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The Balcioglu Selcuk Akman Keki Attorney Partnership has advised Arzum on its initial public offering.

Former Counsels Nazli Bezirci, Nihan Bacanak, and Simel Sarialioglu, and Sansal Erbacioglu have been promoted to Partner at Paksoy.

In 2019 and 2020, Turkish administrative courts handed down noteworthy judgments concerning two particular decisions of the Turkish Competition Board (“Board”). In both of these cases, namely the (i) Sahibinden Bilgi Teknolojileri Pazarlama ve Tic. A.Ş. (“Sahibinden”) judgment rendered by the Ankara 6th Administrative Court (“Sahibinden Judgment”) and the (ii) Enerjisa Enerji A.Ş. (“Enerjisa”) judgments rendered by the Ankara 13th Administrative Court (“Enerjisa Judgments”), the courts have shed light on and set the bar for the “standard of proof” with respect to the Board’s decisions. In both of the judgments, the administrative courts looked for whether the Board decisions had been based on sufficient evidence and analysis to prove the infringement “beyond any doubt”. The Administrative Courts have unequivocally shown that they are expecting the Turkish Competition Authority (“Authority”) and Board to run the extra mile and conduct more research, collect more data and base its analyses on these tangible results, rather than just relying on assumptions and mere observation of the current market status, to reach the decisions.

In principle, shareholders of limited liability companies (“LLC”) have the right to vote on the issues being discussed during the general assembly meetings and such right is indispensable. On the other hand, Turkish Commercial Code No.6102 (“TCC”) sets forth certain limitations on voting rights of the shareholders to prevent any impartiality, especially in cases where certain shareholders may not be able to prioritize the interests of the LLC and may value their own benefit. With this article, we aim to provide the instances where the shareholders of an LLC may be prohibited from using their voting rights.

Cerrahoglu, working alongside lead counsel Gleiss Lutz, has advised Gelita on the acquisition of a 65% stake in SelJel Jelatin Sanayi ve Ticaret A.S, via Gelita Internationale Gelatine GmnH, from Sel Sanayi Urunleri Ticaret ve Pazarlama A.S. Somay reportedly advised the sellers on the deal.

Kinstellar has advised Turkey's Dogus Holding on the sale of a 30% stake in Istanbul's Istinye Park shopping mall to Doha-based investment house Qatar Holding LLC, which is part of the Qatar Investment Authority. Linklaters and Paksoy reportedly advised Qatar Holding on the deal.

The U.S. Foreign Corrupt Practices Act (“FCPA”) criminalizes the bribery of foreign officials anywhere in the world for the purposes of preventing corruptly influencing of an official governmental decision in order to obtain a business benefit.

Akol Law has advised Turkish candy producer Kervan Gida on the initial public offering of its shares and their listing on the Istanbul Stock Exchange. Akol Law also advised Oyak Yatirim, which acted as the broker on the deal. 

The Regulation on Processing and Privacy of Personal Data in Electronic Communications Sector (“Regulation”) has been published on the Official Gazette of December 4, 2020. The Regulation will enter into force within six (6) months following its publication date (i.e. June 4, 2020). The Regulation revokes the Regulation on Processing and Privacy of Personal Data in Electronic Communications Sector which was published on the Official Gazette of July 24, 2012.

On November 11, 2020, CEE Legal Matters reported that the Apak Uras Law Firm had advised Teknoser on its acquisition of 100% of the shares of Fujitsu Technology Solutions Bilisim from shareholders Fujitsu Technology Solutions GmbH and Fujitsu Technology Solutions Holding B.V. CEEIHM spoke with Doruk Ozdemir, Legal Counsel at Hitay Holdings, to learn more about the deal.

Allen & Overy and RTPR have advised Dutch life insurance, pension, and asset management company Aegon on the EUR 830 million sale of its operations in Romania, Hungary, Poland, and Turkey to the Vienna Insurance Group. Wolf Theiss and Turkey’s Paksoy Law firm advised the buyer on the deal. 

The economic effects of the Covid-19 pandemic continue to resonate in Turkey, says Cetinkaya Partner Altug Ozgun from Istanbul. Ozgun reports that Turkey’s economy has been “shaken because of the reduction in productivity during the lockdown.” In particular, he says, “tourism as a whole was impacted severely … affecting the overall economic condition.” 

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