Category: Uncategorized

  • Karanovic & Nikolic Celebrates Twentieth Birthday

    Karanovic & Nikolic has announced that September 2015 will mark the 20th anniversary of the firm’s founding.

    The firm was founded in Belgrade in 1995 by Dragan Karanovic and Dejan Nikolic with the goal of building a regional platform. What began in Serbia with a small team of two now operates in six jurisdictions with over 150 lawyers and business professionals. 

    Senior Partner Dejan Nikolic said, “Karanovic & Nikolic’s 20th anniversary represents an enormous milestone for us. Over the past twenty years, we have made huge leaps in the way we provide service and in what has become the market standard. We have set the bar with our vision of excellence and our success over the past twenty years has demonstrated that hard work and a commitment to excellence is an approach embraced by our clients and by the market.”

    His long-time colleague, co-Founder and Senior Partner Dragan Karanovic, said, “When reflecting on where we have been and where we are now, one’s mind logically looks towards the future as well. Our vision is to be the legal services provider of choice for companies and investors doing business in this region and we hope that we will continue to be their first point of contact when dealing with complex legal issues. ”

  • UNBR President Re-elected in Romania

    Gheorghe Florea was re-elected on June 6, as the President of the The National Association of Romanian Bars (UNBR), for a four year term. The election took place as part of the 2015 Lawyers’ Congress, which took place on June 6 – 7 at the Media Hall of the National Theatre in Bucharest.

    Florea, who is on his third mandate as the head of the UNBR, was elected with a total of 67 votes from the members of the Union Council — almost a double number than his opponent, the Vice President of the Union, Dan Oancea, who received 35 votes. 

    Shortly after the election of the UNBR President, the body also elected the Vice Presidents and the members of the Permanent Commission of the UNBR. The new full composition of the Permanent Commission is:

    • Gheorghe Florea – President
    • Traian Briciu – Vice President
    • Petrut Ciobanu – Vice President
    • Ion Chelaru – Vice President
    • Cristina Gheorghe – Vice President
    • Ion Turculeanu – Vice President
    • Ion Dragne – Member
    • Lazar Gruneantu – Member
    • Ioan Ioanovici – Member
    • Ion Ilie Iordachescu – Member
    • Monica Livescu – Member
    • Ion Taracila – Member
    • Ioana Stanca Gidro – Member
    • Radu Stef – Member
    • Nae Zarnescu – Member

    This is a summarized article from our friends at LegalMarketing.ro and the full articles (in Romanian) are available here and here

    Last year, CEE Legal Matters spoke with with Gheorghe Florea on Romanian Bar regulations restricting law firm advertising in the country (June 17, 2014). 

  • EPAP Ukraine Advises Apax Partners on Public Takeover of EVRY ASA

    Egorov Puginsky Afanasiev & Partners Ukraine has advised Apax Partners funds on Ukrainian law aspects related to Apax’s public takeover of EVRY ASA, a listed Norwegian company, for a purchase price of 16 NOK per share. The transaction, initially announced in December, was completed in May 2015.

    Egorov Puginsky Afanasiev & Partners Ukraine provided legal support on the Ukrainian part of the deal, including legal due diligence of Infopulse, the target’s Ukrainian business and a leading provider of IT and BPO Services in Eastern Europe.

    Apax Partners is an independent global private equity group focused on long-term investment in growth companies. Funds advised by Apax Partners typically invest in large companies with an enterprise value between EUR 1 billion and EUR 5 billion. The Apax funds invest in four sectors: Consumer, Healthcare, Services and Tech & Telco.

    EVRY is one of the largest IT companies in the Nordics, with over 10,000 employees in 135 offices in 16 countries. 

    The firm’s team for the transaction was led by Partners Oksana Ilchenko and Ilona Zekely, supported by Counsel Oleg Boichuk, and Associate Natalia Spiridonova.

    Image Source: evry.com
  • Ukrainian Law Firms 2015: A Handbook for Foreign Clients

    Our friends at the Ukrainian Journal of Business Law have recently published a new Handbook that provides a legislative update and legal services market in-depth survey for Ukraine.

    Inside the Handbook readers will find: 

    • Recent developments in and expectations for the Ukrainian legal services market; 
    • The notable transactions of 2014; 
    • A review of Ukrainian law by practice area and industry, carried out by prominent local and international legal counsels; 
    • A Ukrainian legal directory by practice area/industry: 18 surveys and 21 rankings; Ukrainian Law Firms. 

    The Handbook for Foreign Clients has been published in English annually since 2003 and has gained a reputation for being a reliable market guide to top law firms and practitioners in Ukraine. 

  • Samardzic in Cooperation with Specht & Partner Registers Trademark for Ducla Trading

    Samardzic in Cooperation with Specht & Partner has successfully registered the “Pronto Bianchi” trademark for Ducla Trading, one of the largest importers of food and consumer products to Serbia and Bosnia and Herzegovina, with the Intellectual Property Office of the Republic of Serbia.

    The trademark is now protected for the territory of the Republic of Serbia in respect to goods in classes 29 and 30 of the Nice Classification (preserved cooked and frozen fruits and vegetables, preserved olives, extra virgin olive oil, and vegetables juices for cooking and rice). 

    According to the firm, this marks the 6th time in the past two years that Samardzic in cooperation with Specht & Partner successfully protected trademarks rights of Ducla Trading before the Intellectual Property Office of the Republic of Serbia, as the firm has previously registered trademarks for Azucar Demero (for goods in class 30); Il Capitano Bianchi (classes 29 and 30); Mlekoladki (class 30); Tersy (classes 3 and 5), and General Ettore Fini (class 34). 

    The firm’s team responsible for protecting Ducla Trading’s IP rights consists of Junior Partner Milica Samardzic and Associate Novak Vujicic.

    Image Source: ducla.rs
  • Pan-European Infringements: Spill-over to Accession Countries

    Pan-European Infringements: Spill-over to Accession Countries

    Just because you can’t see anti-competitive behavior doesn’t mean it isn’t there. On the contrary, secrecy is a key element for the existence of cartels and an impediment to eliminating them.

    For this reason, competition authorities are constantly trying to find mechanisms that will enable effective cartel detection. In this regard, the European Commission (“Commission”), the authority charged with enforcing EU competition rules, outlines its “leniency policy” as a very successful tool for this purpose.

    The leniency policy is the possibility for involved companies to report a competition infringement to the Commission (or to another competent authority in another jurisdiction) in exchange for full immunity or at least a reduction of the potential fine. Only one leniency applicant can benefit from full immunity of the fine, in most cases, the first company that provides sufficient information and evidence for initiating an investigation or proving the infringement (in case an investigation is already underway).

    As companies pursue cross-border activities beyond EU jurisdiction, primarily into neighboring countries aspiring toward membership (“Accession Countries”), alleged infringements are increasingly likely to affect these markets as well. Thus, in the case of transnational cartels, potential “whistle blowers” must file leniency applications with the EU Commission and with the competent authority in any affected non-EU jurisdiction. In other words, a competition infringement can easily spill-over, while an EU Commission leniency application might not.

    Pan-European Impacts

    Considering that anti-competitive behavior among companies is hard to identify and prove, over the last 10 years the Commission intensified its promotion of the leniency policy on both the EU and national levels. In line with the promotion, the Commission presented the European Competition Network Model Leniency Program, a document designed to provide legal certainty to leniency applicants despite dealing with different competition regulators. More practical in its approach, the Model Program introduced a uniform summary application system which enables involved companies within the program’s scope to file a full-form leniency application to the Commission and a short-form application the the relevant Member State authority.

    Macedonian lawmakers also recognized the need for an effective leniency program and in early 2014, they went beyond the ability to award only legal entities with immunity or reduce fines. Specifically, the Criminal Code was changed to allow legal representatives of involved companies to be released from punishment if s/he significantly contributes to the discovery of prohibited market practices.

    In terms of protection of competition within the EU, the strings between the Commission and the respective authorities of Accession Countries are well tied. However, national regulators of the Accession Countries are separate and a very important piece of the competition puzzle concerning transnational cartels that affect their jurisdiction. Subsequently, when it comes to enforcing leniency policy on international cartels, these competition authorities act independently within their jurisdictions.

    If an Accession Country’s competition authority becomes aware that the Commission sanctioned a cartel that also operated in their jurisdiction, they are likely to launch an investigation. Such an operation would likely have EU practice and know-how behind it, even if the specific details of the case would not be shared. Further, the respective authority would likely obtain information and evidence regarding the cartel in question that would enable them to pursue an efficient and effective misdemeanor procedure.

    For example, the Toshiba case – which took place before the Czech Republic acceded to the EU – involved separate prosecution by the Commission and the Czech Competition Authority 2. In that case, both the Commission and the Czech Competition Authority sanctioned the involved companies to pay fines totaling roughly EUR 790 million.

    Conclusion

    There is no ‘one-stop leniency shop’ for competition infringements that affect both EU and Accession Countries. If a company is ready to expose an infringement to the Commission, it should be prepared to file leniency applications simultaneously with all the relevant authorities, lest other parties beat them to it. If the leniency applicant omits this step, the consequences of any potential proceedings before the authorities of affected Accession Countries would not only be counterproductive, but potentially very painful.

    For the purposes of this article, the term "Accession Countries" encompasses the countries that showed willingness to become Member States of the EU by fulfillment of the Copenhagen criteria. This includes, inter alia, Bosnia and Herzegovina, Macedonia, Montenegro, Serbia and Turkey.

    By Leonid Ristev, Senior Associate, Bozidar Milosevic, Associate, Karanovic & Nikolic

  • Binder Groesswang Advises Oberbank on Successful Capital Increase

    Binder Groesswang has advised the listed Oberbank AG on its successful capital increase in the amount of approximately EUR 91 million. The entire planned volume was successfully placed. The new shares have been listed on the Wiener Borse since May 8, 2015.

    In the course of this capital increase, Oberbank AG issued a total of 1,918,875 new no-par bearer shares and thereby increased its share capital from EUR 86.3 million to EUR 92.1 million. The new shares were placed at a price of EUR 47.43 per share, which corresponds to gross emission proceeds of approximately EUR 92.1 million. 

    Due to the fact that CABO-Beteilgungsgesellschaft m.b.H., a 100 % subsidiary of Bank Austria, did not exercise its subscription rights, a considerable volume was available for placement in the market, which brought in 2,200 new shareholders. The percentage of Oberbank shares in free float consequently rose to about 29%. 

    Binder Groesswang Capital Markets Partner Florian Khol said of the deal that: “The capital increase of Oberbank AG A was brought to a highly satisfactory, successful conclusion. The shares were almost doubly subscribed and Oberbank now has more than 2,000 new shareholders. This shows that there is a demand for shares in Austrian banks despite the difficult market environment.” 

    The Binder Groesswang team consisted of Khol and Counsel Thomas Berghammer. 

    Image Source: oberbank.hu
  • Integrites Advises Mirta Group in Trade Financing from China

    Integrites has acted as legal adviser in a trade financing project for the Mirta Group, one of the largest Ukrainian producers of home appliances. According to Integrites, “within the project, a legal team of ILF Integrites provided comprehensive legal support of the project applying tools of post-import financing and structuring transactions involving one of the leading export credit agencies in China: Sinosure.”

    The firm also reports that the project included an assessment of possible risks involved in generating financing for supplying products into Ukraine. 

    The Integrites team was led by Senior Partner Vyacheslav Korchev. 

    Image Source: mirta.com.ua
  • Gide and White & Case Advise on Lactalis Acquisition of Ak Gida

    Gide Loyrette Nouel has advised Lactalis on the acquisition of an 80% stake in the dairy heavyweight Ak Gida from its shareholders, in particular the Turkish food industry leader Yildiz Holding, which was advised by White & Case.

    According to Gide, the deal, which remains subject to various customary conditions — in particular the approval of the competition authority — “marks the beginning of a new stage in Lactalis’ internationalization strategy.”

    Ak Gida, which posts a turnover of EUR 700 million, produces milk, yoghurts, ayran (a Turkish specialty yoghurt drink), and a whole range of cow, goat, and ewe cheeses that it exports in part, although its activity is essentially domestic. Its most well-known brands in the region are Icim and Dolcia.

    The Gide team advising Lactalis included Paris-based Partner Christophe Eck and Associate Edgard Nguyen, and Istanbul-based Partner Arpat Senocak and Senior Associate Alev Bayraktar.

    Image Source: lactalis-international.com
  • ODI Advises on Obonjan Riviera Project in Adriatic Sea

    ODI has advised a Slovenian company, Collegium Mondial Travel (CMT), one of the three investors in Projects Sibenik, on the acquisition of 100% of the shares in the Obonjan Riviera project, an island in the Adriatic 5 miles from Sibenik on the Dalmatian Coast that becomes the first Adriatic island ever acquired for commercial purposes. The value of the deal is EUR 30 million.

    Projects Sibenik entered into a contract with Grad Sibenik, the Croatian state-owned entity that serves as the island’s custodian, and the privately-owned Suncani Hvar company, which was the previous owner of Obonjan Riviera, providing exclusive use of the island for 50 years, and allowing for construction, administration, management, and commercialization of a tourist complex on the island.  

    ODI also advised CMT on the acquisition of a 17% share in Projects Sibenik (Sound Concert Limited UK owns a 50% share and Gratiosus d.o.o, HR a 33% share), which then acquired all shares in Obonjan Rivijera.

    ODI Partner Branko Ilic advised CMT, while Drazen Grubisic, Partner at Porobija & Porobija, advised Gratiosus d.o.o., HR. Sound Concert Limited UK was advised by in-house counsel Nicola Clough.

    Image Source: croatiaweek.com