Two recent decisions of the Constitutional Court of Romania related to an employer’s ability to suspend an employee’s employment contract have created an unfortunate situation for both employers and employees, with the former limited in their ability to protect themselves and the latter at risk of being terminated without cause.
Dana Ionescu is the Head of Legal at Adecco Romania, a company she has been with since October 2013. Previously, she worked as the Legal Affairs Coordinator and HR Business Partner for Rosegur from 2010 to 2013. Earlier still, she was a Senior Legal Consultant with Realitatea-Catavencu, a Legal Manager with the Dacris Group, a Legal Manager and HR Business Partner with Phoenica Grand Hotel, and a Legal Advisor with the Romanian Ministry of Transportation, in the External Financial Relations Directorate.
On April 1, 2016, CEE Legal Matters reported that Voicu & Filipescu and Reff & Associates (a member of the Deloitte Legal network) had advised on Bel Rom Twelve’s sale of 12 of the 22.5 hectares of land it owned in Ramnicu Valcea, Romania, to the South African investment fund New Europe Property Investments (NEPI).
The transaction represented the third sale of real estate between the parties and was described by Bel Rom shareholder Hendrik Danneels as “one of the most important real estate transactions in Romania over the recent period.”
Kinstellar has advised Met Group, a group of companies focused on multi-commodity wholesale and trading, on the acquisition of Repower Furnizare, a company active in the field of electricity supply and trading in Romania. Nestor Nestor Diculescu Kingston Petersen advised Repower AG on the transaction, which was announced in July 2016 and completed this month.
Maravela & Asociatii has advised the German group Eberspacher on opening a new plant in Romania.
White & Case has advised P3 Logistic Parks (P3) and global investment company TPG Real Estate and developer Ivanhoe Cambridge on the sale of P3 to GIC, a sovereign wealth fund established by the government of Singapore. Kirkland & Ellis advised GIC on the EUR 2.4 billion deal, which White & Case describes as "the largest deal on the European real estate market this year, and the largest real estate deal in the Czech Republic ever."
PeliFilip assisted International Investment Bank (IIB) in connection with the issuance of bonds with a total value of RON 300 million (EUR 67 million). The securities are listed on the Bucharest Stock Exchange (BVB). The bond issue has a maturity of three years and a coupon of 3.4% per year and is IIB’s third issue in the European Union and the second in Romania. The debut issuance in Romania took place in April 2015, had a value of RON 111 million (EUR 25 million) and was also assisted by the PeliFilip team.
Musat & Asociatii has represented the Financial Supervisory Authority of Romania (FSA) in a court action initiated by Fondul Proprietatea (tr: the Property Fund) regarding its attempt to obtain the FSA's approval for changing the fee agreed with the Property Fund manager, Franklin Templeton Investment Management.