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Gessel has provided comprehensive legal support for the purchase by Reinwest Niestandaryzowany Sekurytyzacyjny Fundusz Inwestycyjny Zamkniety of bank receivables held by Pekao and Raiffeisen Bank Polska vis a vis companies of the Fugo group, along with security.

The actual purchase of the receivables was preceded by a transaction with TDJ, an investment firm active in various sectors of the economy for more than 30 years and majority shareholder in Famur, geared at providing Reinwest with the funds for the receivables purchase and at structuring the relationship of the parties regarding, among other issues, a transfer by Reinwest onto TDJ of the receivables purchased from the bank consortium and sale by Reinwest of a majority stake in Fugo. The transaction also included the take-over by the Reinwest fund of shares in Fugo which had been the object of a pledge, followed by transfer of these shares onto TDJ, with the result that TDJ took over complete control over the Fugo equity group.

The GESSEL team responsible for this transaction was led by Managing Associate Malgorzata Badowska and Trainee Advocate Karol Sokol.

Image source: Mirco Vacca / Shutterstock.com

Ilyashev & Partners has reported that the Kyiv Administrative Court of Appeal has dismissed the appeals of the Prosecutor General’s Office and the Ministry of Industrial Policy and upheld the September 4, 2014 ruling of the Kyiv District Administrative Court recognizing Dmytro Kiva as the sole legitimate head of the Ukrainian-owned Antonov aircraft company. Ilyashev & Partners represented Kiva.

The dispute involves the effectiveness of the May and July orders by the Ukrainian Ministry of Industrial Policy that Kiva be dismissed from the office of the President of Antonov and that Serhii Merenkov be installed as the acting President, as they came after the March 23, 2014, decision by the Ukrainian Government to combine the Ministry with the Ministry of Economic Development and Trade. Kiva claimed that the Ministry had been “liquidated”, and thus had no power to order him removed and replaced, while Merenkov claimed that the Ministry’s combination with the Ministry of Economic Development and Trade did not in any way affect the legitimacy of its orders. According to a statement released by Ilyashev & Partners, on August 1 and again on September 3 of this year, the team of Antonov did not allow Merenkov (along with individuals the firm describes as “thugs for hire”) onto its premises. 

Ilyashev & Partners reports that “according to the Code of Administrative Procedure of Ukraine, after the court of appeal approves its decision, the ruling becomes final and its further appeal is not allowed. Accordingly, at present the matter with the head of SE Antonov has been resolved completely.” 

Asters is supporting the team representing Kyiv Taras Shevchenko National University, Institute of International Relations, in the “new season” of the Philip C. Jessup International Law Moot Court Competition, which the firm describes as “the most prestigious and the largest international contest for law students.”

Asters’ Associate Anna Tkachova is one of the team’s coaches. Last year the team Tkachova led won the Ukrainian National Round of the competition, and Tkachova herself was ranked second in the overall National Round Best Oralist selection. At the international rounds, the team also received the Alona E. Evans Award, as the team’s combined arguments (for the Applicant and the Respondent) were ranked among the top ten from from all teams around the world.

Asters Managing Partner Oleksiy Didkovskiy explained that projects like the moot court competition reflect the firm’s sense of social responsibility: “One of the main aspects of social responsibility for Asters partners is the education and training of young lawyers, as well as sharing their experience within the firm. Our goal is to provide maximum support to present and potential colleagues in their aspiration for self-development and establishment as experts and followers of the law. Even in this time of political and social turmoil that our country has faced, we are investing a lot of efforts and resources to support many projects including participation of our students in international competitions.”

Aleinikov & Partners has advised MAPS.ME on its full takeover by Mail.Ru Group. MAPS.ME is a Belarusian maker of map apps and other navigation services based on OpenStreetMap data and with the ability to work offline.

According to a statement released by the firm, “the purchase lets Mail.Ru better compete with Google Inc. and Russia’s Yandex, which have had their own map services for years.”

“Adding the MAPS.ME team to work together on our global expansion was a strategic move,” said Dmitry Grishin, Co-Founder and CEO of Mail.Ru Group. “Mail.Ru Group is a natural fit for MAPS.ME. They completely share our vision of open data and its role in the development of innovative technology,” said Yury Melnichek, Co-Founder and CEO of MAPS.ME. 

The Aleinikov & Partners team was led by Partner Dmitry Matveyev. 

Serbia’s BDK law firm has launched a Life Sciences and Healthcare practice group, which the firm claims will “synergize” its “existing capacity in regulatory work, corporate, finance, competition, data protection, IP, product liability and litigation.”

BDK also claims the newly-dedicated group will build on its “existing credentials with multinational pharmaceutical companies, pharma wholesalers, clinics and hospitals.”

The life sciences prong of the practice will be led by Bogdan Ivanisevic, with Partner Vladimir Dasic in charge of the healthcare section.  

Tijana Kojovic, BDK’s Managing Partner, said that: “By setting up a dedicated Life Sciences and Healthcare practice, we continue with the trend of creating industry-focused, multidisciplinary teams within our firm, for the benefit of our clients who require ever more specialized advice.”

Egorov Puginsky Afanasiev & Partners (EPAM) has been elected by CTC Media, a leading independent Russian media company, to advise on potential responses to recent amendments to the Russian “On Mass Media” law, which will impose further restrictions on foreign ownership of media businesses in Russia.

According to EPAM, the amendments reduce the permitted level of aggregate foreign ownership of Russian mass media from 50% direct ownership to 20% direct or indirect ownership or control. The legislation applies to both existing and future foreign ownership, and will come into force on January 1, 2016. The amended law will affect CTC Media itself, as a Delaware corporation that directly or indirectly owns 100% of the shares of a series of Russian legal entities that operate primarily to broadcast media entertainment businesses in Russia and the CIS, and the non-Russian stockholders of a US holding company. Russian beneficial owners holding through off-shore holding structures will have until January 1, 2017 to comply with the law.

Yuliana Slashcheva, CEO of CTC Media, explained that: “As we had reported earlier, new legislative requirements may have an impact on the ownership structure or operations of our American parent company, whose shares are traded on NASDAQ, and its shareholders outside Russia. To fully analyze all our existing opportunities, we have engaged leading legal and financial advisers. These are companies with an extensive expertise in their spheres, which will help us to take the most effective action in the existing circumstances in order to protect the interests of our shareholders. The advisory committee of our Board of Directors is considering the appointment of financial advisers. We may engage other external advisers as necessary to protect the interests of our shareholders.”

CMS has announced that Warsaw-based lawyers Piotr Ciolkowski, Iga Lis, and Marek Oleksyn were promoted to Of Counsel on November 1, 2014.

Lis is one of three co-heads of the Energy Investments Projects team in CMS’s Warsaw office, while Ciolkowski heads the office’s Energy Regulatory team.

Lis advises on infrastructural projects in the energy sector, as well as in the steel and petro-chemical sectors, including advice in relation to structuring projects, project development, and the project operation. According to CMS, “she has extensive experience in providing on-going legal assistance to energy sector companies, and in particular in relation to current regulatory problems. She specialises in drafting and negotiating complex long-term contracts and also advises on projects consisting in constructing wind farms. She has worked at CMS since 2007.”

Ciolkowski specializes in providing regulatory advice to the energy sector, including in the field of concessions, tariffs, grid interconnections, operation structuring, and court disputes, both on the gas and energy markets. He also provides legal assistance regarding trading in energy, gas, oil, and certificates of origin. He joined CMS in 2004.

Oleksyn specializes in intellectual property law, including in matters concerning the protection of trademarks, patents, utility designs, and copyrights, as well as in combating unfair competition. He also represents clients in court proceedings related to the protection of intellectual property rights, disputes before the Patent Office, and in arbitration proceedings. He also advises on intellectual property transactions. He joined CMS in 2014.

This is the second round of promotions to Of Counsel at CMS this year, as in May three lawyers from the M&A Department — Joanna Blaszczyk, Blazej Zagorski, and Jakub Marcinkowski — were granted the title.

DLA Piper has advised Dragon Capital on the establishment of the Ukrainian Gas Exchange in July of 2014. The first trading session of UGX took place on October 31, 2014.

According to the new UGX website, it “is the first and so far the only platform for trading natural gas in terms of guaranteed exchange transactions …. UGX provides a market place on its platform to gas producers, suppliers, professional trading representatives, [and] large gas consumers. The Limited Liability Company ‘CENTRAL GAS COUNTERPARTY’ (CGC), which was established by the UGX’s founders, acts as the only counterparty in all exchange trades for all bidders and has a special stock status of a central counterparty. CGC provides a guaranteed execution of exchange transactions for the benefit of the bidders by guaranteeing settlement and gas supply.”

DLA Piper’s team working on the set-up project of UGX was led by Partner and Head of Finance & Projects in Ukraine Oleksandr Kurdydyk, assisted by Senior Associate Dmytro Pshenychnyuk and Associate Oleksandra Protsenko. Legal Director Ilya Sverdlov advised on tax aspects of the project. According to Kurykuk, “the conclusion and successful completion of the exchange transaction is obviously a significant achievement for the whole gas sector of Ukraine. The existence of the Ukrainian Gas Exchange means the creation of a spot wholesale gas trading market to be operated in accordance with the best European practices.” He added that: “The implementation of exchange trading should significantly benefit the national gas market making it more transparent, competitive and diversified. This should also help Ukraine in implementing the EU Third Energy Package into Ukrainian legislation.”

Lawin has advised the DNB asset management company on its takeover of the second pillar pension fund management in Lithuania from ERGO Life Insurance.

As a result of the take-over, DNB increases the number of its customers by 37,000 to 156,000, and the total amount of managed assets to LTL 875 million (approximately EUR 253.4 million), with assets in the second pillar pension funds increasing from LTL 561 million to LTL 743 million (approximately EUR 215.2 million).  

According to a Lawin press release, DNB “manages five second pillar pension funds, five third pillar pension funds, and two investment funds: a fund of equity funds and a liquidity fund, including portfolios of institutional investors.”

Image source: 360b / Shutterstock.com

Russia’s Vegas Lex law firm has won two tenders by the Russian government: One to “work out and rationalize proposals concerning non-government funding sources for regional air service programs,” and another “to work out a development strategy for international airport hubs based on regional airports in Russia.”

With regard to the review of alternative funding sources for regional air service programs, according to the firm, the Russian Government currently has five subsidy programs for air services, covering flights to the Russian Far East, the Kaliningrad Region, the Volga Area, Siberia, and Crimea. Vegas Lex and the InfraONE infrastructure company have been tasked with developing and presenting an alternative financial model for “remote but socially important flight destinations to eventually replace the existing government financing programs.” In a statement released by the firm, Vegas Lex explained that its lawyers “will study international experience in financing local flights in the European Union, the United States, Britain and Australia, and will propose ways to introduce best international practices in Russia.” InfraONE’s will estimate the potential economic effect of the proposed financial model and present a budgeting efficiency rationale.

The project will also involve constructing a new regulatory system for regional flights in Russia and drafting relevant regulations.

With regard to the second tender, which requires the firm to prepare a strategy for international airport hubs, the firm explains that “this major research project includes the study of Russian and foreign regulation of transit air services, of economic and geographical prerequisites for building airport hubs in Russia, and the development potential of the existing regional airports.” The firm claims that it will also “explore the possibility of liberalizing the rules and regulations with regard to specific airports and countries … and consider creating a polling system for trans-Siberian flights.”

The firm states that “Russia’s current priorities in the national aviation development are shifting toward regional airports,” and that “the strategy that VEGAS LEX and Lufthansa Consulting have agreed to work out is expected to lay the foundation for longterm development of airport hubs in Russia and help attain the country’s vast transit potential.”

The firm’s final proposal will be subject to the approval of the Russian Government and, if so approved, “will underlie the development of the country’s major regional airports in 2025-2030.”  

Vegas Lex’s work on both matters is led by Karen Arakelyan, the Head of the firm’s Aviation and Airport Development Group.