Sayenko Kharenko and Turcan Cazac advised joint bookrunners Citigroup, ING, and Renaissance Capital on the tap issue of USD 50 million 8.45% secured notes due 2026 by Trans-Oil Group. Baker McKenzie and Gladei & Partners advised Trans-Oil Group.
Sayenko Kharenko, Turcan Cazac, Linklaters, and Homburger have advised joint lead managers and bookrunners Citigroup, ING, and Renaissance Capital on the USD 400 million issuance of 8.45% secured notes due 2026 by the Trans-Oil Group of Companies. Gladei & Partners, Baker McKenzie, Arthur Cox, and Harneys Aristodemou Loizides Yiolitis advised the issuer and the guarantors.
Recent reforms in Moldovan legislation will promote the real estate industry and simplify the country’s tax regime. The strong commitment that Moldovan authorities have recently demonstrated to attracting foreign investment has led to significant reform. In addition, the country’s geopolitical position and its attractive labor force make Moldova of new interest on the world’s tax map.
“Finally, there has been some positive movement on the political scene,” says Gladei & Partners Managing Partner Roger Gladei, referring to Moldova’s Presidential elections last November. “President Maia Sandu’s win marked the beginning of a new political era for Moldova,” he says. “At least that’s the sentiment in the streets.” As the presidency is expected to make a dramatic 180 degree turn towards the West, President Sandu presents a strong contrast to the previous, more Russia-friendly administration.
“The most important news right now in Moldova relates to the results of the recent presidential elections,” says Cobzac & Partners Managing Partner Daniel Cobzac, from Chisinau, referring to the November 15 victory of former World Bank economist Maia Sandu over incumbent Igor Dodon, the leader of the pro-Russian “Party of Socialists of the Republic of Moldova,” which holds a parliamentary majority.
Romania's Mares & Mares law firm and Moldova's Dolea & Co have entered into a strategic alliance aimed at, according to Mares & Mares, “providing integrated legal services in Romania and the Republic of Moldova in the field of white-collar crime, investigations, international disputes, as well as commercial and investment arbitration."
The new version of the Moldovan Civil Code, which came into force pursuant to the Law to Modernize the Civil Code and to Amend Certain Legislative Acts 133/2018 (the “Law”), reformed several features of the private law and turned out to be a real challenge for all kind of individuals and organizations, from natural persons and entrepreneurs to public authorities.
The COVID-19 pandemic has revealed a certain degree of inflexibility and lack of vision with regard to employment regulations and rules, especially in Eastern Europe, where countries which were slower to adjust than their Western European counterparts. Unfortunately, Moldova was no exception, and Moldovan businesses have frequently found themselves in positions where there were no obvious legal and commercial options available to their specific situation during this pandemic.
The time is gone forever when our lawyers would sit down in a physical data room to dig through tons of documents provided by the target’s head of legal or corporate secretary. We will miss the personal contact, but it’s fair to say that the due diligence process has become more streamlined and efficient in Moldova, making it possible to shrink the timing of M&As and close deals in weeks rather than months.