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Latest News By Practice

TGS Baltic has represented Bigbank subsidiary Ruutli Majad OU before the Estonian Competition Authority in merger control proceedings related to the acquisition of two agricultural holdings.

RTPR has advised Rodbun Grup on a RON 278 million syndicated loan from Banca Comerciala Romana, CEC Bank, Raiffeisen Bank, Banca Transilvania, and Banca Romaneasca. Nestor Nestor Diculescu Kingston Petersen advised the bank syndicate.

CMS has advised the Export-Import Bank of Korea on a USD 36 million financing extension deal with Grain Terminal Holdings.

With respect to the evaluation of the success of the incorporation of certain provisions of the Hungarian Civil Code in the practice and the regulatory proposals developed by the case law, the amendment of the Civil Code has become necessary, therefore, at the end of June 2021, an act amending the Hungarian Civil Code has been published.

Let me start with a provocative statement: it is really easy and safe to do business in Ukraine today. As discussed in the article below, this is not a naive view of a Ukrainian lawyer but pure facts and statistics. Moreover, if you compare Ukraine with its neighbors, the contrast is startling: information transparency of companies coupled with super-fast registration procedures and special regime for IT companies are astonishing.

European Directive no. 2019/904 on the reduction of the impact of certain plastic products on the environment was transposed into Romanian law as of 2 September 2021 by Ordinance no. 6/2021 on the reduction of the impact of certain plastic products on the environment (the “Ordinance”).

Clifford Chance has advised a consortium of banks consisting of BNP Paribas Bank Polska, Bank Pekao, and mBank on their EUR 140 million financing for Clip Group subsidiary Clip Logistyka. Allen & Overy advised Clip on the deal.

Harrisons has advised the EBRD on two loans to Erste Bank a.d. Novi Sad – one for EUR 25 million under the Resilience Framework and one for EUR 5 million under the SME Competitiveness Support Programme.

Morgan Lewis has advised Kazakh investment company Pioneer Capital Invest on the acquisition of JSC Asian-Pacific Bank from the Central Bank of the Russian Federation.

Allen & Overy has advised Oesterreichische Kontrollbank on its USD 1.75 billion issuance of 0.5% guaranteed global notes due 2024.

TGS Baltic has advised Lithuanian Aid for Business Fund investor UAB Valstybes Investicinis Kapitalas on establishing its EUR 400 million state-guaranteed note program and placing the inaugural EUR 30 million issuance. Luminor bank covered the issuance.

Akin Gump has advised Kuveyt Turk Katilim Bankasi on its USD 350 million issuance of fixed-rate resettable sustainability Tier 2 certificates due 2031.

The Austrian Cartel and Competition Law Amendment Act 2021 (KaWeRÄG 2021) will introduce – in part substantial – amendments to the Austrian merger control regime as of 1 January 2022. The amendment originated in the context of the implementation of the ECN+ Directive. However, the Austrian legislator seized the opportunity to, among other things, refine the Austrian merger control regime by introducing a second domestic turnover threshold and implementing the SIEC test, as well as to strengthen the FDI screening mechanism.

Schoenherr has successfully represented Adler Real Estate AG in proceedings before the European Court of Justice in a matter relating to the Austrian Takeover Commission.

In response to the ongoing COVID-19 pandemic, on 6 August 2021 the Hungarian Government issued Decree No. 474/2021 on the different application of the Patent Act (Act XXXIII of 1995). According to the decree, patent applications filed after the entry into force of this decree will not be subject to a maintenance fee for the first three years of patent protection. The decree was promulgated on 6 August 2021 and will remain in force until the end of the state of emergency related to COVID-19.

With the implementation deadline for the EU Directive on the protection of persons who report breaches of Union law (17 December 2021) approaching, here is a summary of the current state of the respective national measures in the Czech Republic and Slovakia and an introduction to our own whistleblowing solution: FairWhistle.

Former Turkish Competition Authority Chief Legal Counsel Harun Gunduz has moved into private practice by joining ELIG Gurkaynak Attorneys-at-Law.

In a recent article for CEE Legal Matters, Schoenherr Attorney at Law Alexandra Bognar wrote that Hungary adopted a UBO Register Act this year. We spoke to Bognar to learn more about the new piece of legislation.

EY Romania affiliated law firm Radu si Asociatii has become Bancila, Diaconu si Asociatii, with two Partners at the helm: Radu Diaconu and Emanuel Bancila.

Jolanta Nowakowska-Zimoch has been named the new Managing Partner of Greenberg Traurig's Warsaw office. She will be supported by two new Deputy Managing Partners, Rafal Baranowski and Radomil Charzynski.

SPCG has advised Enterprise Investors' private equity fund on the acquisition of a 36.3% stake in Polish utility container manufacturer Modular System. Gessel advised the seller on the transaction.

DWF has advised Michal Solowow's MS Innovation Impulse and Synthos Green Energy on the establishment of a joint venture with utility company ZE PAK to build and operate small modular nuclear reactors. Greenberg Traurig reportedly advised ZE PAK on the deal.

Clifford Chance, Rymarz Zdort, and DWF have advised the joint venture between Kajima Europe and Griffin Real Estate on the acquisition of a 72% stake in Poland's PAD-RES.

White & Case has advised Elga Coal LLC on a USD 1.66 billion syndicated financing deal with a pool of lenders led by Gazprombank. Linklaters reportedly advised the lenders on the transaction.

Inga Kostogriz-Vaitkiene, Partner at CEE Attorneys in Lithuania, reports that her country’s economy is doing quite well at the moment and that additional regulation ensures the public procurement system will become greener. She also notes that there are two controversial laws in the pipeline related to cannabis use and LGBTQ+ rights.

By ratifying the European Convention on Human Rights in 1992, Hungary has committed itself to ensure the right to a fair trial within a reasonable time and to guarantee the right to an effective remedy for any violation of this right. In its judgment in Gazso v. Hungary, the European Court of Human Rights called on Hungary to establish a domestic remedy capable to handle the structural deficiencies identified in the judgment. As a result, at the end of June 2021, a new Act on the Enforcement of Material Compensation for Delay in Civil Proceedings was published in the Hungarian Official Gazette, which will enter into force on 1 January 2022. The Act establishes a new legal remedy for compensation for fundamental rights violations, called ‘material compensation’ which is different from the general compensation (in Hungarian: “kartalanitas”), indemnification or non-pecuniary compensation (in Hungarian: “serelemdij”).

On 20 April 2021, the National Assembly of the Republic of Serbia enacted the Law on Gender Equality and amendments to the Law on Prohibition of Discrimination. Both laws are published in the Official Gazette of RS no. 52 of 24 May 2021 and will enter into force on 1 June 2021. The Law on Gender Equality will repeal the Law on Equality of Genders (Official Gazette of RS no. 104/09).

Dentons has successfully represented Koleje Mazowieckie before the Warsaw Regional Court in a dispute with Stadler Polska.

In 2020, Ukraine’s government awarded the first two concessions in the history of Ukraine – 35-year concessions of the assets of Kherson and Olvia, two significant ports on the Black Sea. Building on this success, in October 2020, the government made a media splash by releasing a roadmap for further public private partnership (PPP) projects and held various promotion events since then.

KLC has advised the Hellenic Republic Asset Development Fund on the privatization of Egnatia Motorway.

Dmitry Kuptsov has been promoted to Partner with Alrud's Dispute Resolution and Restructuring and Insolvency practices.

In the ordinary course of commercial life, “bankruptcy” may be inevitable for financially distressed companies. In such case, the question arises with respect to the status of receivables from the bankrupt entity and how they will be collected.

The July 17, 2021 deadline for implementing Directive (EU) 2019/1023 of the European Parliament and of the Council of June 20, 2019, on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency, and discharge of debt, and amending Directive (EU) 2017/1132 is quickly approaching, leaving little time for EU Member States to adjust their national legislations to its requirements.

Employees may have access to important and confidential information related to the employer, including the company’s operations, clientele and trade secrets. Use of such information without employer’s knowledge may harm the legitimate interests of the employer. In this respect, an employee should not compete with his/her employer according to the duty of fidelity during the term of the employment agreement. As this is a statutory duty imposed on the employee, there is no need for such non-compete obligation to be explicitly set out in the employment agreement.

COVID-19 pandemic has undoubtedly brought significant changes not only to the everyday life of citizens but also to the operations of business entities, i.e. to the way of establishing and conducting the work process.

Natalie Hahn will join the Employment practice of Eisenberger + Herzog as a Partner starting October 1, 2021.

Turunc has advised Bogazici Ventures on its TRY 4 million investment in the online therapy platform Hiwell. Tevetoglu advised Hiwell on the deal.

Moral & Partners has advised Turkish private equity fund Taxim Capital on its investment in Moltek A.S. through Luxembourg subsidiary LuxTheranostics. Acar & Ergonen advised Moltek’s shareholders.

Krzysztof Mazurek has joined the Precision Medicine Group as its Deputy General Counsel and Head of Legal Europe. In his new role, he's also acting as Managing Director for CEE Precision Medicine Group Affiliates.

Petr Soucek has joined Kinstellar's Prague office as a Managing Associate and Head of the local Dispute Resolution practice.

EY Romania affiliated law firm Radu si Asociatii has become Bancila, Diaconu si Asociatii, with two Partners at the helm: Radu Diaconu and Emanuel Bancila.

Former ARC Avukatlik Burosu Managing Partner Cemal Araalan has joined Bezen & Partners as a Partner and Head of Litigation.

Clifford Chance has advised a consortium of banks consisting of BNP Paribas Bank Polska, Bank Pekao, and mBank on their EUR 140 million financing for Clip Group subsidiary Clip Logistyka. Allen & Overy advised Clip on the deal.

Sorainen, working with Herbert Smith Freehills, has advised Certares on its EUR 300 million structured equity investment into the Avia Solutions Group. Magnusson, working with White & Case and Cyprus-based Antis Triantafyllides & Sons, advised ASG on the deal.

Allen & Overy has advised Accolade Fund SICAV on the up to EUR 120 million refinancing of its entire Czech real estate portfolio provided by Ceskoslovenska Obchodni Banka and UniCredit Bank Czech Republic and Slovakia. Dentons advised the lenders on the transaction.

Sorainen has advised JAS Worldwide on its acquisition of Greencarrier Freight Services International from the Greencarrier Group.

On May 21, 2021, CEE Legal Matters reported that Ellex Valiunas had successfully represented Western Baltija Shipbuilding in its appeal of a public procurement award to a consortium of Finnish companies to provide a specialized vessel for the Lithuanian Armed Forces to eliminate pollution incidents and carry out rescue operations in the Baltic Sea. CEE In-House Matters spoke with Andrius Digrys, General Legal Counsel at Western Baltija Shipbuilding, to learn more about the deal.

Despite a bit of political uncertainty, Lucian Danilescu, Partner at Danilescu Hulub & Partners, is excited over Romania's macro-economic indicators and its potential upcoming infrastructure projects.

Sorainen, working with Herbert Smith Freehills, has advised Certares on its EUR 300 million structured equity investment into the Avia Solutions Group. Magnusson, working with White & Case and Cyprus-based Antis Triantafyllides & Sons, advised ASG on the deal.

Havel & Partners has advised Arbol Capital on the acquisition of the remaining 50% of shares in Kovaco Electric. MCL advised Kovaco on the deal.

On August 19, 2021, CEE Legal Matters reported that Sorainen had advised Montonio on raising EUR 2.5 million from Tera Ventures, as well as ffVC, Superangel, Practica, 365.fintech, Startup Wise Guys, and a number of business angels. CEE In-House Matters spoke with Rasmus Oisma, Director at Montonio Finance, to learn more about the matter.

Karanovic & Partners has announced it entered into an agreement with Gypsy Roma Urban Balkan Beats to provide ongoing pro bono legal support on contracts, scholarships, and copyright matters.

On a pro bono basis, Sorainen has represented victims of the Lihula shooting incident, by submitting a civil claim for damages.

Alliance Legal CG has successfully represented the Ekaterinburg Diocese of the Russian Orthodox Church, on a pro bono basis, in a RUB 4 million dispute with the Ekaterinburg City Administration over the diocese’s subsidiary liability for the obligations of its Orthodox Kindergarten. The case was brought before the Arbitration Court of the Sverdlovsk Region.

Jolanta Nowakowska-Zimoch has been named the new Managing Partner of Greenberg Traurig's Warsaw office. She will be supported by two new Deputy Managing Partners, Rafal Baranowski and Radomil Charzynski.

Allen & Overy has advised Accolade Fund SICAV on the up to EUR 120 million refinancing of its entire Czech real estate portfolio provided by Ceskoslovenska Obchodni Banka and UniCredit Bank Czech Republic and Slovakia. Dentons advised the lenders on the transaction.

Greenberg Traurig has advised EQT Exeter affiliate EQT Group AB on its acquisition of a Polish logistics portfolio consisting of five class-A warehouse projects.

EY Romania affiliated law firm Radu si Asociatii has become Bancila, Diaconu si Asociatii, with two Partners at the helm: Radu Diaconu and Emanuel Bancila.

On 31 August 2021, Government Ordinances nos. 8/2021 and 11/2021, amending the Fiscal Code and the Fiscal Procedure Code, were published in the Official Gazette no. 832/31.08.2021.

In a recent article for CEE Legal Matters, Schoenherr Attorney at Law Alexandra Bognar wrote that Hungary adopted a UBO Register Act this year. We spoke to Bognar to learn more about the new piece of legislation.

Former ARC Avukatlik Burosu Managing Partner Cemal Araalan has joined Bezen & Partners as a Partner and Head of Litigation.

PPG Lawyers has advised HeleCloud on its sale to SoftwareOne. Fieldfisher also advised HeleCloud on the deal, while Wolf Theiss and Pinsent Masons reportedly advised SoftwareOne.

CMS has advised mobile operator Vodafone Ukraine and parent company Neqsol Holding on the acquisition of Vega Telecom from the SCM Group.

Iurii Sukhov has joined Arzinger as a Partner and will lead the firm’s White Collar Crime practice together with Kateryna Gupalo and Oleksander Plotnikov. 

The Government of Ukraine has recently implemented additional measures to prevent and counteract the legalization (laundering) of proceeds of crime, terrorist financing and financing of proliferation of weapons of mass destruction. Thus, Ukraine made one more step towards implementing 4th Money Laundering EU Directive.

Norton Rose Fulbright has advised the financial institutions involved on the EUR 500 million revolving facilities made available to companies from the Synthos Group incorporated in Poland and the Czech Republic. White & Case and Clifford Chance advised Synthos on the deal, with McDermott Will & Emery advising the security agent, Citibank Europe.