In The Spotlight
We are excited to announce that registration for the 2017 CEE Legal Matters Hungary General Counsel Summit, scheduled to take place in Budapest at the Boscolo Hotel on October 5, is now open.
The ILC Eucon law firm has defended the interests of Ukrrichflot PJSC in Ukraine's district administrative court.
Boyanov & Co. has advised UK Hystead Limited on its EUR 156 million acquisition of The Mall — the second biggest shopping center in Bulgaria. In particular, UK Hystead Limited acquires 100% of Bulgarian company AP Retail I Limited from Cypros Fortone Holdings Limited, which is ultimately owned by Greece's Assos Capital (85%) and Deutsche Bank and Goldman Sachs (a combined 15%). Dinova Rusev & Partners Law Office advised the sellers on the deal.
Stepanovski, Papakul & Partners has assisted the EBRD with several recent transactions involving loans to large Belarusian borrowers: A July 6, 2017 agreement to loan up to EUR 15 million to IOOO Svuds Export, and a July 25, 2017 agreement to loan EUR 5 million to CJSC Clean Beach.
TGS Baltic has assisted the University of Latvia regarding the EUR 30 million investment contract of the European Investment Bank for the further development of the university's new campus in Riga, called the “Academic Centre.”
Allen & Overy has advised the EPISO 4 opportunistic fund, managed by Tristan Capital Partners, and its co-investing local partner, Mint Investments, on their acquisition of the Avenir Business Park in the Nove Butovice neighborhood of Prague from debt restructuring firm Lone Star. Kinstellar advised the sellers on the deal.
Aequo advises JSCB Industrialbank on the restructuring of Bestment-Service LLC's UAH 410 million debt that was secured by the mortgage of Plazma Shopping and Entertainment Centre.
Aleksandr Masaliov, Senior Associate at CEE Attorneys in Lithuania, has been appointed Head of Labor Law in the Vilnius office.
Russian lawyer Sergey Anisimov has joined the Tomashevskaya & Partners team as the Head of Real Estate, Public-Private Partnership, and Infrastructure Projects.
Laurynas Lukosiunas, head of the Public Procurement practice at the Sorainen's Lithuanian office, has become the 12th Sorainen partner in Lithuania and the 29th in the region.
A new act on Prevention and Combating of Money Laundering and Terrorist Financing will enter into force, replacing the anti-money laundering act currently in force, on 26 June 2017. The new act is intended to implement the provisions of the EU Directive 2015/849 (i.e. the 4th Anti-Money Laundering Directive).
The “Communiqué on Trust Seal in Electronic Commerce” (“Communiqué”) has been published in the Official Gazette dated 6 June 2017 and numbered 30088 and came into effect as of the publication date. Within the frame of such Communiqué, following subjects have been regulated;
After China, the world’s largest merchandise exporter, joined the World Trade Organization (WTO) in 2001, it agreed to a 15-year transitional period during which other members would be allowed to use the “non-market economy” method for dumping calculations. This transitional period ended on 11 December 2016, and forced certain WTO members to revise their anti-dumping strategies.
Serbian legislation provides for a maternity leave compensation in the amount of the mother’s average salary in the last 12 months before the leave. The compensations is paid from the state budget, but the procedure of ascertaining the right to maternity leave compensation is conducted by local government.
Along with the reason provided in art. 509 par. (1) (1) of the Code of Civil Procedure, the reason for the review discussed in this article is perhaps the most common in practice due to multiple interpretative possibilities, but also because it is apparently much more accessible than the other grounds for review, which are more rigid in interpretation. In the majority of cases, however, reviewers are basically trying to resume the fund by invoking a seemingly new document that does not meet the requirements of the law to underpin the review of a judgment.
As of 1 July 2017, an amendment to the Bankruptcy and Liquidation Proceedings Act will enter into force, aiming at close the loopholes and consolidating the case law. The amendment clarifies the provisions on the disputing of the claim by the debtor and on the statutory requirements of the payment reminder to be sent by the creditor. The regulations on the option right and the transfer of rights and claims for security purposes will also be amended.
Biljana Joanidis, the Managing Partner of the Law Firm Joanidis in Macedonia, is hesitantly encouraged by recent developments in her country — many of which, in her opinion, can be tracked back to the election at the end of May, by slim majority in Parliament, of a government led by Zoran Zaev of the center-left Social Democrats.
The Deal: On December 8, 2016, CEE Legal Matters reported that Wolf Theiss had advised the EBRD on its issuance of RSD 2.5 trillion Floating Rate Bonds due December 2019. AP Legal advised Raiffeisen Banka A.D., Beograd, acting as underwriter for the issuance, and Harrisons advised marketing agent Citigroup Global Markets Limited.
On June 2, 2017, CEE Legal Matters reported that regional used car dealership AAA Auto International had negotiated the refinancing of the acquisition of its entire group from CSOB. Jan Siroky, Senior Lawyer for AAA Auto International, agreed to comment on the deal.