CEE Legal Matters In-depth coverage of the news and newsmakers that shape Europe's emerging markets 
Capital commitment is one of the indispensable conditions for becoming a shareholder in a Turkish joint-stock company ("JSC"). Under Turkish law, the main responsibility of a shareholder, whether in the stage of incorporation or capital increase, is to pay the undertaken capital.
Strong investments in the Turkish infrastructure sector have been the driving force behind Turkey’s economic development. In the last decade, several investments referred to as “mega-projects” have gained much attention, such as the completed Eurasian Tunnel in Istanbul, a road transport tunnel running under the Bosphorus to connect the European and Asian sides of Istanbul; the new Istanbul Airport, increasing capacity from over 100 million to over 200 million passengers per year; the third Istanbul Bridge, still one of the largest projects with construction costs of around TRY 4.5 billion (although it fell short of expectations and required USD 2.7 billion in refinancing from ICBC and still could not be executed due to the pandemic). One of the most recent projects is the 1915 Canakkale Bridge and Highway Project.
The Turunc Law Firm has advised Bogazici Ventures on its USD 1.4 million investment into Tarentum, a developer of machine learning and artificial intelligence technology solutions. The Ozbek law firm advised Tarentum on the deal.
Former Yazici Attorney Partnership Senior Associate Yunus Emre Bakiler has left the firm to become a Partner at Ozgur & Unuvar in Ankara, which, as a result, has changed its name to the Ozgur Unuvar Bakiler Attorney Partnership.
In line with the Law No. 7262 on Preventing the Proliferation of Financing Weapons of Mass Destruction (“Law No. 7262”), some of the provisions stipulated under the Turkish Commercial Code No. 6102 (“TCC”) were amended. As per the amendments made by the Law No. 7262, new notification requirement was introduced. In line with the amendments, the holders of the bearer share certificates in a joint stock company and the information regarding the shares have to be notified the Central Registry Agency (“CRA”).
The Regulation on Remote Identification Methods to be used by Banks and the Establishment of Contractual Relationships in Electronic Media (“Regulation”) was published in the Official Gazette dated April 1, 2021 and numbered 31441 and entered into force after one month as of its publication. The Regulation was prepared based on the Draft Communiqué on Remote Identification Methods to be used by Banks, which was published by the Banking Regulatory and Supervisory Authority ("BRSA") as presented to the public opinion.
On November 11, 2020, CEE Legal Matters reported that Balcioglu Selcuk Ardiyok Keki Attorney Partnership advised Fujitsu Technology Solutions Bilisim on its sale of 100% of shares from shareholders Fujitsu Technology Solutions GmbH and Fujitsu Technology Solutions Holding B.V. CEE In-House Matters spoke with Scott Mortimer, Vice President, Legal Commercial and Compliance at Fujitsu Australia Limited, to learn more about the sale.
GKC Partners in association with White & Case has advised joint bookrunners UBS and Bank of America Securities on LimakPort’s issuance of USD 370 million senior secured bonds, under Rule 144A / Regulation S due 2036, at a coupon rate of 9.50%. Paksoy advised the issuer.
Paksoy has advised Cisco Systems on the acquisition of Socio Labs, a US-based event technology platform that was co-founded by its Turkish CEO, Yarkin Sakucoglu.
Gide Loyrette Nouel and its associated firm in Turkey, Ozdirekcan Dundar Senocak, both working with lead counsel Chiomenti, have advised Carel on its acquisition of a 51% stake in CFM Sogutma ve Otomasyon A.S. The Esin Attorney Partnership advised the seller on the deal.
GKC Partners in association with White & Case has advised Rollic Games on its acquisition of 100% of the shares of Uncosoft Yazilim.
GKC Partners in association with White & Case has advised Pegasus Airlines on its USD 375 million debut Eurobonds issuance, due in 2026. Baker McKenzie advised global coordinators and joint book-runners BofA Securities and Goldman Sachs International.
Senem Berkem Paflak has joined Modanisa as Head of Legal Compliance.
GKC Partners in association with White & Case has advised Garanti BBVA and the Alternatif Bank on their provision of a TRY 800 million dividend recapitalization loan to Test Tasit Muayene Istasyonlari Yapim Ve Isletme A.S. The Balcioglu Selcuk Ardiyok Keki Attorney Partnership advised the borrower.
Murat Demir has been promoted to Regional Partner and Dogus Gulpinar to Partner at Nazali Tax & Legal in Turkey and Ukraine, respectively.
Squire Patton Boggs, acting on behalf of the State of Turkmenistan, has persuaded the International Centre for Settlement of Investment Disputes to dismiss in full a claim of nearly USD 500 million brought against the country by Turkish construction company Sehil Insaat Endustri ve Ticaret Ltd. Sti. and its majority shareholder Muhammet Cap.
Turkey continues to prioritize the adoption and consistent implementation of sustainability principles throughout its economy. Indeed, the Turkish Capital Markets Board recently set a voluntary threshold for companies subject to its supervision, and many are finding the use of green buildings valuable in reaching them. In addition to their economic benefits, green buildings – which are socially and environmentally compatible with their environment – are gaining importance in determining a company’s level of sustainability credibility and sustainable investment commitment.
MC Legal has advised Ziraat GYO on its TRY 1.9 billion IPO in Turkey.
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