Paksoy has advised the Ergo insurance company on the May 2, 2019 sale of Ergo Sigorta, the company's non-life insurance subsidiary, to HDI Sigorta. Kolcuoglu Demirkan Kocakli advised HDI on the deal.
For a long time, Turkey has been a significant manufacturing hub for supplying the European market, and its significance has become even greater since joining the customs union with the European Union. Following a significant fall in the value of the Turkish lira in 2018, manufacturing costs in Turkey are now lower. As setting up manufacturing operations in a new country often entails a number of pitfalls and requires local insight from specialists of various fields, here is a short guide for Turkey.
Joe Clinton is a Partner at Allen & Overy in Istanbul, where he advises sponsors, borrowers, and lenders on a range of transactions, including project development and financing as well as real estate, leveraged and structured financing transactions, and general lending, with particular emphasis in the Middle East and Eastern European energy and infrastructure sectors.
The Deal: In May, 2018, CEE Legal Matters reported that Linklaters, Kocian Solc Balastik, the BLC Law Office, Paksoy, and Tsvetkova Bebov Komarevski had provided advice on Czech, English, Georgian, Turkish, and Bulgarian law, respectively, to Energo-Pro a.s. on its EUR 250 million Eurobond issue in London. Allen & Overy, BGI Legal in Tbilisi, Boyanov & Co. in Bulgaria, and Turkey’s Gedik & Eraksoy advised the joint bookrunners, BNP Paribas, Citigroup Global Markets Limited and J.P. Morgan Securities plc, and the Trustee, Citibank, N.A., London Branch.
Turkey’s Law Regarding Procedures for Initiating Legal Proceedings for Monetary Claims Deriving from Subscription Agreements numbered 7155 (“Law No. 7155”), which was published in the Official Gazette on December 19, 2018, has certainly opened a new period in Turkish Mediation Law. Law No. 7155 has introduced mandatory mediation for commercial disputes into the Turkish Commercial Code and set the procedural rules for mandatory mediation under the Civil Mediation Law.
The accelerating growth of the global digital economy has yielded new challenges for international taxation, an issue that has pervaded the agenda of the Organization for Economic Co-operation and Development (OECD) in recent years. Published in 2015, the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan 1 regarding the taxation of the digital economy primarily focused on the challenges arising from the distribution of the right of tax collection among the states from revenues derived from cross-border activities.
The Diri Law Firm was founded in Izmir in 1990 by Hayri Diri as an independent and full-service law firm. Thirty years later, the firm continues to serve both international and Turkish clients across a variety of different industries and sectors. But the firm is now led by Hayri Diri’s daughter, Nazan Diri Bal, who has rebranded and expanded it. With Nazan Diri Bal in charge, it is full speed ahead at Diri Legal.
Paskoy has advised Ziraat Katilim on its entry into a EUR 250 million murabaha syndicated loan agreement with the participation of Bank ABC, Dubai Islamic Bank PJSC, Emirates NBD Capital Limited, Standard Chartered Bank, and Warba Bank. Dentons reportedly advised the afore-mentioned banks involved on the loan agreement.
Translation works, which were created by transferring the intellectual artwork created in one language into another one, are preserved and considered as a work in today’s laws. This is undoubtedly due to the fact that translation works are results of intensive work and labor. Although translators are working on the basis of the original work, they are adapting the original work to another language by transferring information from their previous experiences. In this regard, it is an undeniable fact that translations should be evaluated as a separate work independently from the original work.