Turkish Constitutional Court granted a decision on April 17, 2019 regarding an applicant’s claims on violation of his freedom of expression and press due to access ban of a news article (which is taken from a newspaper) posted by his social media account with the comment “Interesting confession from the judge of the July 22th investigation”. The decision was published on the Official Gazette on May 15, 2019. The Constitutional Court accepted the applicant’s claim by stating that the access ban of the news article violated the applicant’s right to freedom of expression and press.
Akin Gump has advised Turkish participation bank Kuveyt Turk Katilim Bankasi A.S., majority-owned by Kuwait Finance House, on its debut issuance of USD 200 million perpetual Tier 1 Capital Certificates, listed on the regulated market of the Irish Stock Exchange plc, trading as Euronext Dublin. Clifford Chance reportedly advised the sole manager on the transaction, KFH Capital.
Egemenoglu has advised DRD Fleet Leasing regarding its debt restructuring negotiations with 45 financial institutions as creditors including Credit Europe Bank, Abraaj Group, and ICD. Negotiations resulted in the restructuring of 97% of the outstanding debt with 42 of the 45 creditors and amounts to EUR 570 million. Kinstellar advised the banks on the deal.
The amendment to the Law on Radio and Television Broadcasts (“RT Law”), which was published in the Official Gazette of March 28, 2018, regulated broadcasting services (i.e. radio, television and on-demand broadcasts) provided through internet and required these services and their providers (media service providers and platform operators) to be under the supervision and authority of Radio and Television Supreme Council’s (“RTUK”). The Regulation provides detailed information regarding this process.
In May 2019, Turkish Competition Authority (“TCA”) has published two reasoned decisions, namely Bfit Decision and Minikoli Decision, in which it assesses the resale price maintenance (“RPM”) activities of the concerned undertakings. These decisions bear significance since they represent the TCA’s unstable approach towards RPM activities. In the aforementioned cases, the TCA adopted an effect-based analysis, as it generally did in the past. However, the TCA had displayed a deviation from the said approach in its previous two decisions; Sony Decision and Henkel Decision and adopted a by object analysis. Therefore, Bfit and MinikoliDecisions show this unstable approach.
Balcioglu Selcuk Akman Keki Avukatlik Ortakligi and Dentons have advised Barclays Bank PLC as the dealer manager on the tender offer by Yasar Holding A.S. to the holders of its outstanding USD 250 million 8.875 percent bonds. Baker Mckenzie and Esin Attorney Partnership advised Yasar Holding on the deal.
Bezen & Partners has advised the French utility and infrastructure conglomerate Suez Group on its successfully bid for a 29-year concession from the Canakkale Waste Management Municipal Union and the subsequent TRY 95 million financing from the EBRD for the development of a modern, efficient, and sustainable waste management system in Canakkale. Kolcuoglu Demirkan Kocakli Attorneys advised the EBRD.
Preventing the division of agricultural lands is important in preserving quality in the sector and ensuring the continued contribution of agriculture-related income to the domestic economy. As a result, every positive step taken in the agriculture sector creates a similarly positive movement in the economy. Among the most important steps taken in this regard in Turkey were the 2014 amendments to the Law on Soil Protection and Land Use No. 5403, including to the definitions of “minimum agricultural land size” and “agricultural land size of sufficient income,” affecting the division of inherited agricultural land and transfers of ownership of agricultural lands with designated sizes.
The authority to initiate dumping or subsidy examinations, upon complaint or, where necessary, ex officio, has been given from the Ministry of Economy to the Ministry of Trade (“Ministry”). Within the scope of this authority, the Ministry announces its decisions with the communiqués published on the Official Gazette.
The Turunc Law Firm has advised Vinci Venture Capital on its equity investment in smart clothing company Thread in Motion. The Gemicioglu law firm represented Thread in Motion on the investment round, in which StartersHub and various angel investors participated. The amount of Vinci's investment was not disclosed.
Presidential Circular on Information and Communication Security Measures (“Circular”) is published in the Official Gazette of July 6, 2019. The aim of the Circular is reducing of security risks and governing measures to be taken to ensure safety of information which is critical to national security and public order.
Paksoy has advised MIH PayU B.V., a subsidiary of Naspers Ltd., on its June 10, 2019 agreement to acquire Turkish digital payments and e-money company Iyzi Odeme ve Elektronik Para Hizmetleri Anonim Sirketi for USD 165 million. Kolcuoglu Demirkan Kocakli advised Iyzi Odeme and its shareholders on the transaction, with Orrick advising selling shareholder Vostok Emerging Finance, and Moroglu Arseven reportedly advising selling shareholder 212 Capital Partners I Cooperatief.