Article 17 of the Turkish Constitution provides that “Everyone has … the right to protect and improve his/her corporeal and spiritual existence.” Based on this provision of the Turkish Constitution, the general principles of indemnity law will apply to any violation of personal rights. Article 49 of the Turkish Code of Obligations provides the general principle for indemnification under Turkish law and states that “Whoever damages someone else with an unlawful and culpable act is obligated to compensate that damage.”
After China, the world’s largest merchandise exporter, joined the World Trade Organization (WTO) in 2001, it agreed to a 15-year transitional period during which other members would be allowed to use the “non-market economy” method for dumping calculations. This transitional period ended on 11 December 2016, and forced certain WTO members to revise their anti-dumping strategies.
October 20, 2017 - Hyatt Regency Hotel, Belgrade
The Yegin Ciftci Attorney Partnership and Clifford Chance have advised the IFC on its USD 150 million investment in covered bonds issued by Turkey’s Garanti Bank. The five-year maturity bond is backed by a portfolio of residential mortgages and is issued as part of Garanti Bank’s EUR 5 billion covered bonds program. Mayer Brown advised Garanti on the matter.
Balcioglu Selcuk Akman Keki Attorney Partnership and Dentons have advised selling shareholders Ru-Net and Target Global and an unnamed group of non-selling shareholders on Delivery Hero AG’s USD 1.1 billion initial public offering on the Frankfurt Stock Exchange. Lead Arrangers Citi, Goldman Sachs, and Morgan Stanley were represented by Freshfields Bruckhaus Deringer. Sullivan & Cromwell, King & Spalding, and Germany's GLNS law firm represented Delivery Hero. Selling shareholders Rocket Internet and Luxor Capital were represented by Noerr and Latham & Watkins, respectively.
There’s "an enormous amount of legislation" coming in Turkey at the moment, according to Bezen & Partners Senior Partner Yesim Bezen, "both on the constitutional front and the secondary front." As an example, Bezen describes the government’s proposed creation of a sovereign wealth fund designed to facilitate "big ticket transactions," though she says, "nobody knows yet how it will affect the market and all await the secondary legislation in this respect." Bezen says there’s also “substantial new legislation in the energy sector,” and cites two recent major tenders in the renewables sector.
The Esin Attorney Partnership in Turkey and Baker McKenzie's Paris office have advised a syndicate of 18 international banks on a EUR 212 million and USD 56.5 million 367-Day Dual Tranche Term Loan Facility extended to TSKB-Turkiye Sinai Kalkinma Bankasi A.S. (Industrial Development Bank of Turkey) to fund TSKB's project finance-related transactions and its customers' trade finance transactions. Yazici Legal advised TSKB on the loan.
The Esin Attorney Partnership, a member firm of Baker & McKenzie International, has advised ING Group's Turkish subsidiary ING Bank A.S. on a EUR 462.5 million and USD 12 million dual currency term loan agreement with syndicate of 22 major international and Turkish banks. Balcioglu Selcuk Akman Keki reportedly advised the mandated lead arrangers, which included Bank of America Merrill Lynch International Limited, Barclays Bank PLC, Bank of Tokyo Mitsubishi UFJ, Turkey A.S., Citibank N.A.(London Branch), J.P. Morgan Limited, Standard Chartered Bank, Goldman Sachs International, Mizuho Bank, Ltd., and Sumitomo Mitsui Banking Corporation. The deal closed on July 4, 2017.
Balcioglu Selcuk Akman Keki Attorney Partnership (BASEAK) has advised DP Eurasia N.V., the exclusive master franchisee of the Domino's Pizza brand for Turkey, Russia, Georgia, and Azerbaijan, on the Turkish law aspects of its successful initial public offering and admission to listing on the premium segment of the UK Listing Authority (UKLA) and to trading on the London Stock Exchange. Dentons acted as English, US, and Russian counsel to DP Eurasia, while Allen & Overy and Gedik & Eraksoy reportedly advised the underwriters. The offering raised gross proceeds of approximately GBP 148 million.
The Law No. 5846 on Intellectual and Artistic Works ("IP Law") is the main legislation in Turkey that is applicable to copyright related matters. In early May, Ministry of Culture and Tourism’s General Directorate of Copyrights shared on their website a Draft Law Amending the Law No. 5846 on Intellectual and Artistic Works ("Draft Law") and announced that the proposed amendments are open for public opinion.