Category: Uncategorized

  • Carrefour Acquires Stake in Turkish Kiler Alisveris

    Yegin Cifiti Attorney Partnership — the Turkish firm associated with Clifford Chance — has advised the Turkish supermarket chain CarrefourSA on the acquisition of an 85% stake in Kiler Alisveris Hizmetleri, which was represented by Kinstellar Turkey.

    Kiler Alisveris is a Turkey-based retailer of basic foodstuffs and consumer products. Its products include meat and meat products, fish, fruits and vegetables, textiles and electronics. 

    Kiler Alisveris shareholders — the Turkish conglomerate Kiler Holding, advertising company Denge Reklam, and members of the Turkish Kiler family (Sevgul, Hikmek, Nahit, Vahit, and Umit Kiler) — signed a share sale and purchase agreement to sell the non-listed 85% stake they own in Kiler Alisveris to CarrefourSA. 

  • VAT Exemption Rules Clarified in the New Rulebook of the Minister of Finance of Montenegro

    VAT Exemption Rules Clarified in the New Rulebook of the Minister of Finance of Montenegro

    The Montenegrin Minister of Finance issued a Rulebook on the Procedures Governing VAT Exemptions for Investors and Supply of Certain Products and Services (the “Rulebook”). The Rulebook defines in more detail the process of VAT exemption introduced by recent amendments to the VAT Law of Montenegro.

    The VAT exemption related to the construction of facilities (luxury hotels, energy facilities and capacities for food production) can be used by investors by filing a request for such exemption along with the prescribed accompanying documents. The Tax Administration will then issue a resolution and confirm the eligibility for VAT exemption. In addition, the Tax Administration will issue to the investor control stamps which are then provided by the investor to its suppliers who must attach the stamps to invoices issued for VAT exempt deliveries. Suppliers must then provide the investor with a copy of the invoice.

    The Rulebook also defines the VAT exemption procedure for supplies made on the basis of loan agreements where the State of Montenegro is debtor or guarantor more precisely. The VAT exemption can be exercised by an investor on the basis of the resolution issued by the Tax Administration provided that the investor provides a copy of the tax resolution to its supplier and the supplier’s invoice for VAT exempted deliveries refers to the issued resolution.

    The Rulebook is applicable from 17 April 2015.

    By Tanja Unguran, Partner and Branimir Rajsic, Senior Consultant, Karanovic & Nikolic

  • New Head of the Bucharest Bar Elected

    On Sunday, May 24, the second round of elections for the new Dean of the Bucharest Bar took place, which resulted in the election of the first head of the Bar Association to hail from a business law firm: Ion Dragne.

    The first round of the elections for a role traditionally held by lawyers specializing in white collar/corruption cases (most of whom work as solo practitioners), took place a week before but failed to secure the required quorum. The second round saw the Managing Partner of Dragne & Asociatii win by a considerable margin (1193 votes to 483) over the runner up, Mihnea Stoica of the Mihnea Stoica si asociatii law firm. 

    Ion Dragne left Musat & Asociatii in 2010 after spending 6 years with the firm. At the time of his departure, he was a Deputy Senior Partner and the Head of the Litigation department, a role currently held by Gheorghe Buta.

    The full list of candidates and respective votes, as published by the Bucharest Bar is below: 

    • Ion Dragne – 1193 votes
    • Mihnea Stoica – 483 votes
    • Ion Ilie-Iordachescu – 411 votes
    • Daniel Fenechiu – 243 votes
    • Laura Voicu – 62 votes
    • Florin Stiolica – 54 votes
    • Mihail Ciobanu – 42 votes
    • Iosif Friedmann-Nicolescu – 33 votes
    • Marius Vicentiu Coltuc – 29 votes
    • Ion Predonu – 22 votes
    • Eugen Sebastian Cudrici – 9 votes
    • Florin Ciprian Barbuceanu – 8 votes
    • Cristian Sacasanu – 7 votes
    • Marius Damian-Burueana – 4 votes
    • Mircea Iacobescu – 4 votes
    • Cristian Gadea – 2 votes
  • Another New Partner at GSI Goksu Safi Isik

    Cigdem Bal Ilgin has been made Partner at GSI Goksu Safi Isik, joining Esin Taneri, who also recently joined the firm’s partnership (published by CEE Legal Matters on May 19, 2015).

    Ilgin focused on energy law, corporate, and commercial law. She specializes in energy and construction projects, privatizations, M&A transactions, joint ventures, distributorship agreements, and financial leasing and security agreements. At GSI Goksu Safi Isik she manages a team of 6 lawyers and interns.

    Ilgin graduated from Ankara University in 2007, and obtained an LL.M. from the Brunei University London in 2009. She began her professional career as a Trainee Associate for a year with the Birlesik Law Firm, before joining GSI Goksu Safi Isik in December 2009.

  • Aleinikov & Partners Coordinates Mobile Game Developer Contract

    Aleinikov & Partners has coordinated and now finalized a transaction between the Belarusian mobile games developer Melesta Games and Wargaming. According to the firm, “as a result of the last four months of hard work a strategic cooperation contract between two companies was signed.”

    Melesta Games is a Belarus-based casual games developer that was founded in 2008. The company develops games across multiple platforms, including PC, iOS, Android, Windows phone, Mac, social, Video game console, and so on. Wargaming Public Co Ltd is an international MMO developer and publisher headquartered in Nicosia, Cyprus. 

    Under the agreement, Wargaming — the creator of the popular World of Tanks game — will bring its publishing knowledge to bear for Melesta, while simultaneously increasing its foothold in mobile games and getting the chance “to experiment with new business models for its mobile games.” 

    Image Source: Vdovichenko Denis / Shutterstock.com
  • Asters Represents Europe Virgin Fund on Investment in VENBEST

    Asters has acted as legal counsel to Europe Virgin Fund L.P. (“EVF”), a regional private equity fund, in connection with its investment in the VENBEST Group, a leading private security services market operator in Ukraine.

    The VENBEST Group has provided security services for over 24 years, and has guarded over 25,000 objects. The group’s client portfolio includes both large private companies and public institutions, such as Kyivenergo, Privatbank, Oschadbank, Credit Agricole Bank, and the National Bank of Ukraine, as well as many private individuals.

    EVF provides equity financing to selected private sector businesses with primary operations in Ukraine, Belarus, and Moldova. EVF has committed capital from Dragon Capital, the European Bank for Reconstruction and Development, the Swiss Investment Fund for Emerging Markets, the Black Sea Trade and Development Bank, and other limited partners. EVF’s portfolio includes controlling stakes in Ukraine’s largest manufacturer of tissue products VGP (TM Ruta), Ukraine’s leading out-of-home advertising operator Prime Group, the Sperco pharmaceutical manufacturer, and Portmone, the leading Ukrainian electronic payments service provider.

    Asters’ advisory role in the transaction included due diligence of the target companies, structuring advice, drafting transaction documents, participating in negotiations with the sellers, and additional assistance at the completion stage of the deal. The firm’s project team included Partner Yevgen Porada and Associates Iryna Scherbyna and Andrii Zharikov.

    Editorial Note: After this story was published, Arzinger reported that it represented the VENBEST Group on the transaction. The firm’s team was led by Partner Anna Zorya, and included Arzinger lawyers Pavlo Khodakovsky, Viktoriia Dobrynska, and Alla Nadzon.

  • Revera Consulting Group Advises on China-Belarus Industrial Park

    The Revera Consulting Group has provided general counseling to the Industrial Park Development Company — a joint-stock company jointly owned by China and Belarus — on the creation of a special economic zone in Belarus known as “Great Stone”, as well as assisting on the selection of and negotiation with the general contractor which constructed the industrial park.

    The so-called “master plan” for the park was developed by Belarusian and Chinese design institutes and was approved by the Government of the Republic of Belarus in June 2013. It calls for production and living areas, offices and shopping malls, financial and research centers, all to be located in the territory of the Park. The Park was granted a special legal status, and created for for high-tech and export-oriented production, and focuses on electronics, biomedicine, fine chemistry, engineering and new materials. Construction on the 90-square kilometer park, which is located 25 miles outside of Minsk, began in 2014. It is reportedly the largest Chinese industrial park outside of China, and the biggest joint investment project for China and Belarus, but is open to any company regardless of country of capital origin.

    Chinese President Xi Jinping has called the park a “pearl” on the Silk Road Economic Belt. Companies expected to invest in the Industrial Park include the China National Machinery Industry, the ZTE telecom gear maker, and the China Merchants Group logistics giant.

    Anna Aniskevich, an Associate in the Revera Consulting Group’s construction and real estate practice, was on the firm’s team.

    Image Source: Pavel L Photo and Video / Shutterstock.com
  • DLA Piper and CMS advise on Financing and Acquisition of Austrian Wind Farms

    DLA Piper has advised UniCredit Bank Austria as a lender on the financing of the acquisition and the construction of two Lower Austrian wind farms. CMS advised the borrowers,  Energie AG Oberosterreich and 4P Envest. The total value of the two projects is EUR 43 million.

    The Scharndorf III and Trautmannsdorf-Nord wind farms will provide an overall capacity of 21 MW and produce electricity for approximately 17,000 households. UniCredit Bank Austria financed the project. The sponsors are the Upper Austrian regional energy provider Energie AG Oberosterreich and 4P Envest, a subsidiary of the Puspok group, currently the largest private wind power operator in Austria. The two financiers acquired the project from Raiffeisen Group and now hold 50% of the shares each.

    “I am pleased that we were appointed to advise UniCredit Bank Austria on financing these two highly exciting projects. Once again we were able to support the client with our long-standing expertise in combination with our in-depth industry knowledge,” said DLA Piper Partner Christoph Urbanek, who led the firm’s team on the matter. The team also included Senior Associate Lothar Farthofer and Associate Lisa Pocho.

  • CHSH and CMS Advise on EUR 300 Facility to Immofinanz

    CHSH Cerha Hempel Spiegelfeld Hlawati has advised the Immofinanz Group in connection with financing of EUR 300 million for a prime Austrian real estate portfolio, with CMS advising Bank Austria and pbb Pfandbriefbank on the deal. CHSH describes the deal as “one of the biggest real estate financing transactions in Austria in recent years.”

    The loan is being used to refinance a prime Austrian real estate portfolio with 38 properties in total with a gross leasable area of approximately 218,000 square meters. The borrower is a consortium of companies belonging to the Immofinanz Group. The transaction closed on May 12, 2015. 

    The CHSH team advising the Immofinanz Group on questions relating to financing, real estate, and company law consisted of Partner Thomas Zivny and attorneys Oliver Volkel and Matthias Nodl.

    The CMS team included Partner Gunther Hanslik and Johannes Hysek, Attorneys Anna Konopka, Andreas Goller, and Martin Trapichler, and Associates Ioanna Ovadias and Martin Schweinberger.

  • European Commission Launched E-Commerce Sector Inquiry

    European Commission Launched E-Commerce Sector Inquiry

    Background

    After the announcement of the European Commissioner for Competition, Margrethe Vestager, to initiate a sector inquiry for the e-commerce markets in March, the European Commission launched an antitrust competition inquiry into the e-commerce sector on May 6th. Competition sector inquiries are used by the European Commission (‘EC’) as a non-company investigative tool in areas where the EU single market integration is often faced with obstacles.

    According to Commissioner Vestager, cross-border online sales within the EU are growing slowly despite the fact that more and more goods and services are traded online throughout Europe. Apart from the objective obstacles of preventing cross-border online sales such as language, consumer preferences and difference in legislations across the EU Member States, there are also technical and contractual barriers imposed by companies that restrict cross-border e-commerce.  

    The inquiry follows a number of open antitrust cases in the online sector. Subject to review by the EC are contractual clauses restricting the ability of subscribers to access satellite and online pay TV when they are outside the licensed territory; online distribution of electronic goods, relating to pricing and restrictions on cross-border supply; geo-blocking of certain online PC video games. 

    Scope of the Inquiry

    The sector inquiry will focus on barriers to the cross-border sale of goods and digital content raised by private companies, especially in their distribution contracts and on industries in which e-commerce is used the most. The sector inquiry will focus particularly on potential barriers erected by companies to cross-border online trade in goods and services where e-commerce is most widespread such as electronics, clothing and shoes, as well as digital content.

    Contractual arrangements between manufacturers/content owners and their distributors for preventing customers from accessing websites outside of their home country and use of geo-blocking software are practices that undermine cross-border trade. Under the EU Block Exemption Regulation, the so-called territorial restrictions are considered hard-core restrictions of competition sanctioned by the Commission with up to 10 % of a company’s total turnover in the preceding business year.

    The European Commission is looking for information about the anti-competitive practices used by manufacturers, merchants, content holders in their relations with distributors: whether distributors face restrictions to sell in territories outside the distribution area or whether different prices are set for different countries. For example, distribution agreements may provide for prohibition of passive online sale; penalties to distributors for selling out of a defined territory; provision of special incentives (bonuses) to distributors aimed at discouraging cross-border sales; use of geo-blocking tools for restriction of cross-border sales, etc.

    The Commission and national competition authorities will uniform their actions in relation to restrictions on online sales in order to ensure better functioning of an EU single digital market.

    Timeframe 

    The Commission expects to publish a preliminary report for consultation in mid-2016. The final report is expected in the first quarter of 2017.

    The Commission may cooperate with the competition authorities of Member States for collection of information for local markets.

    Impact of Sector Inquiry on Market Players 

    The Commission will collect information from a broad range of entities across the EU, for example, holders of content rights, broadcasters, manufacturers, merchants of goods sold online, and companies with online platforms (price-comparison and marketplace websites). 

    In its previous inquiries (for example, in investigations on energy, pharmaceuticals, financial services), the Commission sent out wide-ranging and very detailed information requests to a broad spectrum of industry players. Recipients were not obliged to respond to these informal requests, however, most of them still preferred to cooperate. 

    The Commission regularly sends mandatory questionnaires to certain market players which may incur significant financial penalties for non-compliance – 1 % of their total turnover in the preceding business year for supply of incorrect or misleading information, and/or periodic penalty payments not exceeding 5 % of the average daily turnover in the preceding business year, per day, for delays in the provision of complete and correct information. 

    In the course of an inquiry, the EC may dawn raid market participants in order to obtain evidence relevant to the investigation.

    Based on the results of the inquiry, the Commission could (as in previous analyses) open an investigation case against individual companies for infringements of competition law (abuse of dominant position or restrictive business practices). Therefore, in order to be prepared for the Commission’s requests the companies from the e-commerce sector should check whether their commercial relations (contracts, practices, communications) are compliant with EU competition requirements. It is recommendable for those companies to set up internal competition compliance programmes. 

    Bulgarian Market

    There is a large number of online shops and internet platforms which operate on the Bulgarian market. Some of those (www.emag.bg) were recently imposed a fine for their anti-competitive practices by the Bulgarian antitrust authority in 2015 (1% of turnover, approx. BGN 138,000). 

    We expect the Commission to approach Bulgarian companies and ask them to provide information about their practices and relations with clients and suppliers. 

    Unannounced inspections (dawn raids) in the premises of the undertakings are also likely to take place. Inspections may be carried out by the European Commission or in cooperation with local investigators.

    Therefore, companies from the sector should be aware of the competences of the EC and how to protect their rights. For instance, they may claim for protection of their business secrets provided to the Commission, as well as the correspondence with their external lawyers. However, communication and legal opinion of in-house legal counsels is not considered privileged legal information.

    By Anna Rizova, Managing Partner and Dessislava Iordanova, Senior Associate, Wolf Theiss