The National Assembly of the Republic of Serbia has on 20 April 2018 adopted amendments to the Foreign Exchange Operations Act (“FEXO”) in order to meet the requirements stemming from the Stabilization and Association Agreement (SAA) with the European Union. These provisions, now allow, amongst other things, for the free movement of capital related to portfolio investments and short-term finance loans and credits.
Patricia Gannon is a founder and Senior Partner at Karanovic & Nikolic, where she focuses primarily on the management, business development, strategy, and expansion of the firm. Gannon qualified as a Solicitor in Ireland and after a short period working at the European Commission in Brussels she moved to Serbia and founded the firm. She is a committed advocate of corporate philanthropy, and was amongst the founding members of the Serbian Charity Forum, an umbrella forum of leading foundations in the country.
The Serbian Minister for Mining and Energy recently stated that Serbia will manage to fulfill its obligation and reach the target of 27% of total energy consumption from renewables by 2020. The statement followed a stream of positive news in relation to development of several large-scale wind power projects in Serbia, such as Cibuk I, Kovacica, and Alibunar.
JPM has advised Raiden Resourced Limited, a publicly listed Australian mining company, on the process of raising additional funds to explore and develop its future mining projects through the acquisition of 100% Western Australian-based Timok Resources — the parent company of Serbian companies Kingstown Resources and Skarnore Resources. Australian law firm Bellanhouse advised Raiden Resourced Limited on Australian aspects of the deal.