HBK Partners and Kertesz & Partners have advised Status Power Invest Zrt. on its acquisition of an additional 36% stake in Matrai Power Plant from EP Power Europe A.S., a Czech energy holding company. The seller was represented by Lakatos, Koves & Partners.
“A new Civil Procedure Act concerning litigation processes is keeping lawyers wired right now in Hungary,” reports Kinga Hetenyi, Managing Partner at Schoenherr Budapest.
Fighting cartels in public procurement requires 21st century tools. The Hungarian Competition Authority (GVH) and the Public Procurement Authority of Hungary (KH) cooperate to promote fair competition in public procurement procedures. KH runs a mobile application named “Daily public procurement”, which serves as a news channel, providing daily updates for the parties interested in public procurement. The app is available both on iOS and Android free of charge from May 2017.
As of 1 January 2018, a new government decree (Decree) entered into force on the detailed regulations of the commercial activities of condominium managers, real estate managers, real estate agents, property evaluators and agents. In case of providing such activities on a commercial basis, the real estate company supervisor authority, i.e. the district and the county government offices or the notary of the municipality of the competent town must be notified. The content of the notification is also detailed by the new provisions.
A new official electronic register for general power of attorney has been established and is operating from 1 January 2018. The general POAs can be submitted in civil litigation and non-contentious cases and in administrative court procedures. The registration must be initiated at the competent regional courts. The register is not public, however it is available free of charge to the courts and other authorities, as well as to the parties concerned. The register is maintained by the National Office for the Judiciary (in Hungarian: “OBH”).
According to a recent amendment to the Hungarian act on the general rules of electronic administration and confidential services and to its implementing decree, all state organisations providing electronic administration, including all the courts and the National Office for the Judiciary (in Hungarian: “OBH”), must ensure the electronic communication in all matters falling within their competence.
According to the new Hungarian tax procedural act entered into force on 1 January 2018, business associations are obliged to report data about their foreign bank accounts to the tax authority. The law requires that business associations having a foreign bank account number must report until 31 January 2018 such foreign bank account number and the name of the foreign bank on a special form applicable for this purpose.
In line with a recent modification approved by the Hungarian Parliament as of 1 January 2018, employers are no longer able to prepare tax assessments for their employees. The aim of the modification was to ease the administrative burden on entrepreneurs. According to the records of the Hungarian Ministry of National Development, entrepreneurs spent an average of 34 working days per year with administrative duties, which was over the average in EU.
Latham & Watkins and Schoenherr have advised Telenor on its agreement to sell its assets in Central and Eastern Europe to the PPF Group for EUR 2.8 billion on an enterprise value basis. White and Case (as lead counsel) and Karanovic & Nikolic advised PPF Group on the deal. Allen & Overy, BDK Advokati, and Boyanov & Co. advised Societe Generale, as agent, and a syndicate of banks on a EUR 3.05 billion credit facility provided to PPF Group for the acquisition, which is expected to close in Q3 2018 and is subject to the relevant merger control and regulatory approvals.
CHSH Budapest has advised GalGap Europe, a Vienna-based investment manager, on its acquisition of a mixed-purpose property named Central Udvar. The property lies in the heart of Budapest, and it is administered on behalf of a separate account for a German pension scheme by Institutional Investment Partners. The advisor on the seller side was Partos & Noblet in cooperation with Hogan Lovells.