Krehic & Partners, working alongside Deloitte Spain and Deloitte Legal Germany and Turkey, has advised Cementos Molins on the Croatian legal aspects of its EUR 150 million acquisition of Calucem from Private Equity Fund Ambienta SGR S.p.A. Cuatrecasas also reportedly advised the buyer. Porobija & Porobija reportedly acted as Croatian legal advisor to the seller.

In July, PwC-affiliated Turkish firm GSG Hukuk has promoted Yavuz Dayioglu to Partner in Istanbul.

The Board of Directors ["Board"] is the main management body of a joint stock corporation. Accordingly, the Board members have extensive management and representation duties. Given that such broad duties inherently carry the same level of liability risk, legal liability of the Board members has always been a critical topic. [For detailed information on the legal liability of Board members and the liability lawsuit you can refer to our article: “Legal Liability of Board of Directors Members”]. The Board, as the representative and administrative authority, must be able to support the corporation in reaching the intended goal, fulfill the management duties without hesitation, and take independent decisions. Therefore, considering the magnitude of the liability risk, a warranty mechanism –insurance– to balance the increasing liability of the Board has been discussed for many years as an indispensable element in liability cases. Today, the "Board of Directors’ Liability Insurance" [“Board Members Liability Insurance”] has already become as a widely used insurance type throughout the world, from United States to England and Continental Europe to Germany, Japan and Turkey. Issuance of this easily accessible insurance policy provides a significant assurance for the Board members.

Paksoy has advised General Atlantic on co-leading a USD 1.5 billion funding round for Trendyol, alongside SoftBank Vision Fund 2, Princeville Capital, and sovereign wealth funds ADQ and Qatar Investment Authority as well as Alibaba and Omega Oryx Limited. White & Case, and its Istanbul associated firm GKC Partners, advised Softbank Vision Fund 2, Kinstellar, and its Istanbul associated firm Gen Temizer Ozer, advised Princeville Capital, Herguner Bilgen Ozeke advised Alibaba, and Lexist advised Omega Oryx. Reportedly, Simpson Thacher & Bartlett and Verdi Law Firm advised Trendyol on the deal.

GKC Partners has advised Yemeksepeti on its acquisition of Turkish online shopping platform Marketyo Bilisim Teknoloji A.S. Bener Law Office advised the shareholders of Marketyo on the sale.

The relationship between a joint stock corporation and its board of directors ["Board"] is established by the acceptance of duty by the Board member, who is elected by the general assembly of shareholders or exceptionally by the Board. As a result, a contractual relationship is established between the corporation and the Board member.

BTS & Partners has advised 500 Startups and Qnbeyond Ventures on investment in Ango AI. Solo practitioner Furkan Karacam advised the founders of Ango AI on the deal.

Protection of the share capital is one of the fundamental principles of the Turkish Commercial Code [“TCC”]. In this respect, capital loss and negative equity [the so-called “technical insolvency”] are regulated under Article 376 of the TCC, and a Communiqué was enacted to set the rules regarding the application of this Article. As a result of the unpredictable fluctuations in foreign exchange rates in the economy as well as the negative impacts of the Covid-19 pandemic on the financials of the companies, Article 376 of the TCC gained a special popularity among the Turkish companies in recent years. Accordingly, this article explains the situations where capital loss and technical insolvency may emerge and the measures that should be taken in the given circumstances. The article further elaborates on the new rules adopted to reduce the negative effects arisen from the drop of Turkish Lira and the Covid-19 pandemic. The potential liability of the directors that may arise in case the necessary actions are not taken is also addressed.

GKC Partners has advised joint bookrunners Citi, Goldman Sachs, and JP Morgan on Aydem Renewables’ USD 750 million inaugural issuance of senior secured green bonds.

From the outset, the Covid-19 Pandemic has significantly affected the usual rules of conduct and, as a natural consequence, commercial activities of businesses. How this "extraordinary" situation, which no one could foresee or could be expected to predict, would impact legal relationships has been the subject of numerous debates that are yet to be concluded.

As a large country with a population of over 82 million and a comprehensive public and private healthcare system designed to provide an accessible and equitable medical service to each and every person living in Turkey, the potential for every life science-related sector in the country could easily be deemed as advanced.

As a result of the increasing global trade, the international debt collection has become a more important issue nowadays. Given that debt collection proceedings vary across countries, this article explains the costs of initiating execution proceedings in Turkey.

Egemenoglu has advised Escar Turizm Tasimacilik Ticaret A.S. on the TRY 165 million initial public offering of its shares on Borsa Istanbul. 

Release is one of the primary resolutions the shareholders can adopt regarding board of directors [“Board”] members. With release, the general assembly approves the transactions carried out by the Board members during the relevant fiscal year in terms of their economic and legal consequences. Hence, the corporation loses the right of action upon release. As such, the release resolution is considered to be a “negative acknowledgement of debt” and therefore removes any debt.

Karanovic & Partners has advised Founders Jasmina Knezevic and Milan Knezevic on the sale of a 70% share in Bel Medic to Acibadem Healthcare Group. Prica & Partners and Esin Attorney Partnership advised Acibadem on the deal.

Paksoy and SZA Schilling, Zutt & Anschutz have advised Germany's DZ Bank AG on providing EUR 20 million in financing to Galata Wind Enerji for the development of the Taspinar Wind Energy Power Plant. Cetinkaya Taktak Semiz Baltali Yorukoglu advised the borrower.

On July 14, 2021, the Law No.7332 Amending the Animal Protection Law and Turkish Penal Law [“Amendment Law”] was published in the Official Gazette, and accordingly, the following significant amendments have been introduced to the Animal Protection Law No. 5199 [“APL”].

CMS' Malgorzata Surdek-Janicka has been appointed as Vice-President of the International Court of Arbitration at the International Chamber of Commerce in Paris. Aside from Surdek-Janicka, 33 lawyers from CEE were appointed as members and alternate members of the court.