On January 30, 2018, a select group of prominent Serbian lawyers gathered at the Prica & Partners law firm in Belgrade for a CEE Legal Matters Round Table to discuss the current economic conditions in Serbia and the country’s legal services sector.
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.
Zivkovic Samardzic has successfully represented Titan, an international cement and building materials producing group headquartered in Athens, in a dispute with former minority shareholders of Cementara Kosjeric, the group’s Serbian subsidiary, relating to the 2009 squeeze-out of minority shareholders, which was governed by the 2006 Securities and Other Financial Instruments Act in force at the time.
In order to speed up turnover of funds in the Serbian economy, the Serbian parliament enacted a piece of legislation in 2012 regulating the terms of payment in commercial transactions, including ones in which public sector entities are debtors, and regulating the public sector’s obligation to register the received invoices – the Act on Terms of Payment in Commercial Transactions (the “Act”).
Latham & Watkins and Schoenherr have advised Telenor on its agreement to sell its assets in Central and Eastern Europe to the PPF Group for EUR 2.8 billion on an enterprise value basis. White and Case (as lead counsel) and Karanovic & Nikolic advised PPF Group on the deal. Allen & Overy, BDK Advokati, and Boyanov & Co. advised Societe Generale, as agent, and a syndicate of banks on a EUR 3.05 billion credit facility provided to PPF Group for the acquisition, which is expected to close in Q3 2018 and is subject to the relevant merger control and regulatory approvals.