The Prague office of Eversheds Sutherland has advised the Conseq real estate fund on its acquisition of the Retail Park Hradec Kralove s.r.o. from Tesco Europe B.V., advised by Wilsons.
There’s nothing happening at the moment in the Czech Republic which could fall into the category of “big news,” Daniel Weinhold, the Managing Partner of Weinhold Legal says, “but there a few pieces of news that are worth attention, and which are the source of some discussion among members of the legal profession.”
With the world becoming increasingly globalized, it is easier for taxpayers to make, hold, and manage investments outside their countries of residence. Vast amounts of money are kept offshore and untaxed, to the extent that taxpayers fail to comply with the tax duties of their home jurisdictions. Co-operation among tax authorities is critical in the fight against tax evasion.
Clifford Chance Warsaw has advised Czech Media Invest on the sale of the Polish radio company Eurozet sp. z o.o. to Prague-based SFS Ventures s.r.o. and its partner, Polish media group Agora S.A. Weil, Gotshal, Manges advised SFS Ventures and Greenberg Traurig represented Agora S.A. in the acquisition.
Dentons has advised the Czech Republic's Sev.en Energy on an agreement to acquire a 50 percent stake in the multinational energy company, InterGen N.V. from the Canadian Ontario Teachers’ Pension Plan. Clifford Chance advised the sellers on the deal, which is expected to close in the next few months, subject to the approval of the relevant EU and Australian authorities.
On 1 December 2018 the new Insurance Distribution Act (the "Act") became effective in the Czech Republic. It replaces the still effective Act No. 38/2004 Coll., on Insurance Intermediaries and Loss Adjusters, as amended ("IILA"), and implements the plan envisaged by the European Parliament and the Council (EU) Directive 2016/97 on insurance distribution (revised version) ("IDD"), even if a little later than anticipated.