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The Czech Parliament recently passed a bill amending the country’s Pharmaceutical Act to restrict the exportation of pharmaceuticals from the Czech market that has, in the past, resulted in a shortage of some medicinal products within the country. The Czech pharmaceutical market is thus facing a substantial change once the amendment becomes effective on December 1, 2017.

Czech lawyers, not known for ebullience, are nonetheless finding it hard to keep the smiles off their faces. After a decade of disappointment and struggle, if the Managing Partners at Czech firms are to be believed, the last remnants of the global financial crisis have dissipated and business is booming. As spring rolls through Central Europe, the sunshine is both meteorological and metaphoric. Prague is basking in the warmth.

A friend of mine, who’s a partner in a Hungarian law firm, told me this week that those of us living in the Czech Republic are “lucky to have a domestic economy.” In making this comment, he was contrasting the Czech situation with Hungary’s relatively high dependence on foreign direct investment (FDI) and to a degree of stagnation affecting his country at the moment. 

The Corporations Act provides that the venue, date and time of a general meeting must be set in such a manner that shareholders’ rights to attend (and vote) are not unreasonably limited. Would this statutory requirement be met if the general meeting were held in a foreign country? If so, under what circumstances?

The 2017 CEE Legal Matters General Summit took place at the Intercontinental Hotel in Warsaw on June 1-2, 2017, once again bringing together well over a hundred General Counsel and Heads of Legal from across Central and Eastern Europe for two full days (and one entertaining evening) of seminars, panel discussions, best practices review, and networking. This year’s event — the third annual, following the 2015 GC Summit in Budapest and the 2016 GC Summit in Istanbul — was the biggest and most successful yet.

On May 31 and June 1, 2017, CEE Legal Matters was proud to host a rare event: A gathering of those senior lawyers from each Central and Eastern European country identified by peers as being most influential, most important, most uniquely responsible for having created the country’s modern commercial legal market.

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.

Konecna & Zacha has announced the launch of a new section for German speaking clients both in Prague and Bratislava with other offices to follow soon. The German Desk will be led by Partner Achim Jahnke, who joins from Dvorak Hager & Partners.

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Kocian Solc Balastik at a Glance

Kocian Solc Balastik (KSB) is one of the largest and most respected law firms in the Czech Republic. The firm was founded in 1990 and has almost seventy legal and tax advisers based in Prague, Ostrava and Karlovy Vary. It is KSB’s deep knowledge of the law, together with its strong industry focus, that sets it apart from its competitors, both local and international. The firm has repeatedly been recognised by prestigious rating agencies, and was named Czech Law Firm of the Year (for the third time) at the Chambers Europe Awards for Excellence 2015. The firm is international in outlook, advising across borders and on matters of Czech and English law. It is also an active member of various professional networks, which allow it to deploy the very best local lawyers on regional and global transactions. KSB's activities extend beyond the commercial sphere. The firm strongly believes that lawyers have a role to play in society and the professional community, such as defending human rights and upholding the rule of law. KSB's partners are active in the International Bar Association, as well as Czech and other international legal organisations, and assist in the creation of new laws and regulations.

Firm's website: http://www.ksb.cz/en/