Professor Donald Clarke of the Chinese Law Prof Blog just did a strictly factual post on the SEC v. Deloitte case.  In that post, Professor Clarke notes how the US Securities and Exchange Commission (SEC) is seeking to obtain the workpapers of the auditors of Chinese companies publicly listed on US stock exchanges and of how last month the SEC started proceedings against the Chinese affliates of “five big accounting firms.”  For a good background on all this, check out the New York Times here.

Professor Clarke then discusses how in related proceedings, the SEC has “subpoenaed documents from Deloitte Touche Tohmatsu CPA, Ltd., the Chinese auditors of Longtop Financial Technologies, a Chinese company whose financial statements were apparently less than totally accurate.

Deloitte is fighting that subpoena by asserting that it is prohibited by Chinese law from turning over the documents sought and that if it does so, it will face punishment in China.  Professor Clarke then provides the following “links to relevant court filings that look at the Chinese law issues here”:

In a listserv email regarding his blog post, Professor Clarke notes that because he is an expert witness in the case, he “won’t be commenting further on the issues my declaration deals with – it speaks for itself – and the same may be true for Jim [Feinerman, one of the other experts], so please don’t think me (or him) rude for not responding to any comments here.

For similar reasons, I too am not able to comment, beyond to say that the issues in this case could prove hugely important and I recommend that you read the information Professor Clarke has provided.

Pontificia Universidad Católica de Chile (Catholic University of Chile)  is putting on a China law seminar in Santiago, Chile, later this month. The seminar will take place on November 25 and November 26 and I am confident it will be excellent. For more information on the conference go here and to register go here. My confidence stems from my having known for years the person behind this event, Marcos Jaramillo, and having complete faith (in the secular sense of the word) that he will not do anything less than a superlative job.  I have known Marcos since he was in the private practice of law at one of Santiago’s top law firms and was known in Chile as the “China lawyer.” Marcos now teaches Chinese and Japanese Law at the Catholic University of Chile.

The seminar bills itself as “a practical and in-depth analyses of the latest legal and tax issues facing companies with operations or business opportunities in China” and it is going to consist of the following speakers and topics:

  • Ms. Hua Yang (Attorney, Grandall Law Group, Beijing): Launching a Business in China
  • Mr. Hongliang Wang (Professor, School of Law, Tsinghua University, Beijing): Contracts in China
  • Ms. Yuan Gao (Attorney, WilmerHale, Beijing): Taxes for Foreign Enterprises and Foreign Individuals in China
  • Mr. Jaime Ubilla (Attorney, UB & Co., Shanghai): Manufacturing, Processing, and Sourcing. Technology Projects and Joint Ventures
  • Mr. Hernan Felipe Errazuriz (Former Chilean Minister for Foreign Affairs; Partner, Guerrero, Olivos, Novoa, Errazuriz Abogados): Chilean Foreign Policy Towards China and Asia
  • Ms. Hua Yang (partner, Grandall Law Group, Beijing): Labor Law in China
  • Mr. Weixing Shen (PhD, Vice Dean, School of Law, Tsinghua University, Beijing): Property Law in China, Practical Issues
  • Mr. Donald Clarke (Professor, The George Washington University, Washington DC): Transnational Litigation Involving China
  • Mr. Odean Volker (Attorney, Haynes & Boone LLP, Houston): Commercial Dispute Resolution, Enforcing Commercial Rights and Litigation in China — Use of Arbitration

I know Professor Clarke and I know him to be hugely knowledgeable about transnational litigation and I have read one of Professor Wang’s artilces on Chinese litigation and found it excellent. I am also impressed at how many people have come so far to speak at this event.

Again, click here for more information. And if you go, tell Marcos that Dan sent you.