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.
Former JPM Jankovic Popovic Mitic Partners Uros Markovic, Nikola Vukotic, and Marko Jovkovic have left that Serbian law firm to launch their own practice: MVJ Markovic Vukotic Jovkovic.
Karanovic & Nikolic has advised Alltech, a global animal and crop nutrition company, on selling its baking yeast factory in Senta, Northern Serbia, to Lesaffre, a global baking yeast and fermented products company. Lesaffre was advised by Linklaters Brussels.
AP Legal has advised Eurobank a.d. and Komercijalna Banka a.d. Belgrade, in relation to a EUR 29.6 million senior loan to Retail Center d.o.o. Belgrade. The borrower did not engage external counsel on the deal.
Allen & Overy, BDK Advokati, and Van Campen Liem have advised Blue Sea Capital on the sale of a 55% stake in Serbia's MediGroup healthcare provider to Mid Europa, which was represented by Sidley Austin and Zavisin Semiz & Partneri.
Partner Dino Jusufovic has left JPM Jankovic Popovic Mitic.
BDK Advokati has advised the EBRD on its provision of a EUR 2 million loan to BG Reklam, a marketing materials manufacturer.
Ivan Petrovic has been promoted to Partner in JPM’s Real Estate department.
In this era of digitalization, where legal frameworks around the world are rapidly changing to cope with revolutionary developments in the IT sector, the Serbian Government is following a similar path. Serbia is in the EU accession process and is thus obliged to harmonize its legislation with EU laws. One such law is EU Regulation No. 910/2014 on electronic identification and trust services for electronic transactions in the internal market (the “Relevant EU Regulation”).
In The Corner Office, we invite Managing Partners at law firms from across the region to share information about their careers, management styles, and strategies. Our question this time: “What mistake do young associates commonly make that is most frustrating for you?”
Closing of Chapter 27: Environment is one of the most difficult and expensive challenges Serbia faces on its EU accession path.
Jankovic Popovic Mitic has announced the promotion of Ivan Milosevic and Bojan Sunderic to Partner.
Bojovic & Partners has promoted Ivan Gazdic to Partner.
The steady growth of the digital products market and an increasing demand for digital products required an adjustment to the Serbian VAT rules applicable to the supply of electronically supplied services (ESS), and that adjustment finally occurred in 2017. Combined with new rules on the VAT registrations of foreign suppliers, VAT obligations related to ESS became more straightforward.
CMS Belgrade has supported the Serbian government on its selection of a new operator for Serbia's largest airport.
Zivkovic Samardzic has advised the SRA Group on setting up its presence in Serbia.
Zivkovic & Samardzic has achieved victory in a freedom of expression case for broadcaster B92, its former journalist Nikola Radisic, and its news and current affairs editor and chairperson of the Board of Directors Veran Matic, in the Supreme Court of Cassation of Serbia.