- Home
- News & Insights
Search by
Latest
Transparency International 2016 Corruption Perception Index – How are CEE, CIS and the Balkans doing?
Transparency International (“TI”) has recently published its Corruption Perceptions Index (“CPI”) for 2016, which surveys 176 countries and territories. Scores range from 0 (highly corrupt) to 100 (very clean). The index is an imperfect tool, as it measures perceived levels of public sector corruption, but it is widely seen as one of the best benchmarks of the perception of corruption. None of the 176 countries in the index achieved a perfect score of 100 (very clean). In fact, over two thirds of the countries and territories ranked in the 2016 index “fall below the midpoint” of the scale, with the global average score being 43, “indicating endemic corruption in a country’s public sector”, Transparency
Wind of change - European Commission approves amendments to Romanian green certificates support scheme
The European Commission announced on 19 December 2016 its decision not to raise objections to Romania’s intention to amend its green certificates support scheme for promoting electricity from renewable sources. The decision was issued on 16 December 2016, three weeks after the registration of the Romanian government’s notification, and should be made available on the Commission website after redaction of any confidential information. Background information on the support scheme Romania’s green certificates renewable energy support scheme was initially approved by the Commission in July 2011 through decision no. C (2011) 4938 and was intended as means of assisting Romania in reaching, by 2020, the mandatory
Kinstellar Kyiv contributes to the new issue of Cleary Gottlieb’s Emerging Markets Restructuring Journal
Kinstellar’s Kyiv office has contributed an expert article to the second issue of Emerging Markets Restructuring Journal produced by international law firm Cleary Gottlieb Steen & Hamilton. The journal focuses on restructuring law and practice in emerging markets and features articles from advisors around the world. Kinstellar contributed an article to the debut issue of the journal in May 2016. One recurring theme in the world of debt restructuring is the drive of policy makers to clean up the balance sheets of local banks. In Ukraine, this policy goal has led to the introduction of a novel out-of-court procedure in accordance with the Law on Financial Restructuring, effective 19 October 2016. In the article
Kinstellar advises on the divestment of Xella to Lone Star for an estimated EUR 2.2 billion
Kinstellar has successfully advised on the Czech aspects of the divestment of Xella, a leader in building solutions, to an affiliate of US private equity group Lone Star in a deal valued at EUR 2.2 billion. Other international legal advisors involved in the transaction were Gibson, Dunn & Crutcher; Milbank, Tweed, Hadley & McCloy; Hengeler Mueller; and Kirkland & Ellis. Xella is the world’s largest manufacturer of aerated concrete blocks, calcium-silicate units, and high-performance boards and is the leading producer of lime and limestone on the Czech market. The company operates 96 production plants in 20 countries and employs over 5,900 employees globally. Kinstellar advised Xella with regard
Decentralisation of Ukraine’s road industry and other infrastructure developments
Ukraine’s Parliament has approved several long-anticipated bills in the field of road industry and public transport that aim to attract around USD 10 billion in investments and diminish corruption. With about 97 per cent of Ukraine’s roads in unsatisfactory condition, including 40 per cent of roads that are no longer eligible for repair and which need to be rebuilt practically from scratch, the country’s road infrastructure is considered a hindrance to economic growth. Despite Ukraine’s enormous transit potential, a total of 430,000 kilometres of roads and strategic position as a liaison between major European and Asian trade routes, it ranks 80th among 160 countries worldwide in the 2016 World Bank Logistics
Kinstellar participates in “11th Annual Investment Summit: Deals and Dealmakers” in Bulgaria
Kinstellar is pleased to have served as a General Partner of the “11th Annual Investment Summit: Deals and Dealmakers” conference that took place in Sofia on 29 November. Organised by Economedia, the leading publisher of business media in Bulgaria, the conference is considered the largest M&A event in the country. The event was well attended and welcomed more than 200 participants representing investors, investment funds and industry leaders; M&A, corporate, financial and legal advisors; and senior corporate executives. This year’s edition focused on the latest transactions across the CEE/SEE region and also provided the opportunity for participants to discuss hot topics impacting their business.
Kinstellar Partner Kamil Blažek speaks at 2nd Industry Forum in Karpacz, Poland
Kamil Blažek, Partner and head of Kinstellar's Infrastructure Sector and Chairman of the Czech Association for Foreign Investment, spoke at the 2nd Industry Forum in Karpacz, Poland on 9 December 2016. The subject of his talk was on how to prevent a possible energy crisis caused by fluctuations in the energy market and possible cuts in gas and other energy resources. The world faces considerable economic challenges, and at the same time we continue to experience substantial technological change. The 2nd Industry Forum in Karpacz offered an opportunity for a broad debate on key issues. More than 700 participants attended the event, including executives and representatives of companies active in the energy, construction
New public private partnership law sets the stage for major infrastructure projects in Romania
A new law, no. 233/2016 on public private partnerships, has recently been published in the Official Gazette of Romania and will enter into force on 25 December 2016, The Government will have 90 additional days to prepare and issue the methodological norms required for the implementation of the new law, which is expected to be fully applicable towards the end of March, 2017. The new public private partnership (PPP) law lays out the foundation for what Romanian legislators hope will become one of the key drivers for bridging the infrastructure gap between Romania and the EU. The law comes at an opportune time as studies show that private sector capital is on the rise worldwide, with insurance companies, pension funds and
Kinstellar hosts Big Data in Practice seminar in Budapest
Kinstellar’s Budapest office hosted a breakfast seminar on 7 December for senior business, legal and technology professionals to discuss the various opportunities and benefits of using Big Data. Speakers included: István Tóth, mathematician and data safety expert, who delved a little deeper into what Big Data means; Zsombor Orbán, Kinstellar’s Data Privacy specialist, who spoke about the data protection aspects of Big Data; and Zoltán Prekopcsák, Managing Director of Rapid Miner Hungary, who gave concrete examples of Big Data utilisation in Hungary. The roundtable facilitated discussions among speakers and attendees and offered insights into how current and future Big Data technology trends will impact
Kinstellar hosts successful CRSI seminar in Budapest
Kinstellar Budapest held a successful business seminar and roundtable on 29 November focusing on compliance, risk, and sensitive investigations (CRSI) in light of the newly introduced ISO 37001 anti-bribery management systems and EU Directive 2016/679/EU on General Data Protection Regulation. The seminar attracted a number of general counsels and compliance experts from across a range of leading companies active in Hungary and across the region. Three experts from Kinstellar’s Budapest office made opening presentations: Péter Vörös, Partner, who presented the competition law aspects of current compliance matters; Ákos Nagy, Counsel, who spoke on ISO 37001 as a new instrument for combating corruption; and Zsombor
Ukraine lifts administrative obstacles on the export of services
Ukraine’s president has signed parliamentary approved amendments to legislation removing certain administrative barriers for the export of services (other than transportation services). According to the amendments, in January 2017 the administrative burdens, now faced by service providers in Ukraine in order to receive payments in foreign currency to their local bank account, will be lifted. It will no longer be mandatory for service providers in Ukraine to sign standard, hard-copy contracts translated into the Ukrainian language with their foreign counter-parties. Under the new rules, an invoice, acceptance of public offer, or exchange of correspondence — including solely in electronic form and solely in
Ukraine’s securities and stock market regulator gives green light to debt-to-equity swaps for joint stock companies
The Decision of the National Commission for Securities and the Stock Market (No. 950, dated 27 September 2016), effective since today, indicates that outstanding corporate debts accumulated by joint stock companies (JSCs) after the 2008 financial crisis, and in some cases aggravated by the ongoing economic situation in Ukraine, may be effectively restructured. In essence, Decision No. 950 provides for a mechanism to allow a JSC to convert debt to equity by increasing its share capital. The newly issued shares of the JSC can be paid either by setting off the claims between the JSC and the creditor or by transferring the rights of claim under the loan agreement. In this respect, Decision No 950 amends the procedure for the