Ilyashev & Partners is representing the interests of the Ukrainian DIY hypermarket network Epicentr K in its revision of safeguard measures concerning the import into Ukraine of china tableware and flatware.
The Ukrainian court system saw significant changes in 2016. The first, and probably the most important, was the initiation of judicial reform, which included changes to the Constitution of Ukraine and a truly significant amount of new laws (some of which have already passed through the Parliament, with others still under development). In addition, in 2016, Ukrainian legal community witnessed some unexpected decisions of the Supreme Court of Ukraine affecting the jurisdiction of Ukrainian courts, which contributed to uncertainty in the Ukrainian judiciary.
Aequo’s Tax Disputes team has successfully defended the interests of Oysho, a member of Inditex, the world’s biggest fashion group, in a tax dispute before the Kyiv Administrative Court of Appeal. Oysho was challenging a tax notice concerning on the grounds that it was exempt from taxes on royalty income derived from IP rights (licenses).
Olexander Martinenko, Partner at CMS in Kyiv, starts his summary of The Buzz in Ukraine by addressing the ongoing judicial reform in the country, noting that the system has been returned to its traditional 3-tiered structure (courts of first instance, appellate courts, and Supreme Court) from the 4-tiered system that was installed by previous President Yanukovych shortly after his rise to power in 2010.
Although the economic crisis has significantly slowed down the financial sector’s M&A activity in Ukraine with nearly 90 (of the 180 existing before 2014) commercial banks becoming insolvent or being taken over by the state, several banking cross-border equity transactions closed in recent years are paving the way towards the market’s gradual recovery.