Nestor Nestor Diculescu Kingston Petersen has successfully defended the interests of the Baylor Black Sea Foundation before the Court of Appeals in Romania in relation to a dispute with the fiscal authorities.

Filip & Company has advised Romania's Ministry of Public Finance on its issuance of EUR 2 billion in bonds.

Over 77% of the European Union’s territory is classified as rural (47% is agricultural land and 30% is forest). The numbers are little different in Romania, where around 81% of the territory is rural (approximately 50% is agricultural land and over 31% is forest cover).

Tuca Zbarcea & Asociatii has advised Fadi Rida and Mihai Stanescu, founders of the Global Technical Group, on their sale of a majority stake in the group to private equity fund manager Abris Capital Partners. Clifford Chance Badea advised Abris Capital Partners on the deal.

The Republic of Moldova has three and a half million people – two and a half million fewer than when it was part of the Soviet Union. The Soviet bar was strictly a criminal/civil/family bar, with lawyers doing international legal work concentrated mainly in Moscow. With the breakup of the Soviet Union, local bars (such as Moldova’s) were forced to develop legal capabilities from scratch to serve the needs of local businesses and foreign investors.

Simona Marin is an English- and New York-qualified partner in CMS’s International Finance team in Bucharest, where she focuses on project finance, real estate finance and other financing structures, both syndicated and bilateral, secured and unsecured. Simona has over ten years’ experience advising on a broad range of high-profile financings and projects throughout Central and Eastern Europe.

The Deal: In April 2019 CEE Legal Matters reported that Clifford Chance Badea had advised Alpha Bank Romania on its EUR 1 billion direct issuance global covered bond programme – the first-ever in Romania. RTPR Allen & Overy advised Barclays Bank PLC as arranger on the programme, which came three years after the country’s covered bond law entered into force.

At the European Community level there have been numerous regulations related to asset freezing and confiscation, the most recent being Directive 2014/42/EU of the European Parliament and of The Council on the freezing and confiscation of instrumentalities and proceeds of crime in the European Union (the “Directive”).

The Romanian personal identification number (“cod numeric personal” in the Romanian language) is a unique and general identifier that is assigned to each individual at birth and appears on most personal documents, including birth certificates and identity cards. The number remains unchanged throughout an individual’s life.

State aid has always been a success story in Romania, with a lot of companies developing medium-sized investment projects based on money coming from Romanian authorities. And the success story continued through 2018 and into 2019. But let’s look at this story from the beginning.

Nestor Nestor Diculescu Kingston Petersen has helped Norofert SA prepare for a private placement ahead of the group’s listing on the Bucharest Stock Exchange.

Jank Weiler Operenyi and Reff & Associates — the Austrian and Romanian members of the Deloitte Legal network — have advised Rondo Ganahl AG on its acquisition of 60% of the shares of Romanian SC Transilvania Pack and Print SA from Offsetdruckerei Schwarzach GmbH. Thurnher Wittwer Pfefferkorn & Partner advised Offsetdruckerei Schwarzach on the deal.

Natural or legal persons directly or indirectly acquiring shares granting more than 33% of the vot-ing rights in a Romanian listed company are required to make a bid as a means of protecting the company’s minority shareholders. Under the European legal framework, the offeror must address that bid to all minority shareholders, offering to purchase all their holdings at an equitable price.

Clifford Chance Badea has advised Germany's REWE/DerTour group on its acquisition of the travel agency arm of Eurolines Romania.

The implementation of the EU’s fourth money laundering directive (2015/849/EU, or MLD4) is a subject of significant interest in Romania, as the process of adopting a new Money Laundering Bill (MLB) in line with the provisions of the MLD4 to replace the current Money Laundering Act is in full progress.

Due to multiple murky provisions in the applicable legislation, the privatization process in Romania has triggered a number of legal battles, varying from the rescission of share sale purchase agreements concluded between the Romanian state (acting through various entities) and investors for the investors’ failure to comply with investment obligations to the recognition or protection of certain rights arising from the privatization itself.

On April 1, 2019, a team led by Francisc and Carmen Peli left Romania’s highly-ranked and widely-respected PeliFilip, which the Pelis had co-founded in 2008, to start PeliPartners.  We reached out to Francisc Peli to learn more about the reasons for the big change and his plans for the new firm.

Popovici Nitu Stoica & Asociatii has advised Ameropa on a EUR 324 million multivalued revolving credit facility. The lenders, a banking syndicate consisting of Banca Comerciala Romana and Raiffeisen Bank as principal initiators, bookrunners, and structuring banks, the Bucharest Branch of ING Bank NV and UniCredit Bank SA as mandated lead arrangers and lenders, and BCR as facility, guarantee, and documentation agent. The banks were advised by Nestor Nestor Diculescu Kingston Petersen.