On October 27, 2016, Markian Malskyy, Partner and Head of the West Ukrainian Branch at Arzinger Law Office, was appointed as Honorary Consul for the Republic of Austria in Lviv and six surrounding regions of Ukraine: Lvivska, Volynska, Zakarpatska, Ivano-Frankivska, Ternopilska, and Rivnenska oblasts.
Avellum has acted as Ukrainian law counsel to the EBRD in connection with the renewal of a USD 40 million secured syndicated pre-export loan facility to the Industrial Group ViOil.
Integrites has advised Dragon Capital Investments Limited, a member of the Dragon Capital group of companies, on acquisition of stakes in two large logistics centers near Kyiv — a full acquisition of one in Borispol from Akron Investment Central Eastern Europe II BV, and a 60% stake in another, in Stoyanka, from GLD Holding GmbH. Greenberg Traurig and Vasil Kisil & Partners advised Akron Investment on the first deal, with the Antika Law Firm advising Heitman, the property manger. Schoenherr advised GLD Holding on the Borispol deal.
Sayenko Kharenko has provided Ukrainian legal advice to lead managers Citigroup, J.P. Morgan, and Morgan Stanley and Avellum has acted as Ukrainian counsel to the Ministry of Finance of Ukraine on the third USD 1 billion Eurobond issuance by Ukraine, fully guaranteed by the United States of America, acting through the US Agency for International Development (USAID). The bonds were placed at 1.471% per annum — the lowest interest rate in Ukraine's history — and are due 2021.
Background to Suggested Reform
By ratifying the Association Agreement, Ukraine committed to implementing the provisions of EU law that govern intellectual property. However, this is not the only factor pushing Ukraine to reform its IP legislation. Major market players from the IT, pharmaceutical, and media industries are dissatisfied with the outdated Ukrainian IP legislation, which they believe impedes the development of their business.
On August 25th, 2016, CEELM reported that Shell Exploration & Production Ukraine Investments (IV) B.V. was represented by Vasil Kisil & Partners in a dispute over the Ukrainian tax authorities' refusal to grant over UAH 5 million as an automatic VAT refund. We reached out to Viktor Kachurenko, Legal Counsel at Shell Ukraine Exploration and Production I, LLC, for more information.
DLA Piper has announced the appointment of former CMS dispute resolution Partner Olga Vorozhbyt as Partner and Head of the firm's Ukraine Litigation & Regulatory practice.
Comprehensive Review in Bulgaria
Hristo Nihrizov, Partner at Dimitrov, Petrov & Co., reported that the Bulgarian TV and radio markets are dominated by three big, established operators in the country. There are some new international players (e.g., Bloomberg recently launched a new business-oriented channel with a local partner), but Nihrizov noted that these new channels usually face an uphill battle in carving out market share and generally focus instead on niche markets. Overall, though, he pointed to a growing number of channels in the country, “which is good for the consumers.”
On September 5th, 2016, CEELM reported that Axon Partners had assisted Ukraine’s state-owned ProZorro public procurement electronic system in Ukraine on its transformation into an IT company. As the in-house legal team of ProZorro was not involved in the matter, we asked Director Nadia Bigun to answer several questions about the matter.
Avellum has advised ING Bank N.V. on Ukrainian matters related to USD 100 million secured pre-export revolving loan facility it and Credit Agricole Corporate and Investment Bank provided to Myronivsky Hliboproduct Group. ING Bank N.V. was also advised by Norton Rose Fulbright on English law, Arendt & Medernach on Luxembourg law, Montanios & Montanios on Cyprus law, and Harneys on BVI law.