The Whistleblowing Act in Romania (currently in the form of a revised bill, again waiting for a final vote in the Parliament) has been hotly debated over and over again during the past year: authorities, consultants, lawyers, employers and anti-fraud specialists have been going through the bill in detail and working out the challenges it will raise, both for public entities and private companies. 

According to the latest figures from the National Institute for Statistics and other public information, the annual inflation rate has continued to rise and, at 15.32% in August, reached its highest rate in 20 years. Inflation has been rising at a galloping rate over the past year, both globally and nationally. 

Former Suciu Popa Senior Associate Daiana Ichimescu has joined Adesman & Asociatii as a Partner.

Radu Taracila Padurari Retevoescu has advised the European Bank for Reconstruction and Development on its EUR 25 million loan granted to Banca Transilvania. 

Former Filip & Company Of Counsel Oana Voda has joined Dentons’ Bucharest office as Head of Public Procurement.

Clifford Chance has advised Actis on the launch of its portfolio business Rezolv Energy and on Rezolv's acquisition of the Romanian Vis Viva onshore wind project from Low Carbon.

The Ministry of Economy has officially announced the opening of the call for submission of applications under the state aid scheme regulated by Government Decision no. GD 959/2022 for financing assets and/or salary costs. The period for submitting financing requests is scheduled between 1 November 2022 to 16 December 2022, when investors may file the relevant documentation.

Suciu Popa has successfully represented Iris-Aly Explorer in a dispute related to the concession of public property goods.

On 1 September 2022, Emergency Ordinance No. 119/2022 (“GEO 119/2022”) amending Emergency Ordinance No. 27/2022 on measures applicable to final customers in the electricity and natural gas market in the period between 1 April 2022 and 31 March 2023, as well as for amending certain regulatory acts in the energy field (“GEO 27/2022”) was published in the Official Gazette of Romania no. 864 and entered into force on the same date. Below is a selection of the provisions set forth under GEO 119/2022.

DLA Piper has advised Wirtualna Polska on its acquisition of the Szallas Group from Portfolion Capital Partners and private individuals. Baker McKenzie advised Portfolion.

By Government Ordinance no. 16/2022 for amending and supplementing Law no. 227/2015 regarding the Fiscal Code, the abrogation of some normative acts and other financial-fiscal measures, published in the Official Gazette no. 716 of July 15, 2022 (Ordinance 16/2022), a series of amendments and additions to the fiscal regime have been made that concern, among others, the regime of micro-enterprises, excise duties, hospitality sector, part-time labour agreements, VAT etc.

Contributed by Domokos Partners.

Wolf Theiss has advised a syndicate of Erste Group Bank, Banca Comerciala Romana, OTP Bank Nyrt, OTP Bank Romania, and Raiffeisenlandesbank Niederoesterreich-Wien on a EUR 410 million credit facility granted to the Iulius Group.

Nestor Nestor Diculescu Kingston Petersen, working with Wachtell Lipton Rosen & Katz, has advised International Game Technology on the acquisition of iSoftBet. Firon Bar-Nir advised the sellers.

Former Veolia Energie Romania Head of Legal Department & Data Protection Officer Georgeta Szabo has joined CWP Global in Bucharest as Legal Manager.

PeliPartners has advised WDP on the acquisition of the Arad Business Park logistics center.

Wolf Theiss, working with Aird & Berliss, has advised Jade Power Trust on the sale of its portfolio of six renewable energy projects to Enery Power Holding. Schoenherr advised the buyer.

Romania has recently launched a State aid scheme for the purpose of encouraging investments in the manufacturing industry, with view, on the one hand, to overcome current extensive labour shortages and the diminished trade flows to and from Ukraine caused by the armed conflict therein, and, on the other hand, to facilitate access to new international markets.