectores con un alto potencial de desarrollo; y por si fuera poco, ha venido creciendo en participacin en el mercado global y cuenta con un marco legal moderno y estable. stas son las condiciones que hacen de nuestro pas uno de los mejores polos de atraccin de inversiones, comercio y negocios de la regin.

Peru has a strategic geographical location. It possesses a great variety of natural recourses and climatic diversity, its economy has grown steadily in the past years, it includes sectors with high potential for development; and, as if that were not enough, it has increasingly been growing in participation in the global market and counts with a modern and stable legal framework. These are the conditions that make our country one of the best centers of attraction for investment, commerce and business in the region.

Firma del ao 2011

En el 2011, el Estudio Echecopar fue distinguido en dos oportunidades como la Firma Legal del ao en el Per. Estas distinciones fueron otorgadas por las ms prestigiosas publicaciones legales internacionales, como son Chambers & Partners e International Financial Law Review (IFLR) del Grupo Euromoney. Ambos reconocimientos fueron otorgados luego de un riguroso proceso de evaluacin realizado independientemente por cada una de las dos publicaciones inglesas, dedicadas a evaluar la labor de las ms importantes firmas legales en el mbito mundial.

Firm of the yeAR 2011

In 2011 Estudio Echecopar was distinguished on two occasions as the Law Firm of the year in Peru. These distinctions were awarded by the most prestigious international legal publications, as are Chambers & Partners and International Financial Law Review (IFLR) from Euromoney Group. Both acknowledgements were awarded after a rigorous evaluation process carried out independently by each of these two British publications dedicated to evaluate the work of the most important legal firms worldwide.

Estas distinciones confirman la excelencia profesional de nuestro equipo y nos comprometen an ms a poner nuestra Experiencia Creativa al servicio de nuestros clientes del Per y el mundo.

These distinctions confirm the professional excellence of our team and furthermore engages our commitment to place our Creative Experience at the service of our clients in Peru and throughout the world.

, .

Solucin de problemas de logstica internacional Talisman Peru B.V., Sucursal del Per
Talisman Per B.V., Sucursal del Per, empresa petrolera con operaciones en la selva peruana, permanentemente necesita abastecerse de combustible y otros suministros para sus actividades ubicadas entre las cuencas de los ros Morona y Pastaza, provincia del Alto Amazonas, en la regin Loreto, siendo su centro logstico de operaciones la base denominada Sargento Puo.

Solution of Problems of International Logistics Talisman Peru B.V., Sucursal del Per
Talisman Peru B.V., Sucursal del Per, an oil company with operations in the Peruvian jungle, permanently needs to stock up on fuel and other supplies for its activities, which are located between the basins of the Morona and Pastaza rivers, province of Alto Amazonas, in the region of Loreto. The base, designated as Sargento Puo, is its logistical center of operations.

Creatividad, innovacin e integracin andina Creativity, Innovation and Andean Integration

Echecopar en accin
El transporte de combustible desde la ciudad de Iquitos hasta Sargento Puo, toma unos 30 das, y tiene un alto costo que no poda reducirse dada la naturaleza del transporte fluvial. La empresa, con la ayuda delEstudio Echecopar, dise una alternativa para una nueva ruta a travs del territorio ecuatoriano para abastecer de una manera ms eficaz los campamentos de Talisman en la selva peruana.

Echecopar in action
Transportation of fuel from the city of Iquitos to Sargento Puo takes about 30 days, and has a high cost that could not be lessened given the nature of fluvial transportation. The company, with help from Estudio Echecopar, designed an alternative for a new route through Ecuador to more effectively bring supplies to the Talisman campsites in the Peruvian jungle.

Foto: CLI-Ecuador

Estudio Echecopar dise la arquitectura legal y ejecut la estrategia de esta operacin aduanera dentro del marco normativo vigente de la Comunidad Andina, logrndose que las autoridades de Ecuador y Per aprobaran las acciones que permitieron el xito de una operacin sin precedentes.

Estudio Echecopar designed the legal architecture and executed the strategy of this customs operation within the existing Andean Communitys normative framework, achieving the approval by Ecuador and Peru authorities of the actions that permitted the successful outcome of an unprecedented operation.

ESTUDIO ECHECOPAR , , .

Resultados de xito
>> El 18 de enero de 2012 se concret la primera operacin de Trnsito Aduanero Comunitario por el ro Morona como paso de frontera entre Per y Ecuador. Se transportaron miles de galones de biodiesel, desde la refinera de Petroper, en Talara, hasta las instalaciones petroleras de Talisman en Sargento Puo, previo ingreso por las ciudades ecuatorianas de Huaquillas, Cuenca y Puerto Morona, respectivamente. >> El combustible se traslad en 06 camiones-cisterna desde Talara hasta puerto Morona. Luego fueron puestos en barcazas, y por va fluvial llegaron hasta Sargento Puo. El tiempo de la operacin fue de 10 das.

Successful results
>> On January 18, 2012, the first operation of Communal Transit Customs on the Morona River as a border passage between Peru and Ecuador was finally accomplished. Thousands of gallons of biodiesel fuel were transported from the Petroperu refinery in Talara to the Talisman oil facilities at Sargento Puo by first entering through the Ecuadorian cities of Huaquillas, Cuenca and Puerto Morona, respectively. >> The fuel was transported to Morona port in six tankers that left Talara by land. They were then placed on board of barges and travelled by river to Sargento Puo. The time required for the operation was 10 days. >> The operation was executed under the protection of Decisions 399 and 617 of the Andean Community, which regulate the International Transportation of Goods by Roadways and the Communal Transit Customs.
EE in action: Commerce and Market, Natural Resources

COLOMBIA ECUADOR

OCEANO PA C F I C O

PUERTO MORONA CUENCA HUAQUILLAS SARGENTO PUO

TALARA

PER

BRASIL

>> La operacin se realiz al amparo de las Decisiones 399 y 617 de la Comunidad Andina que regulan el Transporte Internacional de Mercancas por Carretera y el Trnsito Aduanero Comunitario.
EE en accin: Comercio y Mercado, Recursos Naturales.

Volcan Emisin internacional de bonos globales

Volcan Compaa Minera S.A.A. coloc US $600 millones en emisin internacional de bonos globales bajo la Regla 144A y la Regulacin S de U.S. Securities Act. de los Estados Unidos. Los bonos, que vencen el ao 2022, reditan un inters de 5.375% anual, pagaderos semestralmente y cuentan con garantas corporativas otorgadas por dos empresas subsidiarias de Volcan. La emisin se registr ante la Superintendencia del Mercado de Valores peruana como Oferta Pblica exclusiva para inversionistas institucionales. Cont con un tramo de colocacin local, a fin de que el emisor acceda a la exoneracin del IGV aplicable al pago de los intereses devengados. El Estudio Echecopar, conjuntamente con Shearman & Sterling LLP, asesor a Volcan en su calidad de emisor de los bonos.

Volcan International Issuance of Global Bonds

Volcan Compaa Minera S.A.A. placed $600 million in an international issuance of global bonds under Rule 144A and Regulation S of the U.S. Securities Act of the United States of America. The bonds, which mature in 2022, yield an annual interest rate of 5.375%, payable half-yearly. These bonds are guaranteed by corporate guarantees granted by two Volcan subsidiary companies. The issuance was registered with the Superintendence of the Peruvian Stock Market as a Public Offering directed exclusively at institutional investors. This issuance underwent a stretch of local placement with the objective that the issuer accedes to the exoneration of the IGV applicable to the payment of accrued interests. Throughout the whole procedure, Estudio Echecopar, in conjunction with Shearman & Sterling LLP, counseled Volcan, the issuer of the bonds.

Una estrategia de ahorros nunca antes vista

A Savings Strategy Never Seen Before

Echecopar en accin
La actividad minera est altamente regulada tanto en las actividades extractivas y de procesamiento, como en la proteccin y cuidado del medio ambiente.
Foto: Associated Press - Jin Lee

Echecopar in action
Mining activity is heavily regulated, both with regards to the extraction and processing activities, as well as that concerning to protection and care of the environment. This is the first issuance under Rule 144A that was registered with the Peruvian Stock Market Superintendence in order to accede to the exoneration of the payment of the IGV on the interests. Estudio Echecopar, in coordination with the Peruvian regulatory entities, put into practice its creativity to implement a procedure never used before in the country.

sta es la primera emisin bajo la Regla 144A que se registra ante la Superintendencia del Mercado de Valores peruana para acceder a la exoneracin del IGV al pago de los intereses. El Estudio Echecopar, en coordinacin con las entidades regulatorias peruanas, puso a prueba su creatividad al implementar un procedimiento nunca antes utilizado en el pas.

Estudio Echecopar implement un tramo local de la oferta a travs de un procedimiento sin precedentes en el Per. Esto permitir a Volcan un ahorro significativo en el costo del financiamiento al estar exonerado del pago del IGV sobre los intereses de los bonos.

Estudio Echecopar implemented a stretch of local offering through the use of an unprecedented procedure in Peru. This will permit Volcan significant savings in the cost of financing by being exonerated from payment of the IGV on the interests generated by the bonds.

. VOLCAN .

ESTUDIO ECHECOPAR

Resultados de xito
>> El monto colocado y la tasa de inters de los bonos permitir a Volcan continuar con sus planes de expansin. >> Una colocacin exitosa que alcanz una sobredemanda que super los US $4,500 millones y una tasa anual de 5.375%.
EE en accin: Banca, Tributaria.

Successful results
>> The amount placed, as well as the term and interest rate of the bonds, permitted Volcan to continue with its expansion plans. >> The placement was a success, reaching an oversubscription that surpassed $4.5 billion and an annual interest rate of 5.375%.
EE in action: Banking, Tax.

Adquisicin de GoldPlata Resources Per S.A.C.

Tribeca Natural Resources Fund, fondo de inversin colombiano especializado en proyectos mineros, adquiri una participacin mayoritaria en GoldPlata Resources Per S.A.C., empresa con proyectos mineros de oro, cobre y plata en el sur del Per, que pronto entrar en etapa de produccin.

Acquisition of GoldPlata Resources Peru, S. A. C.

Tribeca Natural Resources Fund is a Colombian investment fund specializing in mining products, and it acquired a majority participation in GoldPlata Resources Peru S.A.C., a company involved in mining projects in gold, copper and silver in Southern Peru, which will shortly enter its production stage.

Una inversin buensima A Very Good Investment

Echecopar en accin
Para minimizar los riesgos hasta la entrada en produccin del proyecto, el Estudio Echecopar dise una estructura de adquisicin eficiente desde un enfoque tributario y corporativo.

Echecopar in action
In order to minimize the risks until the project went into production, Estudio Echecopar designed an efficient acquisition structure from tax and corporate viewpoints.

Fotos: Brexia GoldPlata Per S.A.C.

Dada la complejidad del proceso, Estudio Echecopar, en coordinacin con abogados de Colombia y Francia, estructur la operacin como una inversin con acuerdos entre accionistas y mltiples mecanismos de garanta, incluyendo un fideicomiso.

Given the complexity of the procedures, Estudio Echecopar, in coordination with lawyers from Colombia and France, structured the operation as an investment with agreements between stockholders and multiple assurance mechanisms, including a trust fund.

, ESTUDIO ECHECOPAR, , .

Resultados de xito
>> Esta compleja operacin permiti que el principal fondo de inversin de Colombia ingresara como accionista en una empresa minera peruana con mucho potencial, minimizando los riesgos de la inversin. >> El ingreso de Tribeca Asset Management en el mercado peruano permitir el desarrollo y entrada en produccin de los yacimientos mineros.
EE en accin: Corporativo, Recursos Naturales, Tributaria.

Successful results
>> This complex operation allowed the principal Colombian investment fund to enter, as stockholder, a Peruvian mining company with great potential, thereby minimizing investment risks. >> The entry of Tribeca Asset Management into the Peruvian market will allow development and initiation of production in the mining deposits.
EE in action: Corporate, Natural Resources, Tax.

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Una jugada magistral A Masterly Move

AMSAC Activos Mineros S.A.C. Resolucin de contrato e indemnizacin

El Estudio Echecopar asesor a Activos Mineros S.A.C. (AMSAC), ProInversin y Fonafe en una controversia con MACSA sobre titularidad de las concesiones mineras que conforman el Proyecto Magistral, en el departamento de Ancash. Durante la ejecucin, MACSA, a cargo de la exploracin y explotacin, tuvo una serie de incidentes que redundaron en un incumplimiento contractual. Esto origin la demanda y la instalacin de un tribunal arbitral para resolver la resolucin del contrato y el pago de una indemnizacin.

AMSAC Activos Mineros S.A.C. Contract Resolution and Indemnity

Estudio Echecopar served as counsel to Activos Mineros S.A.C, ProInversion and Fonafe in a controversy with MACSA regarding the ownership of the mining concessions that comprise the Proyecto Magistral, located in the department of Ancash. During the execution, MACSA, in charge of the exploration and exploitation, partook in a series of incidents that resulted in a breach of contract. This originated the lawsuit and established an arbitration commission to resolve the controversy regarding the resolution of the contract and the payment of indemnity.

Echecopar en accin
Es la demanda patrimonialmente ms significativa que ha tenido el Estado Peruano relacionada a la ejecucin de un proyecto minero privatizado. El Estudio Echecopar asesor a las tres instituciones mencionadas y logr que el Estado Peruano tomara las medidas para resolver el Contrato de Transferencia de las concesiones mineras que lo integran. En octubre de 2011, MACSA present una demanda arbitral contra AMSAC exigiendo indemnizacin por ms de US $195 millones, por daos sufridos como consecuencia de la resolucin del contrato. Una vez contestada la demanda por AMSAC, MACSA modific sus exigencias, solicitando al Tribunal Arbitral la invalidez de la resolucin del Contrato de Transferencia, por ende, su vigencia, adems del pago de indemnizacin no menor a US $65 millones. Por su parte, el Estado pidi al Tribunal Arbitral confirme la validez de la resolucin contractual, y ordene a MACSA el pago de indemnizacin superior a US $265 millones. ESTUDIO ECHECOPAR MACSA , . , .

Echecopar in action
This is the most significant patrimonial lawsuit that the Peruvian State has had with regards to the execution of a privatized mining project. Estudio Echecopar counseled the three fore-mentioned State organizations and managed to have the Peruvian State take measures to resolve the Transference Contract of the mining concessions that encompass it. On October 21, 2011, MACSA filed an arbitration complaint against AMSAC requesting payment of an indemnity for more than $195 million for damages incurred as consequence of the resolution of the contract. After AMSAC contested the lawsuit, MACSA modified its petition requesting the arbitration commission to declare the resolution of the Transference Contract null and void and ineffective; hence, its validity, as well as an indemnity payment of no less than $65 million. The State petitioned the arbitration commission to confirm validity of the contractual resolution, and to order MACSA payment of an indemnity of over $265 million.

Resultados de xito
>> El Estado Peruano, titular de las concesiones mineras del Proyecto Magistral, inici concurso pblico para subastar el derecho a ejercer opcin sobre el proyecto. La Compaa Minera Milpo S.A. se lo adjudic, cumplindose as uno de los principales objetivos de esta asesora. >> Posteriormente, Milpo adquiri las acciones de Inca Pacific Resources Inc., matriz de MACSA, sta abandon sus pretensiones, AMSAC hizo lo mismo para garantizar la ejecucin del proyecto minero.
EE en accin: Solucin de Controversias.

Successful results
>> The Peruvian State, as owner of the mining concessions that comprise Proyecto Magistral, initiated a public offering in order to auction the right to exercise the option over the Magistral Project. The Milpo Mining Company S.A. allocated it, fulfilling one of the main objectives of our counsel. >> Later, MILPO acquired the stock of Inca Pacific Resources, Inc., the headquarters of MACSA. In consequence, MACSA abandoned its pretensions and AMSAC did likewise in order to guarantee the execution of the mining project.
EE in action: Dispute Resolution.

Estudio Echecopar dise una estrategia para resolucin del contrato con MACSA, acreditando que no contaba con la solvencia requerida para la ejecucin del proyecto. Logr que el Estado Peruano tomara medidas para resolver el Contrato de Transferencia de las concesiones mineras que lo integran.

Estudio Echecopar designed a strategy for the resolution of the contract with MACSA, verifying that it did not have the required solvency for the execution of the project. We managed to prompt the Peruvian State at taking the necessary measures to resolve the Transference Contract of the mining concessions that integrated it.

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Foto: Stock.XCHNG (Atif Gulzar)

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Lleg Supermercados Mayoristas UnimarC al Per

Con la permanente asesora del Estudio Echecopar, Supermercados Mayoristas Unimarc (SMU) ingres al mercado peruano. El proceso se inici con la adquisicin de la empresa Alvi, duea de la mayorista peruana Mayorsa. Posteriormente, SMU adquiri los supermercados peruanos MaxiBodega y Don Vitto. As, este importante grupo econmico chileno cumpli el objetivo de ingresar a nuestro mercado, posicionndose como jugador relevante en l, entrando a competir con los dems participantes de este rubro.

Wholesale Supermarket UnimarC Arrives to Peru

With permanent counsel from Estudio Echecopar, Wholesale Supermarket Unimarc (SMU) entered the Peruvian market. The process started with the acquisition of Alvi, the company that owns the Peruvian wholesaler Mayorsa. Later, SMU acquired the Peruvian Supermarkets MaxiBodega and Don Vitto. In this manner, this important Chilean economic group achieved their objective of entering our market, positioning themselves as a relevant player and competing with the other participants in this area.

Jaque Mate Checkmate

Echecopar en accin
Todas las adquisiciones se realizaron a lo largo de 2011. A principios de ao, participamos en la adquisicin de Mayorsa a travs de la compra de la chilena Alvi. En el segundo semestre concretamos la adquisicin de supermercados MaxiBodega y Don Vitto.

Echecopar in action
All of the acquisitions took place throughout 2011. This way, at the beginning of the year, we participated in the acquisition of Mayorsa with the purchase of the Chilean Alvi. In the second semester, we achieved the acquisition of the supermarkets MaxiBodega and Don Vitto.

Estudio Echecopar enfrent un arduo y complejo proceso porque ste se estructur como una compra de activos. En ese contexto, se celebraron contratos, cesiones de posicin contractual y documentos para que SMU adquiriera el negocio en marcha; asumiendo los activos, derechos, relaciones contractuales, permisos y licencias de los anteriores propietarios.

Estudio Echecopar faced a complex process since it was structured as a purchase of assets. In this context, we employed contracts, cessions of contractual position and documents in order to assure that SMU would be able to purchase the company as a functioning business; assuming all the assets, rights, contractual relationships, permits and licenses of the previous owners.

ESTUDIO ECHECOPAR , . , SMU, , , , .

Resultados de xito
>> La adquisicin de Mayorsa, Maxibodega y Don Vitto marca el ingreso de SMU a nuestro pas. >> La presencia de este importante grupo econmico es muy favorable para el mercado y los consumidores, seguir creciendo y consolidndose en los prximos aos.
EE en accin: Corporativa, Civil, Tributaria.

Successful results
>> The acquisition of Mayorsa and then of MaxiBodega and Don Vitto marks the entry of SMU into our country. >> The presence of this important economic group is very favorable for the market and consumers, and it will continue growing and consolidating itself in the coming years.
EE in action: Corporate, Civil, Tax.

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Fotos: Supermercados Mayoristas Unimarc (SMU)

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Lindley Emisin internacional de bonos globales

En el segundo semestre de 2011, Corporacin Lindley S.A. coloc US $320 millones en una emisin internacional de bonos globales bajo la Regla 144A y la Regulacin S del Securities Act de los Estados Unidos de Norteamrica. Los bonos, con vencimiento al 2021, reditan una tasa de inters de 6.750% anual, pagaderos semestralmente. El Estudio Echecopar, conjuntamente con Cleary, Gottlieb, Steen & Hamilton LLP, asesor a J.P. Morgan Securities LLC y Citigroup Global Markets Inc., en su calidad de joint lead managers y underwriters.

Lindley International Issue of Global Bonds

In the second semester of 2011, Corporacin Lindley S.A. placed $320 million in an international issuance of global bonds under Rule 144A and Regulation S of the Securities Act of the United States of America. The bonds, which mature in 2021, yield an annual interest rate of 6.750%, payable each semester. Estudio Echecopar in conjunction with Cleary, Gottlieb, Steen & Hamilton LLP, counseled J.P. Morgan Securities LLC and Citigroup Global Markets Inc., in the role of joint lead managers and underwriters.

De Sabor Internacional Of International Flavor

Echecopar en accin
Es importante resaltar la importancia de esta operacin ya que Lindley es el nico embotellador y distribuidor autorizado de The Coca-Cola Company, y principal productor de bebidas no alcohlicas en el Per.

Echecopar in action
It is vital to emphasize the importance of this operation. Lindley is the only bottler and distributor of the products of The Coca-Cola Company and the principal producer of non-alcoholic beverages in Peru.

Estudio Echecopar estructur la operacin con un equipo experto en mercado de valores, colocacin internacional de bonos, temas tributarios y regulatorios relacionados con el uso de aguas y medioambiente. Una asesora integral para una transaccin exitosa.

Estudio Echecopar structured the operation with a team highly specialized in tax and regulatory issues, especially regulatory issues regarding the use of water and the environment. Integral counseling for a successful transaction.

ESTUDIO ECHECOPAR , , . .

Resultados de xito
>> No obstante la volatilidad de los mercados durante el 2011, generada por la crisis financiera de la Zona Euro -y la cautela mostrada por los principales inversionistas del mundo- la colocacin fue un xito. Alcanz una sobredemanda que super los US $2,000 millones y una tasa de inters de 6.750% anual. >> El monto colocado y el plazo y tasa de inters de los bonos, permitir a Lindley un mejor manejo de su deuda a largo y corto plazo; adems, financiar la construccin de dos nuevas plantas de embotellamiento.
EE en accin: Banca, Regulatorio, Tributaria. Foto: Corporacin Lindley S.A.

Successful results
>> Notwithstanding the volatility of the markets during 2011 that was generated by the financial crisis of the Euro Zoneand the consequent caution displayed by the principal world investorsthe placement was a success. It reached an oversubscription that surpassed $2 billion and an annual interest rate of 6.750%. >> The amount placed, as well as the term and interest rate of the bonds, would provide Lindley with a better management of its long and short term debts, and additionally, enable it to finance the construction of two new bottling plants.
EE in action: Banking, Regulatory, Tax.

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Proceso Banco de la Nacin

Estamos ante un caso complejo, se inici en abril de 1997 y concluy en noviembre de 2011. Involucr cuestiones tcnicas de regulacin bancaria, donde el demandante (una persona natural) recurri al Poder Judicial para que, en ejecucin de sentencia, el Banco de la Nacin cumpliera con abonarle la suma de US $33,603984,868.39 por intereses generados por un Certificado Bancario. El pedido se sustent en la aplicacin de una tasa de inters especfica y en una serie de peritajes de parte y oficiales.

Banco de la Nacin Process

This was a complex case that began in April 1997, and concluded in November 2011. It involved technical questions of banking regulations in which the plaintiff (a natural person) resorted to the Court requesting that, in execution of the sentence, Banco de la Nacin fulfill payment in the sum of $33,603,984,868.39 in interest generated from a Bank Certificate. The petition was supported by the application of a specific interest rate, and a series of expert testimony reports by the parties and officials.

Haciendo cuentas Balancing Accounts

Echecopar en accin
El equipo del Estudio Echecopar asumi la defensa del Banco de la Nacin cuando el proceso ya estaba bastante avanzado, en ejecucin de sentencia. Sin embargo, progresivamente logramos se establecieran criterios claros y justos para practicar la liquidacin del Certificado Bancario. Como resultado del trabajo se obtuvo la nulidad de las decisiones judiciales que sealaban la obligacin de pago de deuda de ms de US $33 mil millones, adems de cuestionar -con xito- los peritajes que llevaron la deuda a la elevada cifra; la cual era mayor a la deuda externa de la Repblica y al total de las exportaciones de entonces.

Echecopar in action
The team at Estudio Echecopar took on the defense of Banco de la Nacin when the case was at an advanced stagethe execution of the sentence. However, we progressively managed to have clear and just criteria established to execute the settlement of the Bank Certificate. As a result of our work, we obtained nullification of the judicial decisions that designated the obligation of payment of a debt of more than $33 billion, and further questionedsuccessfullythe expert testimony that brought the debt to that elevated amount; an amount far greater than the foreign debt of the Republic, the totality of exports, and the national budget at that moment.

Foto: Archivo Fotogrfico Banco de la Nacin

Estudio Echecopar, con criterios claros y justos, obtuvo la nulidad de las decisiones judiciales y cuestion exitosamente los peritajes que obligaban a pagar una deuda por ms de US $33 mil millones, cifra superior a la deuda externa de la Repblica y al total de las exportaciones de aquel entonces.

Estudio Echecopar, with clear and just criteria, obtained nullification of the judicial decisions, and successfully questioned the expert testimony that obliged payment of a debt of more than $33 billion; an amount far greater than the foreign debt of the Republic and the totality of exports at that moment.

ESTUIDIO ECHECOPAR, , US$330 , .

Resultados de xito
>> Tras varios aos de litigio, el Poder Judicial defini a favor de nuestro cliente y seal que los intereses adeudados al demandante eran US $271,917.62; es decir, bastante menos del 1% de lo pretendido inicialmente.
EE en accin: Procesal.

Successful results
>> After several years of litigation, the Court decided in favor of our client and settled the plaintiffs due interest at $271,917.62; in other words, considerably less than 1% of what was initially intended.
EE in action: Litigation.

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Frecuencia Latina Proceso arbitral societario

El Estudio Echecopar asesor a uno de los principales canales de televisin de seal abierta en el Per, Frecuencia Latina, en controversia planteada por algunos accionistas sobre ciertos aspectos de la marcha societaria. Los demandantes solicitaban nulidad de una serie de acuerdos societarios, entre los cuales se inclua un aumento de capital que consolid la actual estructura de control de dicho canal, as como la modificacin de su estatuto. Otro tema en conflicto fue el reconocimiento de actos societarios que buscaban alterar las tenencias accionarias, entre otros. Este arbitraje de carcter multidisciplinario incluy aspectos de justicia internacional, y su complejidad -aunada a que se cuestion un periodo largo de la marcha societaria del canal- requiri un gran esfuerzo de las partes y del Tribunal Arbitral instalado en noviembre de 2006. El proceso concluy en octubre de 2011.

Frecuencia Latina Corporate Arbitration Process

Estudio Echecopar counseled one of the principal open-signal television channels in Peru, Frecuencia Latina, in a controversy posed by some stockholders regarding different aspects of company functioning. The plaintiffs requested the annulment of a series of company agreements, amongst which was the increase of capital that consolidated the current control structure of said channel, as well as the modification of its statute. Another conflicting issue was the recognition of company actions that sought to alter stock holding, amongst other issues. This arbitration of multidisciplinary character included aspects of international justice, and its complexitytogether with the fact that for a long period the company functions of the channel were questioned required a great effort on behalf of the parties and the arbitration commission that was established in November 2006. The proceedings concluded in October 2011.

Una seal en alta definicin A High Definition Signal

Foto: photoxpress.com (Murray Hancock)

Echecopar en accin
Estudio Echecopar dise la estrategia procesal y la ejecucin del caso, elaborando un esquema de excepciones y defensas de forma sobre todas las pretensiones presentadas por la parte demandante, adems de estructurar la defensa de fondo.

Echecopar in action
Estudio Echecopar designed a procedural strategy of the case and its execution, elaborating an outline of exceptions and form defenses concerning all the pretensions presented by the plaintiff, in addition to the detailed structuring of the background defenses.
ESTUDIO ECHECOPAR , , , .

Resultados de xito
>> De haberse concedido, las pretensiones demandadas hubiesen implicado un cambio significativo en la conformacin y participacin del accionariado, as como una compleja situacin de incertidumbre respecto de la eficacia de un sinnmero de actos llevados a cabo en varios aos de vida societaria. >> Gracias a la decisin del tribunal arbitral (laudo) que rechaz los pedidos de los demandantes se obtuvo un resultado positivo en todos los extremos de la defensa.
EE en accin: Solucin de Controversias, Corporativa.

Successful results
>> Had the requested pretensions been conceded, there would have been a significant change in the conformation and participation of the stockholders, as well as a complex situation of uncertainty with regards to the efficacy of an unlimited number of actions undertaken in several years of company life. >> Thanks to the decision of the arbitration commission (laudum) that rejected the petitions of the plaintiffs, we obtained positive results in all the extremes of the defense.
EE in action: Dispute Resolution, Corporate.

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Juntos somos ms Together We Are More

Puente Chilina Obras por Impuestos Consultora Desarrollo Regional

El Estudio Echecopar, como integrante del Consorcio Consultora de Desarrollo Regional, particip activamente en la estructuracin del proceso y la transaccin del primer proyecto de envergadura que se adjudica bajo el sistema de Obras por Impuestos en la regin de Arequipa y que significar la construccin del Puente Chilina. As, en octubre de 2011 se suscribi el Convenio de Inversin Pblica Regional con participacin del sector Privado, que implica una inversin aproximada de S/. 110 millones, aportados por el Banco Internacional del Per Interbank, Southern Peru Copper Corporation Sucursal del Per y Unin de Cerveceras Peruanas Backus & Johnston S.A.A. La colaboracin entre la empresa privada y el Gobierno Regional de Arequipa permitir la construccin de una mega obra de infraestructura que unir los distritos arequipeos de Cayma y Miraflores. Hasta el momento de la suscripcin del acuerdo, ningn proyecto haba superado los S/.10 millones.

Chilina Bridge Works for Taxes Regional Development Consultants

Estudio Echecopar, as member of the Consortium of Regional Development Consultants, participated actively in the structuring of the procedures and transaction of the first project of its scope adjudicated under the system of Work for Taxes in the region of Arequipa, and which will signify the construction of Chilina Bridge. This way, on October 19, 2011, the Convenio de Inversin Pblica Regional con Participacin del Sector Privado (The Regional Public Investment with Private Sector Participation Agreement) was subscribed. This agreement implies the investment of approximately one hundred and ten million Soles provided by Banco Internacional del Per-INTERBANK, Southern Per Copper Corporation Sucursal del Per, and Unin de Cerveceras Peruanas Backus & Johnston S.A.A. The collaboration between private enterprise and the Regional Government of Arequipa will enable the construction of a mega work of infrastructure that will join the Arequipa districts of Cayma and Miraflores. Until the moment of the subscription of the agreement, no project had surpassed the amount of ten million soles.

Echecopar en accin
Nuestro equipo estuvo integrado por abogados de distintas reas, en especial por expertos en temas de promocin de inversiones a travs de las asociaciones pblico-privadas, financiamiento y construccin. Contar con un equipo multidisciplinario permiti al EE participar desde la estructuracin de la operacin interactuando en forma interactiva con los miembros del consorcio, la empresa constructora y el gobierno regional.
, ESTUDIO ECHECOPAR , .

Echecopar in action
Our team consisted of lawyers from different fields, especially lawyers with expertise in issues in the promotion of investment through public-private associations, financing and construction. We had at our disposal a multidisciplinary team that allowed us to participate in the structuring of the operation, and to interact actively with the members of the consortium, the construction company, and the Regional Government.

Resultados de xito
>> Esta operacin demuestra de manera prctica que el sistema de Obras Por Impuestos puede convertirse en importantsima herramienta de desarrollo. >> En el caso del sector pblico, es una forma gil de obtener financiamientos para inversiones en proyectos que son prioridad, como es el Puente Chilina para Arequipa, permitiendo a los inversionistas aportar su impuesto a la renta. >> sta es la primera operacin de relevancia que involucra a un gobierno regional con actores privados importantes, en un proyecto transcendente como es el Puente Chilina para la ciudad de Arequipa. Confiamos en que muchos nuevos proyectos seguirn este camino.
EE en accin: Regulatorio.

Successful results
>> This operation is a practical demonstration that the system of Work for Taxes could become a very important developmental tool. >> In the case of the public sector, this is a quick way to obtain financing for investment in priority projects, like the Chilina Bridge for Arequipa, by allowing investors to contribute their income taxes. >> This is the first relevant operation that engages Regional Government with important private actors in a transcendental project, as is the Chilina Bridge for the city of Arequipa. We are confident that more new projects will follow this path.
EE in action: Regulatory.

Para hacer posible la transaccin, Estudio Echecopar cre una estructura legal reduciendo riesgos y preocupaciones de las empresas privadas involucradas en el proyecto, asegurando tambin el cumplimiento de objetivos del gobierno regional.

In order to make the transaction possible, Estudio Echecopar created a legal structure that would reduce the risks and concerns of the private enterprises involved in the project, and insure the fulfillment of the objectives of the Regional Government.

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Foto: Urbi Propiedades S.A.

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Aliados del progreso y el bienestar Allies of Progress and Well-Being

Hospital Villa Mara del Triunfo

Villa Mara del Triunfo Salud S.A.C. (VMT), cuyos accionistas son las empresas IBT Health, Ribera Salud S.A., Mensor Consultora y Estrategia SL, BM3 Obras y Servicios, BM3 Iberosalud SLU, Ibrica de Mantenimiento S.A. y Exploraciones Radiolgicas Especiales, a travs de una Asociacin Pblico Privada (APP) con el Instituto Peruano de Seguridad Social (ESSALUD), ejecutar la construccin de un moderno hospital en el distrito de Villa Mara del Triunfo. El acuerdo incluye no solo la construccin del hospital, sino su operacin y mantenimiento.

Hospital Villa Mara del Triunfo

Villa Mara del Triunfo Salud S.A.C (VMT), which is owned by Ribera Salud S.A., Mensor Consultora y Estrategia SL, BM3 Obras y Servicios, IBT Group, Ibermansa and Exploraciones Radiolgicas Especiales, will build a modern hospital in the Lima district of Villa Maria del Triunfo by means of a Public-Private Partnership (PPP) with Instituto Peruano de Seguridad Social (ESSALUD). The agreement includes not only the construction of the hospital, but also its operation and maintenance.

Echecopar en accin
VMT logr el financiamiento a travs de la oferta de venta de CR-RPI (Certificados de Reconocimiento de Derechos Irrevocables de RPI-Retribucin por Inversin en Infraestructura y Equipamiento) emitidos por ESSALUD. Estos certificados pueden transferirse libremente y establecen la obligacin y compromiso incondicional de ESSALUD a realizar pagos mensuales de montos fijos hasta por 15 aos a sus titulares. El trabajo en este proyecto se inici en noviembre de 2010 y la meta fue lograr un cierre financiero que otorgue a VMT la posibilidad de contar con recursos para inicio de la construccin del hospital. Al representar el esquema de CR-RPI un tema nuevo para una institucin de seguridad social, ello gener complejidades en el proceso.

Echecopar in action
VMT achieved the financing of the project through the sale of CR-RPI (Certificates of Acknowledgement of Irrevocable Rights to RPI-Retribution for Investment in Infrastructure and Equipment) issued by ESSALUD. These certificates can be freely transferred, and evidence ESSALUDs irrevocable and unconditional obligation to make monthly fixed payments for a period of up to 15 years to its holders. Our work in this project began in November 2010, and the goal was to achieve a financial closing that would grant VMT the possibility of obtaining the resources needed to begin the construction of the hospital. As the CR-RPI scheme was a new subject to a social security organization, it brought about complication to the process.

Resultados de xito
>> Al cumplirse con los hitos de construccin del hospital, el operador se har acreedor a los Certificados de Avance de Obra (CAO) emitidos por ESSALUD. Cada CAO genera la posterior emisin de un CR-RPI. >> Merrill Lynch, Pierce, Fenner & Smith, Inc. ser el comprador inicial de los CR-RPI. El acuerdo de compra y venta de los RPI-CAO se suscribi el 25 de julio de 2011. >> Los pagos de los RPI sern realizados por ESSALUD por medio de un fideicomiso de administracin, pagos y garanta. >> Hubo que modificar el Contrato de Asociacin Pblico-Privado y el fideicomiso para lograr la viabilidad financiera del proyecto. Ello requiri de prolongadas negociaciones tanto con ESSALUD, como con Merrill Lynch.
EE en accin: Banca, Tributaria.

Successful results
>> Having fulfilled the milestone of construction of the hospital, the operator will become creditor of the Certificates of Work Completion (CAO) issued by ESSALUD. Each CAO brings about the issuance of a CR-RPI. >> Merrill Lynch, Pierce, Fenner & Smith, Inc. will be the initial buyer of the CR-RPI. The agreement of the purchase and sale of the RPI-CAO was executed on July 25, 2011. >> The payments of the RPI will be made by ESSALUD by means of a administration, payment and security trust. >> The Contract of Public-Private Partnership and the trust agreement had to be amended in order to make the project financially viable. This required long negotiations with ESSALUD, as well as with Merrill Lynch.
EE in action: Banking, Tax.

ESTUDIO ECHECOPAR ESSALUD CR-RPI VMT , , ESSALUD , 15

.

El financiamiento se logr a travs de la venta de certificados CR-RPI emitidos por ESSALUD. Estos pueden transferirse libremente y establecen la obligacin y compromiso irrevocable de ESSALUD a pagar un monto fijo mensual hasta por 15 aos a sus titulares.

Financing was achieved through the sale of CR-RPI Certificates issued by ESSALUD. These are freely transferrable and establish ESSALUDs irrevocable obligation to pay a 15-year, monthly fixed amount to its holders.

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Foto: Villa Maria del Triunfo Salud SAC

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Enciendan las mquinas Start the engines

OLVICSA Oleaginosa Victoria S.A.

El 16 de octubre de 2008, el Ministerio de Transporte y Comunicaciones (MTC) interpuso una demanda arbitral para ser declarado propietario por expropiacin del inmueble de propiedad de OLVICSA, ubicado en el Callao, y de una extensin de 27,873.51 m2. En septiembre de 2008 se instal el Tribunal Arbitral que vio el caso. El MTC ofreci pagar como valor comercial el monto sealado en tasacin realizada por especialistas del Ministerio de Vivienda. El proceso concluy en agosto de 2011 con la resolucin que daba cuenta de la cancelacin total de la indemnizacin justipreciada y fijaba plazo de entrega de la posesin del terreno. ste sera utilizado para ampliacin del Aeropuerto Internacional Jorge Chvez.

OLVICSA Oleaginosa Victoria S.A.

On October 16, 2008, Ministerio de Transporte y Comunicaciones (MTC) filed an arbitration action to be declared proprietor by expropriation of the property owned by OLVICSA, located in the Constitutional Province of Callao, and extending 27, 873.51 m2. In September 2008, an arbitration board was established that looked into the case. The MTC offered to pay as commercial value the amount disposed in the appraisal by Ministerio de Vivienda (MVC). The proceedings concluded in August 2011, with a resolution that gave notice of the total cancelation of the appraised indemnity and set a deadline for handing over possession of the expropriated property. The land would be used for the expansion of Jorge Chvez International Airport, Perus main airport.

Echecopar en accin
El Estudio Echecopar asesor a OLVICSA en el proceso arbitral formulando la reconvencin, solicitando que se indemnice a la empresa. El Estudio consider que deba tomarse en cuenta al definir el monto a indemnizar, no slo el grave perjuicio que ocasionara la expropiacin del inmueble, sino la paralizacin de la planta de refinacin de aceite. Otro elemento que se consider al precisar el justiprecio fue que la empresa deba dejar maquinaria que no podra trasladar a un nuevo lugar de operacin.

Echecopar in action
Estudio Echecopar counseled OLVICSA in the arbitration proceedings by formulating the counterclaim, and requesting that the company be indemnified. The Firm thought that, among the factors that should be taken into account when defining the indemnity amount, the serious damage expropriation of the property would present was not the only factor, but also that operation of the oil refinery would be paralyzed. Another element that was considered to determine the appraisal was that our client would have to leave behind equipment it would not be able to move to a new operation location.

ESTUDIO ECHECOPAR OLVICSA

Estudio Echecopar obtuvo una importante indemnizacin para OLVICSA por perjuicios causados debido a la paralizacin de operaciones de la planta, as como pago de los intereses devengados por la demora del Estado en expedicin de la resolucin suprema ejecutora de la expropiacin.

Estudio Echecopar obtained an important indemnity for OLVICSA for damages caused by the paralysis of the plants operation, as well as the interest accrued for the delay of the State, as executor of the expropriation, to expedite the Supreme Resolution.

Resultados de xito
>> Tras un proceso arbitral de ms de dos aos, el 26 de agosto de 2010, el Tribunal Arbitral resolvi que MTC deba pagar a OLVICSA como indemnizacin justipreciada por el valor del terreno, las edificaciones y otras obras complementarias, monto superior al originalmente ofrecido en la demanda. Cabe sealar que algunos extremos del laudo (decisin que emiten los rbitros) fueron impugnados por MTC a travs de un proceso judicial de anulacin de laudo. El Estudio Echecopar volvi a patrocinar a OLVICSA, y en mayo de 2011 logr que la Sala Comercial de la Corte Superior de Lima desestime el recurso en todos sus extremos, de modo que el laudo qued firme y se cumpli.
EE en accin: Solucin de Controversias.

Successful results
>> After arbitration proceedings of more than two years, on August 26, 2010, the arbitration commission resolved that the MTC should pay OLVICSA, as appraised indemnity for the value of the land, the buildings and other complementary deeds, an amount greater than the amount originally offered in the motion. It is worth mentioning that some extremes of the laudum (decision emitted by the arbiters) were impugned by the MTC through a legal motion of annulment of the laudum. Estudio Echecopar once again sponsored OLVICSA, and on May 2011, succeeded in having the Commercial Appeals Supreme Court of Lima dismiss the recourse in all its extremes, such that the laudum was final and was executed.
EE in action: Dispute Resolution.

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Foto: Stock.XCHNG

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SASA Sociedad Agrcola San Agustn S.A.

El 12 de diciembre de 2008, el Ministerio de Transporte y Comunicaciones (MTC) interpuso demanda arbitral para que se le declare propietario por expropiacin del inmueble de propiedad de Sociedad Agrcola San Agustn S.A., ubicado en el Callao, con extensin de 3440,112. m2. En noviembre de 2008 se instal el Tribunal Arbitral que vio el caso. El MTC ofreci pagar como valor comercial el monto dispuesto en la tasacin del Ministerio de Vivienda. El terreno sera utilizado para la ampliacin del Aeropuerto Internacional Jorge Chvez.

SASA Sociedad Agrcola San Agustn S.A.

On December 12, 2008, Ministerio de Transporte y Comunicaciones (MTC) filed an arbitration action to be declared proprietor by expropriation of the property owned by Sociedad Agrcola San Agustn S.A., located in Callao with an extension of 3,440,112 m2. In November 2008, an arbitration board was established to oversee the case. The MTC offered to pay, as commercial value, the amount disposed in the appraisal by Ministerio de Vivienda (MVC). The land would be used for the expansion of Jorge Chavez International Airport, Perus main airport.

Una justa indemnizacin A Fair Compensation

Echecopar en accin
El Estudio Echecopar asesor a SASA en el proceso arbitral y formul la reconvencin, solicitando que se indemnice debidamente a la empresa. Dada la complejidad del proceso, ste dur varios aos.

Echecopar in action
Estudio Echecopar counseled SASA throughout the arbitration process and formulated the counterclaim, requesting that the company be duly indemnified. Given the complexity of the proceedings, it lasted several years.

Foto: Stock.XCHNG (Pablo Barrios)

Resultados de xito
Estudio Echecopar obtuvo una importante indemnizacin para SASA por valor del terreno, de las edificaciones e intereses devengados por la demora del Estado en expedicin de la Resolucin Suprema ejecutora de la expropiacin, consiguiendo un monto superior al ofrecido inicialmente en la demanda.
>> Luego de un proceso arbitral de casi tres aos, el 30 de abril de 2011, el Tribunal Arbitral resolvi que MTC deba pagar a SASA, como indemnizacin justipreciada por el valor del terreno, las edificaciones e intereses devengados por la demora del Estado en la expedicin de la Resolucin Suprema ejecutora de la expropiacin. As, estableci un monto superior al inicialmente ofrecido en la demanda. La decisin del tribunal (laudo) qued firme y est siendo cumplido.
EE en accin: Solucin de Controversias.

Successful results
Estudio Echecopar attained an important indemnity for SASA for value of the land, the buildings and the interest accrued from the delay of the State to expedite the Supreme Resolution to execute expropriation, obtaining an amount greater than the amount offered in the motion.
>> After an arbitration process of more than three years, on April 30, 2011, the arbitration commission resolved that MTC should pay SASA, as appraised indemnity for value of the land, the buildings and other complementary deeds, and the interest accrued from the delay of the State, as executor of the expropriation, to expedite the Supreme Resolution. Thus it established an amount greater than the amount offered in the motion. It is worth noting that the decision of the Court (laudum) was final and is being executed.
EE in action: Dispute Resolution.

ESTUDIO ECHECOPAR SASA , , ,

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Y se hizo la luz And Then There Was Light

Financiamiento Lnea de Transmisin Elctrica de 500 kV Zapallal - Trujillo

El Estudio Echecopar asesor al Banco de Crdito del Per y a Bancolombia Puerto Rico Internacional Inc. en un prstamo de US $160 millones para financiar la construccin y operacin de la Lnea de Transmisin Elctrica de 500 kV Zapallal-Trujillo, de 530 km, que formar parte del Sistema Elctrico Interconectado Nacional. El Estado Peruano, a travs del Ministerio de Energa y Minas (MINEM), otorg a Consorcio Transmantaro S.A. (CTM) el derecho a disear, construir, financiar, operar y mantener la lnea de transmisin y la explotacin de los bienes de la concesin.

Financing for the 500 kV Electric Transmission Line Zapallal Trujillo

Estudio Echecopar counseled Banco de Crdito del Per (BCP) and Bancolombia Puerto Rico International in the syndicated loan for the sum of $160 million to finance the construction and operation of the 500 kV Electric Transmission Line Zapallal Trujillo, 530 km in distance that will part of the National Interconnected Electric System. The Peruvian State, through the Ministry of Energy and Mines (MINEM), granted Consorcio Transmantaro S.A. (CTM), the right to design, build, finance, operate and maintain the referred transmission line, as well as the exploitation of the concession assets.

Echecopar en accin
El Estudio Echecopar defini la estructura de financiamiento considerando las estipulaciones del Contrato de Concesin y las normas aplicables, los contratos que regulan la construccin, operacin y mantenimiento del proyecto. Tambin evalu las caractersticas del patrimonio fideicometido, la elaboracin y negociacin de los documentos del financiamiento y resolvi aspectos regulatorios para obtener la autorizacin del MINEM para la cesin de obligaciones y derechos de CTM bajo el Contrato de Concesin a favor del patrimonio fideicometido. ESTUDIO ECHECOPAR

Echecopar in action
Estudio Echecopar defined the financing structure, taking into consideration the stipulations of the Concession Contract and the applicable regulations, the contracts that regulate construction, operation, and maintenance of the project. We also evaluated the characteristics proper to the patrimony Trust Fund, as well as the elaboration and negotiation of the financial documents and resolved the regulatory aspects necessary to obtain authorization from the MINEM for the cession of the obligations and rights of CTM under the Concession Contract in favor of the patrimony Trust Fund.

Resultados de xito
>> Prstamo otorgado a favor de un patrimonio fideicometido, constituido por CTM, que acta como un vehculo de propsito especial al cual CTM le transfiri una serie de derechos y obligaciones establecidos en el Contrato de Concesin SGT. >> El financiamiento incluy un aporte de US $70 millones del CTM para desarrollo del proyecto, que sumado al prstamo otorgado hace un total de US $230 millones. >> Los accionistas de CTM debern aportar al capital social u otorgar financiamientos a favor de CTM hasta por los montos necesarios para cubrir gastos, costos e inversiones requeridos para culminar la construccin y puesta en marcha del proyecto. >> En garanta del prstamo se constituy un patrimonio fideicometido compuesto por la concesin, los activos de la concesin y los flujos futuros que el proyecto genere cuando entre en operacin.
EE en accin: Banca, Regulatorio.

Successful results
>> The loan was granted in favor of the patrimony Trust Fund, constituted by CTM, which acts as a special purpose vehicle to which CTM transferred a series of rights and obligations established in the SGT Concession Contract. >> The financing structure included a contribution of $70 million from CTM to be destined for the development of the project, which added to the loan granted, comes to a total of $230 million. >> The CTM stockholders must contribute to the social capital of CTM or grant CTM financing up to the amount that becomes necessary to cover the expenses, costs and investments required to complete the construction and initiate the functions of the project. >> To guarantee the loan, a patrimony Trust Fund was constituted, composed by the Concession, the Concessions assets, and the future capital flows generated when the project begins operating.
EE in action: Banking, Regulatory.

. CTM , .

Estudio Echecopar marca un hito en la manera de financiar proyectos en el Per utilizando una estructura de financiamiento que asla los riesgos del proyecto. CTM no asume la deuda relacionada con ste. As, tanto el desarrollo de sus dems proyectos como su situacin financiera no son afectados.

Estudio Echecopar establishes a milestone at financing projects in Peru using a financing structure that isolates the risks from the project. CTM does not assume the debt connected to it. This way, both the development of its other projects and its financial situation remain unaffected.

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Foto: panoramio.com (persiano)

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Estudio Echecopar Trabajando responsablemente, promoviendo bienestar

El Estudio Echecopar, desde su fundacin, ha mantenido un permanente compromiso con la comunidad y su entorno. Desde los aos 90 se ha preocupado por incluir en su accin y servicios legales, diversos compromisos en responsabilidad social.

Estudio Echecopar Working Responsibly, Promoting Well-being

Since it was funded, Estudio Echecopar has maintained a permanent commitment with the community and its milieus by being responsibly involved with vulnerable sectors and institutions of society. Since the 1990s we have acted upon our concerns to include different commitments in social responsibility in our actions and legal services.

Estudio Echecopar Pro Bono

Los abogados del Estudio Echecopar contribuyen con un significativo nmero de horas de trabajo al Programa Pro Bono que tiene como objetivo generar un impacto y un cambio en la sociedad, proporcionando asistencia jurdica gratuita a personas en situacin vulnerable, as como a las instituciones que atienden a estos sectores sociales. Nuestro compromiso es tambin impulsar la mejora de la institucionalidad jurdica en el pas. El programa busca desarrollar una actitud que promueva la prctica del Derecho como una herramienta que consolida el sistema democrtico y sus instituciones, fortaleciendo un compromiso de responsabilidad social entre los abogados, de acuerdo con las normas del Cdigo de tica profesional. Los casos Pro Bono que asume el Estudio Echecopar -en concordancia con sus valores de trabajo- reciben la misma atencin y dedicacin que los casos y operaciones en los que el cliente asume el pago de honorarios profesionales. Por medio del Dr. Javier de Belaunde, uno de los principales lderes del Sistema Pro Bono en el Per, el Estudio Echecopar ha firmado la Declaracin Pro Bono para las Amricas.

Estudio Echecopar Pro Bono

The lawyers at Echecopar contribute a significant number of work hours to the Pro Bono program. The objective of this initiative is to provide legal assistance to vulnerable sectors or persons.This program seeks to develop a free-of-charge attitude towards persons in vulnerable situations and to institutions that tend to these social sectors that, in turn, generate an impact and change in society. We have assumed this commitment with the intention, also, of promoting the improvement of legal institutionalism in our country that promotes the practice of Law as a tool that consolidates the democratic system and its institutions, strengthening a commitment of social responsibility among lawyers in accordance with the norms of the professional Code of Ethics. Pro-Bono cases that Estudio Echecopar takes onin accordance with our work valuesare assumed with the same attention and dedication as that given to cases and operations where the client pays professional fees. Mr. Javier de Belaundeone of the principal leaders of the Pro Bono system in Peruin representation of Estudio Echecopar, has signed the Pro Bono Declaration for the Americas.

Responsabilidad Social
Ctedra Universitaria Declaracin Pro Bono para el Continente Americano

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Capacitacin legal para grupos vulnerables

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Publicacin de artculos jurdicos

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Dedicacin de horas anuales en promedio por abogado

MOOT Lima 2011

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Pr Co og de nci ra e nu nt m i a z es a de tra ci Ec s n, ac c oe tiv on fic id tro ie ad l nc es y r ia e en du el cci m n ed d io el am im bi pa en cto te .

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Navidad de Huascarn

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Consumo eficiente de energa y papel

Reciclaje de pilas bateras y celulares

El Estudio Echecopar desde su fundacin ha mantenido un permanente compromiso con la comunidad y su entorno, actuando responsablemente al atender a sectores y personas vulnerables de nuestra sociedad.

Since its foundation, Estudio Echecopar has maintained a permanent commitment with the community and its environment, acting responsibly by tending to the needs of the vulnerable sectors and persons of our society.

ESTUDIO ECHECOPAR , .

ra m a de Ap o oy c So n de ac cio ne s de ap o oy cia so l. ia l

Campaas de donaciones para grupos en riesgo

Convenio con CIUDAD SALUDABLE para reciclaje de plsticos y otros residuos

Convenio con FUNDADES para reciclaje de papel

Social Responsibility
Pro Bono Program Free legal services for persons or groups who live in poverty or vulnerability, as well as to those causes of relevant societal impact >> Pro Bono Declaration for the Americas >> Dedication of a yearly average of hours per lawyer Eco-efficiency Program Awareness, control and reduction of the impact of our activities on the environment >> Efficient energy and paper consumption >> Recycling of batteries, power cells and cell phones >> CIUDAD SALUDABLE Agreement to recycle plastics and other residue >> FUNDADES Agreement for paper recycling Social Support Program Promotion and execution of social support >> Christmas in Huascarn >> Donation campaigns for risk groups Legal Diffusion and Education Program Education through the diffusion, training and promotion of Law and Human Rights to the different social groups, especially emphasizing university education. >> University Teaching >> Legal training for vulnerable groups >> Publication of Legal Articles >> MOOT Lima 2011

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Moot Lima 2011 Ecos de un desafo realmente inspirador

La originalidad del concurso Moot, en su segunda versin, y su valiosa repercusin en la preparacin acadmica y el desarrollo de habilidades de los futuros abogados generaron gran expectativa entre los estudiantes de todo el pas. Nuestro objetivo es incentivar las buenas prcticas en el Derecho mediante el desarrollo de la capacidad argumentativa de los futuros abogados del Per.

Moot Lima 2011 Echoes of a truly inspiring challenge

The originality of the Moot contest, in its second version, and its valuable repercussion in the academic preparation and the development of the abilities of the future lawyers of our country generated great expectation among the law students in the country. Our objective is to give incentive to good practices in Law through favoring the development of argumentative capacity of the future lawyers of Peru.

Construye La Leyenda
Bajo el eslogan: Construye La Leyenda, MOOT LIMA 2011 demostr ser un concurso que deja huella en la formacin de los futuros abogados del Per promoviendo adems la inclusin al haber registrado la participacin de ms de 150 jvenes de Arequipa, Ayacucho, Callao, Ica, Lambayeque, La Libertad, Lima, Piura, Puno y Tacna. Una vez admitidos en el concurso los equipos debieron enfrentarse y defender determinada posicin (demandante o demandada) en etapas escritas y orales, demostrando su capacidad argumentativa ante exigentes evaluadores. Los finalistas, un equipo de provincia de la Universidad San Martin de Porres, sede Chiclayo, y uno de Lima de la Pontificia Universidad Catlica del Per. El jurado, Fernando Cantuarias, Cecilia Blume, Sol Carreo, Jos Escaffi, Lorena Carrillo, Martn Moscoso, Madeleine Osterling y Javier Tovar.

Build The Legend

Under the slogan: Build the Legend, MOOT LIMA 2011 proved to be a contest that leaves an imprint in the formation of the future lawyers of Peru, promoting, additionally, inclusion with the registered participation of more than 150 youngsters from Arequipa, Ayacucho, Callao, Ica, Lambayeque, La Libertad, Lima, Piura, Puno and Tacna. The finalists were: one team of girls from the Province of Chiclayo, University of San Martin de Porres and one from Limas Pontificia Universidad Catolica del Peru. The panel of judges included renowned lawyers and citizens such as: Fernando Cantuarias, Cecilia Blume, Sol Carreo, Jos Escaffi, Lorena Carrillo, Martn Moscoso, Madeleine Osterling and Javier Tovar.

Moot Lima incentiva las buenas prcticas en el Derecho mediante el desarrollo de la capacidad argumentativa de los futuros abogados del pas. Promueve la inclusin, habiendo participado ms de 150 jvenes, venidos de todo el Per, en su segunda versin.

Moot Lima incentivizes good practices in Law by developing the argumentative capacity of the future lawyers of Peru. It promotes inclusion; over 150 youngsters from all over Peru participated in its second version.

MOOT LIMA, , .2, 150 .

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Fotos: Ins Menacho

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ndice
Presentacin............................................................................................3 Solucin de problemas de logstica internacional.................................6 Talisman Peru B.V., Sucursal del Per Una estrategia de ahorros nunca antes vista .......................................8 Volcan Una inversin buensima................................................................... 10 GoldPlata Resources Per S.A.C. Una jugada magistral ...................................................................... 12 AMSAC Activos Mineros S.A.C. Jaque Mate ........................................................................................... 14 Supermercados Mayoristas Unimarc De sabor internacional ......................................................................... 16 Corporacin Lindley S.A Haciendo cuentas.................................................................................. 18 Banco de la Nacin Una seal en alta definicin. .................................................................20 Frecuencia Latina Juntos somos ms.................................................................................22 Puente Chilina Aliados del progreso y el bienestar .....................................................24 Hospital Villa Mara del Triunfo Enciendan las mquinas.......................................................................26 OLVICSA Oleaginosa Victoria S.A. Una justa indemnizacin.......................................................................28 SASA Sociedad Agrcola San Agustn S.A. Y se hizo la luz .....................................................................................30 Lnea de transmisin elctrica Zapallal - Trujillo Trabajando responsablemente, promoviendo bienestar. .....................32 Responsabilidad Social.........................................................................32 Pro Bono................................................................................................33 Moot Lima 2011.....................................................................................34 Ecos de un desafo realmente inspirador

Index
Presentation.............................................................................................3 Solution of problems of international logistics. .......................................6 Talisman Peru B.V., Sucursal del Per A savings strategy never seen before ...................................................8 Volcan A very good investment ........................................................................ 10 GoldPlata Peru S.A.C. A masterly move................................................................................ 12 AMSAC S.A.C. Mining Assets Checkmate............................................................................................. 14 Supermercados Mayoristas Unimarc Of international flavor............................................................................ 16 Corporacin Lindley S.A. Balancing accounts............................................................................... 18 Banco de la Nacin A high definition signal........................................................................20 Frecuencia Latina Together we are more...........................................................................22 Chilina bridge Allies of progress and well-being.........................................................24 Hospital Villa Maria del Triunfo Start the engines...................................................................................26 OLVICSA Oleaginosa Victoria S.A. A fair compensation...............................................................................28 SASA Sociedad Agrcola San Agustn S.A. And there was light..............................................................................30 Electric transmission line Zapallal - Trujillo Working responsibly, promoting well-being .......................................32 Social Responsibility.............................................................................32 Pro Bono................................................................................................33 Moot Lima 2011.....................................................................................34 Echoes of a truly inspiring challenge

Concepto creativo Toronja, Diseo grfico www.carlosvidal.pe, Estilo Mara Cecilia Valencia, Impresin Impresso Grfica

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Av. De la Floresta 497, Piso 5, San Borja. Lima 41, Per. 51(1) 618 8500 51(1) 372 7171 | 372 7374 www.echecopar.com.pe