According to the Stabilization and Association Agreement between the EU and the Republic of Serbia1 (hereinafter:”SAA”), Serbia has an obligation to address the issue of the acquisition of the real estate property in Serbia by foreign citizens and to enable such practice by no later than the fourth quarter of 2017.
Karanovic & Nikolic has announced that Milan Lazic, Marjan Poljak, and Darko Jovanovic have been promoted to Senior Partner at the firm.
The new Serbian Housing Act is a long-awaited codification of all the statutes pertaining to housing. The Building Maintenance Act and Housing Act were passed in its original texts more than two decades ago, and were rendered obsolete by the changes in society and economics climate. But the big question is – will there be enough funds for carrying out all the ideas laid out by the legislators?
BDK Advokati has advised Iron Mountain, the NYSE-listed storage and information management company, on its acquisition of Data Outsourcing Centre d.o.o., a prominent Serbian archive management, imaging services, and data storage company, from sellers Sinisa Tutus and Milan Mojic. JPM Jankovic Popovic Mitic advised the sellers on the deal.
There are different ways to acquire a majority stake in a joint stock company, and each of them has its particularities, pros and cons. However, notwithstanding the specific acquisition method, each process requires the undergoing of stringent procedures by the acquirer, which can often be lengthy and complicated, involving dealing with various minority shareholder issues and rigid supervision by regulators.
On September 24 the Belgrade Bar adopted a new bylaw, controversial both in its effect and in the manner by which it was adopted, limiting the voting and participation rights of lawyers at major commercial law firms in favor of criminal lawyers and solo practitioners. Leading commercial lawyers in Belgrade are, unsurprisingly, not happy.
Changes to existing Serbian public procurement framework are expected in 2017, as it was announced by the Serbian Public procurement office. The main motive for amendments is the harmonization of the existing public procurement framework in Serbia with EU Directive 2014/24/EU on public procurement, which features the principle of “most economically advantageous tender” (the “MEAT” criteria) as the main selection criteria. The MEAT criteria shall now gain a prominent place in the Serbian public procurement procedure, too.
To the untrained eye, technology and the judiciary sector may seem rather far apart. IT is ever changing and dynamic, while courts are by design deliberate and slow. However, even the most resistant institutions are not immune to change; Serbian courts now appear to be further steps towards incorporating new technology for the ultimate goal of greater efficiency.
Karanovic & Nikolic has supported Affidea, a large European medical service provider, on its opening of the first foreign hospital located in Belgrade. The firm's services consisted of "extensive regulatory and corporate advice related to formation and start of operations of Affidea`s first hospital in Serbia."
Harrison Solicitors has advised the Yazaki Corporation on the investment agreement it signed with the Government of the Republic of Serbia, to produce cable kits for Daimler trucks in the Serbian town of Sabac. The first stage of the investment will amount to EUR 25.1 million and employ 1,700 workers.
Wolf Theiss is reporting that it advised the EBRD on its December 5, 2016 issuance of RSD 2.5 trillion Floating Rate Bonds due December 2019. Raiffeisen Banka AD, Beograd, which acted as underwriter for the issuance, was advised by AP Legal, while Citigroup Global Markets Limited, which acted as marketing agent, was advised by Harrison Solicitors.
Schoenherr has advised Kansai Paint Co Ltd., from Osaka, on the acquisition of the Helios Coatings Group from Ring International Holding AG ("RIH"), GSO Capital Opportunities Fund II (Luxembourg) S.a r.l., and Templeton Strategic Emerging Markets Fund IV, LDC. The sellers were advised by Brandl & Talos.