Communique Regarding the Amendments ("Amendment Communique") (II-26.1.b) to the Communiqué on Takeover Bids (II-26.1) (“Communique) announced by the Capital Markets Board (“CMB”) has been published in the Official Gazette dated 05.06.2018 numbered 30442 and entered into force at the date of its publication.
The Turkish Competition Board (the “Board”) has recently published its reasoned decision with respect to its ex officio preliminary investigation on (i) the validity of the non-compete obligation in the articles of association (“AoA”) of a joint venture company, namely WKS Istanbul Tekstil Kalite Kontrol Hiz. Ltd. Şti. (“WKS Istanbul”), which is active in quality control of textiles and (ii) the parties’ request for negative clearance of the relevant non-compete obligation.
Linklaters has advised Turkey’s Garanti Bank on its issue of USD 75 million of so-called "gender bonds," focused on financing small enterprises and companies owned or managed by women in Turkey. The issue — the first such in an emerging market — was subscribed by the IFC, a member of the World Bank Group.
Turkey carries its position of attraction from the foreign direct investments despite the temporary volatility from time to time. In line with the trends different sectors shine out and consequently different instruments attract investors. Real Estate sustainably carries its prominent investment instrument position due to functions and consistent yields.
Under the Turkish data protection law (“DPL”), data subjects have the right to learn who processes their personal data, the purposes and legal bases of these processing activities, and to whom and for what purposes such personal data are transferred. These rights arise from the data controllers’ obligation to inform data subjects about their processing activities. During the collection of personal data, the data controller or any other person authorized by the data controller is obliged to provide data subjects with certain information, such as the identity of the data controller and of his representative (if any), the purposes of the processing, to whom and with what purpose the processed personal data can be transferred, and the method and legal reason/basis of collection. The same article of the DPL further requires data controllers to provide information to data subjects about certain other rights, as discussed below.
Today, more than 90% of cyber-attacks start with a phishing e-mail and every 40 seconds a company gets hit by a ransomware. Therefore, it is crucial to be well-educated regarding suspicious e-mails. Following warnings and tips of course indicate only an introduction to the safety measures that could be taken to avoid suspicious emails or spotting them at once.
Paksoy has advised Doktas Metal on the sale of 93.57% shares of Turkish automotive manufacturer Doktas Dokumculuk to Celik Holding, which is a member of the Guris Group.
The share purchase agreement was signed on May 11, 2018. The completion of the transaction is subject to clearance from the Turkish Competition Board as well as the creditor banks of Doktas Dokumculuk.
The Paksoy team consisted of Partner Togan Turan, Counsel Okkes Sahan, and Senior Associate Serdar Ildirar.
Each day, cyber security becomes more and more important than physical security and it is the hottest topic all over the world nowadays. Despite the developing awareness, cyber-attacks increased significantly and more importantly most of them succeed to give colossal damages. So, what shall we do legally or is there anything we could do once we are under attack?
Kocian Solc Balastik, Linklaters, BLC Law Office, Paksoy, and Tsvetkova Bebov Komarevski have acted as legal counsels to Energo-Pro a.s. in its EUR 250 million Eurobond issue in London, advising on Czech, English, Georgian, Turkish, and Bulgarian law, respectively. The Joint bookrunners and the trustee were advised by Allen & Overy's London and Prague offices, Tbilisi-based BGI Legal, Boyanov & Co. in Sofia, and Istanbul-based Gedik & Eraksoy.