Aksan has advised PhiTech Bioinformatics on receiving an investment from the Maxis Arya venture capital fund.
Senior Associate Tolga Tezel and Associates Radek Kraus and David Wilhelm have been appointed as Local Partners at White & Case in Istanbul and Prague respectively. The appointments were part of a broader round – including 23 Local Partners and 22 Counsels – and followed the firm's earlier Global Partner round, which included Prague's Vaclav Zaloudek (as reported by CEE Legal Matters on November 20, 2023).
Pursuant to the Presidential Decree on the Increase of the Required Minimum Capital Amount for Joint Stock and Limited Liability Companies numbered 7887 published in the Official Gazette dated 25 November 2023 and numbered 32380 ("Decree"), the required minimum capital amounts set out in the relevant articles of the Turkish Commercial Code numbered 6102 ("TCC") for joint stock and limited liability companies have been increased.
Kinstellar and its Turkish affiliate Gen Temizer Ozer, working with Ashurst, have advised British Petroleum on the sale of its downstream business in Turkiye to Vitol Turkish subsidiary Petrol Ofisi. Kolcuoglu Demirkan Kocakli advised Vitol and Petrol Ofisi on the deal.
Paksoy has advised Ziraat Katilim Bankasi on a USD 500 million issuance of Islamic bond certificates on Euronext Dublin. Clifford Chance and its Turkish affiliate Ciftici Attorney Partnership advised joint lead managers Dubai Islamic Bank, Emirates NBD Capital, HSBC, and Standard Chartered Bank. Akin Gump reportedly advised Ziraat Katilim Bankasi as well.
Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki has advised Emre Kurttepeli on the sale of Mynet Internet Teknoloji Anonim Sirketi to Mediazz Yeni Medya ve Teknoloji Yatirimlari Anonim Sirketi. Reportedly, Yondem Yigit Uclertopragi advised Mediazz.
Turkish Constitutional Court ["TCC"], in its decision no. 2023/36 E., 2023/142 K. published in the Official Gazette dated 13 October 2023, annulled Article 46, paragraph 1, subparagraph (b) of the Turkish Code of Administrative Procedure No. 2577 ["TCAP"], which regulates the appeal in administrative judiciary, by finding it in violation of the Turkish Constitution. The decision will enter into force on 13 July 2024, nine months after its publication in the Official Gazette.
Eversheds Sutherland member Tsvetkova Bebov and Partners, working alongside White & Case, has advised Energo-Pro on an issue of USD 300 million bonds due 2028. Reportedly, BLC Law Office and GKC Partners advised on the issuance as well while Allen & Overy, Boyanov & Co, and Gedik Eraksoy advised the banks involved.
Competition law and data protection law are both regarded as essential parts of digital markets and the digital economy. Although they are two separate disciplines, these disciplines have started to overlap, especially when it comes to digital markets where the economic value of data has started to be discussed in conjunction with the concept of big data.
Kinstellar Turkish affiliate Gen Temizer Ozer has advised Property Finder and Zingat on the sale of 100% of Zingat to Hepsiemlak and Property Finder’s subsequent share subscription into Hepsiemlak.
BDK Advokati, Dentons, and Nestor Nestor Diculescu Kingston Petersen have advised Invenio Partners on the segmentation – together with Accession Capital Partners – of the vocational education division of the Link Group. The Antonic law firm in cooperation with Deloitte advised the Link Group and its two shareholders on the sale. Gladei & Partners reportedly advised Invenio as well. Schoenherr and Norton Rose Fulbright reportedly advised ACP.
In Turkish law, for a representative to be able to enter into a binding arbitration agreement on behalf of a principal, they must be specifically authorized by the principal (Turkish Code of Obligations Article 504/3 and Turkish Civil Procedure Law Article 74). An arbitration agreement made by a specially authorized representative can only become binding with the approval of the principal. For example, the commencement of arbitration proceedings by the principal personally may indicate the granting of this approval.
In accordance with the Turkish Code of Obligations No. 6098 ("TCO"), lease relations are categorised under three main headings: (i) general provisions, (ii) residential and roofed workplace leases, and (iii) product leases. Properties to be leased as offices, warehouses, etc. for the purpose of conducting commercial activities will be subject to the provisions of "Residential and Roofed Workplace Leases".
The ongoing search for alternative accommodation in Turkey’s tourism sector is transforming the short-term rental of secondary residences into a new branch of trade. This growing practice has prompted Turkey’s Ministry of Culture and Tourism (the “Ministry of Tourism”) to take concrete steps to determine the criteria for the rental of residences to both real and legal persons for tourism purposes.
Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki has advised Iffco Singapore on its acquisition of Felda Iffco Food Industry and Trade in Turkiye.