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Buss Capital Restructures KG Funds in Singapore

Watson, Farley & Williams LLP (“WFW”) has advised three separate Singapore-based partnerships on the restructuring of their container and lease portfolios and USD 1.2 billion of related debt financing in Singapore, to allow the Partnerships to take advantage of Singapore’s Approved Container Investment Enterprise (“ACIE”) scheme, which provides container owners with concessionary tax rates on container leasing and management activities. The Partnerships are owned by German KG funds sponsored by Buss Capital GmbH & Co. KG of Hamburg, Germany.

From 1 April 2008, leasing of containers has been included under the Maritime Finance Incentive (“MFI”) and an ACIE will enjoy either a concessionary tax rate of 5% or 10% on its income from leasing sea containers (by way of operating or finance leases) to onshore and offshore lessees, depending on the level of local business spending and headcount commitments. The management company of an ACIE will also enjoy a 10% concessionary tax rate on its management fee income derived in connection with the management of an ACIE.

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