Actecon is reporting that the 10th Administrative Court of Ankara in Turkey has accepted its arguments on behalf of GOLTAS Cement and annulled the a penalty of TRY 14.5 million levied by the Turkish Competition Authority against it and five other cement producers operating in the Aegean Region of Turkey.
CMS Partner Ana Radnev has a unique profile. Born and educated in Romania, joined CMS in Bucharest, then moved first to the firm’s London office (during which time she became English law qualified), then to the firm’s office in Prague. Since 2013, when CMS opened its Istanbul office, Radnev has divided her time between the Czech Republic and Turkey.
As the host of the world’s 17th largest economy and 19th largest population, Turkey’s energy needs are significant – and growing. The country’s energy demand is expected to grow about 5% each year for the immediate future, and the Turkish government has announced its plans to increase the share of renewable sources in the country’s total installed power to 30% by 2023.
It is an outdated understanding to think only of public companies when talking about corporate governance principles. Turkey has always been a center of attraction for foreign investors – the last quarter century in particular was a peak point for M&A transactions and helped change the concept of “family-owned companies” to “multinational companies.” Family-owned companies managed according to traditional principles found themselves in the brand-new corporate world of “partnerships” built upon shareholder agreements.
The Law on Labor Courts Number 7036 was published and announced in the Official Gazette on October 25, 2017. One of the most important amendments stipulated in this law (the “Law”) is the introduction of a “mandatory mediation” procedure. Mediation is based on a “win-win” philosophy; this is a process where no one loses.
The past couple of years have been particularly challenging for Turkey’s M&A market owing to the domestic and global political climate and the weakened state of the Turkish economy. According to Deloitte’s annual M&A review published earlier this year, the M&A market in 2016 witnessed a total deal volume of USD 7.7 billion through 248 deals, resulting in the lowest deal volume since 2009.