Start-up, which was first introduced in Silicon Valley in the US, has started to be more and more involved in our lives with the globalizing world. The main purpose of start-up companies, which are rapidly increasing in number today, is to produce solutions to a specific situation or problem and provide their solutions to people in a short time. They aim to develop rapidly and become one of the most popular companies with these solutions that appeal to a wide audience. While they are mostly focused on software and technology, there are also start-up companies operating in different fields such as banking and finance.
Karahan & Aydin Joins CBC Law
Turkish law firm Karahan & Aydin has joined forces with CBC Law – formerly Cetinkaya Attorneys-at-Law – with Ahmet Karahan and Gurhan Aydin becoming CBC Law Partners, while Omer Faruk Ozdemir joined as a Senior Associate.
Closing: PPD and INA’s Sale of TMF to Yildirim Group Now Closed
On April 28, 2023, CMS announced that PPD and INA’s sale of TMF – the largest shareholder of Croatian fertilizer company Petrokemija – to the Yildirim Group (reported by CEE Legal Matters on November 22, 2022), had closed.
New Fronts for Mediation
Law No. 7445 on the Amendment of the Enforcement and Bankruptcy Law and Certain Laws (“Law“), also known as the 7th Judicial Package, has been published in the Official Gazette numbered 32154 on April 5, 2023.
Erdem & Erdem and Gen & Temizer Ozer Advise on Sisecam Acquisition of EBRD's Shares in Sisecam Environmental Systems
Erdem & Erdem has advised Sisecam on its acquisition of EBRD's stake in Sisecam Environmental Systems. Kinstellar Turkish affiliate Gen & Temizer Ozer advised the EBRD.
Turkey’s Competition Authority’s Preliminary Report on Online Advertising Sector Inquiry
April 2023 – On 7 April 2023, the Turkish Competition Authority (“Authority”) published its Preliminary Report prepared within the scope of the “Online Advertising Sector Inquiry” (“Report”) that it initiated on 21 January 2021.
Turkiye Introduces Significant Amendments to Energy Legislation and to the Law on Organized Industrial Zone
Law No. 7451 on the Amendment of the Law on Organized Industrial Zones and Certain Laws (“Law No. 7451“), published in the Official Gazette dated 10 April 2023 and numbered 32159, introduced significant amendments to energy legislation, and the Law on Organized Industrial Zones and entered into force on the same date.
Turkey to Launch Blockchain Based “Digital Identity” on the e-Government System
After the Central Bank of the Republic of Turkey announced that it will complete the first CBDC tests at the end of 2022, it was announced that the blockchain-based digital identity application would be implemented in the “Digital Turkey 2023 First Meeting” held under the chairmanship of Vice President Fuat Oktay at the Presidential Complex in the first days of 2023. With the login system that will work within the scope of the e-wallet application, it will be possible to log in to the e-Government with digital identities created in the blockchain network.
The Turkish Court of Cassation Ruled That the Ban on Determining a Contract Value in Foreign Currency or Indexed to Foreign Currency Concerns Public Order and Must Be...
The 12th Civil Chamber of the Court of Cassation ruled with its decision numbered 2022/9954 (E. 2022/6460) and dated October 6, 2022 (the “Decision”) that the prohibition on determining a contract value in foreign currency or indexed to foreign currency which introduced by the Decree No. 32 on the Protection of the Value of Turkish Currency ("Decree No. 32") concerns public order and must be taken into account by the judge ex officio (automatically) even if it is not raised by the parties during the proceedings.
Hengeler Mueller Advises Salzgitter on Sale of US Subsidiary to Borusan Mannesmann
Hengeler Mueller has advised Salzgitter Mannesmann on the sale of its 50% stake in Europipe US-based subsidiary Berg Pipe to Istanbul-based Borusan Mannesmann.
Measures Taken in The Field of Labor and Social Security Within the Scope of The State of Emergency
Following the 7.8. and 7.5. magnitude earthquakes occurred in Kahramanmaraş on 06.02.2023, the Presidential Decree on the declaration of the State of Emergency for 3 months in the cities affected by the earthquakes was adopted by the Turkish Grand National Assembly on 09.02.2023 and was published in the Official Gazette No. 32100 dated 10.02.2023. A number of measures concerning work and social security field were also envisaged in the scope of the State of Emergency.
5 Most Important Questions That EYT Brings to Employer's Agenda
In these days when 1.4 million workers in active working life in Turkey are expected to retire immediately by benefiting from the legal regulation regarding retirement age victims (“EYT”), it is important to evaluate the effects of this situation on employers, to determine in advance how employers will manage this process and, if necessary, to publish workplace regulations on this issue for the following reasons:
Web Scraping and Protection of Websites
Web scraping refers to several techniques used to collect data from the internet and is also known as screen scraping or data mining. With the web scraping method, the content available on someone else's website on the Internet is collected through software that simulates website browsing and is used on the scraper's websites or services. The best-known examples of web scraping are various price comparison sites, flight tracking programs, and news-curated websites.
Aksan Advises Simya on Investment in Evercopy
Aksan has advised Simya VC on its investment in AI-powered content creation tool developer Evercopy.
Paksoy Advises Rivulis on Acquisition of Jain Irrigation Business in Turkey
Paksoy, working with Latham & Watkins, has advised Rivulis on its acquisition of a part of the international irrigation business of Jain Irrigation.
Tugce Yalcin To Head New CEE Turkish Desk at Taylor Wessing Vienna
Taylor Wessing Counsel Tugce Yalcin – who joined the firm in March 2023 from DLA Piper – will head the firm's newly established CEE Turkish Desk in Vienna.
Paksoy Advises MCC on Acquisition of Korsini
Paksoy, working with Winston & Strawn, has advised MCC Verstraete on its acquisition of Korsini-Saf Ambalaj from Korozo Ambalaj and Enrico Corsini.
The Application of Time Extension Authority in Arbitrations Subject to the Code of Civil Procedure
Since the parties cannot resort to state courts as long as there is an arbitration agreement (Article 5 of the ICC and Article 413 of the CCP), the parties may be deprived of the right to resort to state courts if the arbitration proceedings take longer than necessary. On the other hand, one of the most important advantages of arbitration is that arbitral proceedings can be completed in a shorter period of time than state courts. Taking these principles into consideration, the legislator has limited the arbitration proceedings to a time limit in the International Arbitration Law and the Code of Civil Procedure.