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Although the economic needle of the Turkish compass suffers through changes and deviations in the recent years, energy sector (mainly renewable/sustainable) remains true to its nature of sustainable growth and energy.

Is Sustainability Possible in Family Businesses? 

As is known, family businesses carries a crucial importance not only in Turkey but also in global sense in economic life. Family companies contribute nearly %75 of GNP and %85 of employment in Turkey. 

Although mediation process entered into force about 5 years ago, due to many reasons, it has not caught up the expected effect yet, however, it seems determined to change this trend. It is possible to resort to mediation for resolving all kinds of private legal disputes arising from acts or transactions of real and legal persons.

KSB has acted for the Energo-Pro group on its acquisition of 100% of the shares in Murat Nehri (a Turkish company currently developing the 280 MW Alpaslan II Hydroelectric Power Plant on the Murat river in Mus province in South-Eastern Turkey) from Enerjisa Enerji Uretim — a 50-50 joint venture of the Turkish Sabanci Group and German E.ON. The Gurel Yoruker firm advised the sellers on the deal, which closed on April 28, 2017. Financial terms were not disclosed.

Erdem & Erdem has advised Anadolu Cam Sanayii Anonim Sirketi, the glass-making affiliate of the Sisecam Group, on its agreement to transfer 50% of the shares of Omco Istanbul Kalip Sanayi ve Ticaret Anonim Sirketi to Omco International N.V., which already held the other 50%. The Cerrahoglu Law Firm represented the buyer on the deal. Financial details were not disclosed.

The Esin Attorney Partnership has advised Jonquil Group Limited in relation to the sale by its Turkish subsidiary of 3.7 hectares of land in Bodrum to Idyma Gayrimenkul A.S., a subsidiary of Peska Turizm Yatirim A.S., a company developing and operating tourist facilities in Turkey. The LSA Legal Consultancy advised the buyers on the deal.

The Moral law firm has advised the Aryom real estate developer on the construction and sale of the Aryom Koru Project, which consists of 425 residences surrounded by sculptured landscapes and multiple social and sports facilities and is located just outside Izmir. The investment value of the project is TRY 130 million (approximately EUR 36.4 million).

Legal Background

The Regulation on the Law on Applications for Turkish Citizenship ("Regulation") has been published on Official Gazette dated 12.01.2017 and numbered 29946. According to the amendment, a foreign investor who meets certain conditions mentioned under the provisions added to the Regulation can obtain Turkish Citizenship. Besides the Regulation, Land Registry Code also stipulates criteria for buying property as a foreigner in Turkey.

Turkey’s first data protection and privacy law (the “Law”) came into force on April 7, 2016. The Law, which is largely in line with the EU’s Data Protection Directive, aims to safeguard the fundamental rights and freedoms of individuals, in particular their right to privacy, with respect to the processing of their personal data.

Turunc provided Turkish legal advice and the Kyriakides Georgopoulos Law Firm acted as Greek legal advisor to Israel's Rivulis Irrigation Ltd. in relation to its acquisition of 100% of the shares in the Greek company Eurodrip SA from US fund Paine Schwartz Partners, LLC. Israel's Naschitz, Brandes, Amir & Co. was lead counsel for the buyers, while Freshfields Bruckhaus Deringer and A. S. Papadimitriou & Partners advised the sellers.

Turkey Knowledge Partner

Founded in 1990, TURUNÇ is a leading, full-service Turkish law firm providing cutting-edge legal advice and representation to a global clientele. We provide the highest quality of legal service in each of our practice areas and we take pride in the work we do. Since our founding, we have always maintained a friendly, open and inclusive firm culture in which individuality and independent thinking are highly prized. Our lawyers work in collaborative, collegial teams across our practice areas.

All News about, and Legal Analysis by, TURUNÇ can be found here.

Firm's website: www.turunc.av.tr

 

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