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ESG legal update: Central & Eastern Europe and Central Asia regions
The past year has seen a flurry of regulatory developments related to Environmental, Social and Governance (ESG), particularly in the alignment of climate, environmental and reporting rules across the Central and Eastern Europe and Central Asia regions. Although the deadline for transposition of the Corporate Sustainability Reporting Directive (EU) 2022/2464 (CSRD) passed in July 2024, not all EU member states have managed to fully implement the directive. The European Commission has initiated infringement proceedings against 17 member states, including the Czech Republic and Romania, and it remains to be seen whether it will take further steps in the infringement procedure. Attention is turning to the Corporate
Kinstellar advises European Imaging Group on acquisition of MEGAPIXEL
Kinstellar has successfully advised European Imaging Group Limited (EIG), a portfolio company of the Aurelius Group, on the acquisition of MEGAPIXEL, a leader in the Czech market for photographic equipment and related services. Kinstellar provided comprehensive legal support to EIG throughout the transaction, including due diligence, negotiation of the Sale and Purchase Agreement (SPA) and Shareholders' Agreement (SHA), and closing of the transaction. The Kinstellar team was led by Jan Juroška (Managing Partner) and Matěj Večeřa (Senior Associate) and included Petr Bratský (Managing Associate), Jakub Šťastný and Lenka Petráková (both Senior Associates), and a team of Junior Associates: Lucie Kunclová
Kinstellar advises EBRD on supply chain financing for Profi
Kinstellar is pleased to announce that, together with Sullivan & Worcester, we have advised the European Bank for Reconstruction and Development (EBRD), partnering with Banca Transilvania on implementing a supply chain financing programme for Profi Rom Food, one of Romania’s leading retail chains. This transaction marks the EBRD’s first supply chain finance initiative in Romania aimed at strengthening a domestic value chain. The EBRD will assume up to EUR 10 million in local currency risk, effectively doubling Profi’s supply chain finance programme to EUR 20 million through a shared-risk model. Profi, which operates 1,750 stores across Romania under three brands—Super (mid-sized to large stores), Go
Important fiscal changes in Romania starting January 2025
On 30 December 2024, the Romanian government adopted Emergency Ordinance no. 156/2024 (“the GEO”) regulating a series of important fiscal changes that entered into force starting January 2025, as summarised below. 1. Increase of dividend tax from 8% to 10% for all taxpayers obtaining income from dividends, i.e., companies, individuals, and non-residents. The increased tax applies to dividends distributed starting with 1 January 2025. 2. Elimination of tax incentives, i.e., exemption from income tax, reduced pension insurance contribution, for salary income lower than RON 10,000 earned by individuals carrying out activity in IT, construction, agricultural and the food industry. For these sectors, regular (full)
Important notice to our Clients and Contacts: Beware of impersonation emails
6 January 2025 – It has come to our attention that some companies in our countries (most recently from the Czech Republic, Hungary, and Slovakia) have received unauthorised fraudulent emails falsely claiming to originate from Kinstellar. This appears to be part of an illegal scam (fraudulent impersonation) campaign. We assure you that these fraudulent emails did not come from our official Kinstellar domain and have nothing to do with our Firm. Our IT and Risk & Compliance teams are giving this matter their highest priority and are actively investigating the issue. We are bringing this matter to the relevant authorities. Importantly, this illegal scam campaign appears to have been