Date: 6 November 2013
Publisher: Wolters Kluwer Law & Business
Overview: The Pekin & Pekin M&A team provides legal updates for those interested in merger & acquisitions in Turkey. The Turkey chapter of the Comparative Law Yearbook on M&A written by the M&A team gives a comprehensive overview, covering the below:Political & Legal Background Investment Climate Regulatory Framework Merger Control Restrictions on Foreign Ownership of Shares and Assets Exchange Controls Protection of Employees' Rights M&As involving Banks Common types of Transactions Common Financing Methods Anti-trust and Competition Procedural Formalities Ownership of Assets by Foreign Nationals
Download: Download the chapter here (the chapter has been reproduced with permission from Kluwer Law International BV) or buy the complete yearbook online.
Date: 15 October 2013
The Turkish Expropriation Law (published in the Official Gazette dated November 8, 1983 and numbered 18215) provides an effective structure for negotiations with public and private property owners for investors that require the use of lands owned by public authorities in Turkey or that intend to invest in certain sectors, which necessitate the acquisition of rights to large areas of private property, such as the energy sector. Pursuant to the Expropriation Law, private entities engaged in activities that are deemed public services in Turkey, such as energy generation activities, may apply to the relevant public authorities in order to acquire utilization rights for state-owned real property or to expropriate private real property for their use.
The basic principle in the Turkish expropriation regime is settlement; the parties are encouraged to negotiate a settlement for the expropriation price before and throughout the court-driven expropriation process. The second key factor to keep in mind is that the ultimate goal of the expropriation process for the private entity investor is the acquisition of utilization rights regarding the target property. Whether using the procedures provided under the Expropriation Law for the expropriation of private property or for the acquisition of rights to property owned by public institutions, at the end of the process, the ownership rights of the target property always transfer to the relevant public authority, which in turn grants the appropriate utilization rights to investors on whose behalf the expropriation has been undertaken.
External link: Click to view full article.
Date: 1 October 2013
Publishers: Yaklaşim - Approach Magazine
The article discusses the legal background of intragroup loan transactions from a Turkish law perspective.
Decree No. 90, which formed the legal basis for intragroup loan transactions between group companies, was abolished by the Law Regarding Financial Lease, Factoring and Finance Companies (Law No.6361). Thereby, under the current legal framework, there is a gap in relation to intragroup loan transactions between non-bank/non-financial institutions. The Article examines further whether the performance of intragroup loan transactions can be classified as a usury crime under Turkish criminal law considering the implication of intragroup loan transactions under the Turkish commercial, banking and tax law systems.
Link: Access the article via this link using a subscription or download the document here.
The Article is in Turkish - to discuss please contact the authors below.
Authors: Fırat Yalçin, Onur Çelikler, Tax
Arbitration Guide for Turkey 2013
Date:12 September 2013
Publisher: Practical Law Company
Overview: The Pekin & Pekin Arbitration team provides readers witha practical analysis of topical cross-border issues and a Turkey-specific Q&A guide on arbitration law.
The Q&A guide aims to give a structured overview of the key practical issues including, for example, any mandatory provisions and default rules applicable under Turkish law, confidentiality, local courts' willingness to assist arbitration, enforcement of awards and the available remedies, both final and interim.
For more information on the practice and the team's track record contact the team leader Gökben Erdem Dirican.
Link: Read the Guide here.
Arbitration Team Leader - Gökben Erdem Dirican
Corporate Recovery & Insolvency 2013
Date: 19 July 2013
Publication: The International Comparative Legal Guide to: Corporate Recovery & Insolvency 2013 Edition
Publishers: Global Legal Group Ltd.
The Pekin & Pekin Insolvency team contributed the Turkish chapter to Global Legal Group's The International Comparative Legal Guide to: Corporate Recovery & Insolvency 2013 Edition. Key topics covered are:
Issues arising when a company is in financial difficulties Formal procedures Creditors Continuing the business Claims Ending the formal procedures Alternative forms of restructuring International procedures and the Turkish position
Download: The Turkey chapter can be downloaded here.
Contributors: Gokben Erdem Dirican, Erdem Atilla, Dispute Resolution and Insolvency & Bankruptcy
This article appeared in the 2013 edition of The International Comparative Legal Guide to: Corporate Recovery & Insolvency; published by Global Legal Group Ltd , London. www.iclg.co.uk
Date: 26 April 2013
Publisher: International Tax Review
Author: Fırat Yalçin, Senior Associate Tax
Overview: Fırat Yalçın outlines the tax disputes resolution options for multinationals in Turkey
Article link: The article is available here to subscribers.
Article download: The article is available to download here. It was first published by international Tax Review.com
Date: 24 April 2013
Publishers: International Financial Law Review
Excerpt: The following article was published in IFLR's 2013 Report on Turkey and introduces innovative ways to navigate the new Turkish Commercial Code.
Following the introduction of the new Turkish Commercial Code (TCC) on July 1 2012, certain changes to the legislation have called for innovative transaction structuring by Turkish lawyers.
The new TCC has ignited discussions about the provisions on the prohibition of financial assistance and their effects on acquisition financing transactions. The new provisions of the TCC will be interpreted by the courts in the near future, and supreme court decisions may play a critical role in the application of the TCC and the financial assistance prohibition brought by this law.
Article 380/1 of the TCC prohibits legal transactions with a subject matter of the provision of an advance, loan or security, conducted by a company with another person for the purpose of the acquisition of its own shares. Such transactions will be null and void.
Read the article here
Author: Özge Okat, Banking and Finance
Date: 7 December 2011
Publication: Capital Markets Regulation on Leveraged Foreign Exchange Transactions: Is the Task Complete?
Publishers: International Bureau of Fiscal Documentation (IBFD)
A number of international and local foreign exchange trading houses were expecting the Turkish Capital Markets Board (CMB) to legitimize their activities in the Turkish market by issuing the required framework regulation. On 27 August 2011, the CMB finally issued Regulation V/125.1. This article analyses the trading framework as introduced by Regulation V/125 together with its tax ramifications.
Author: Ali Şanver, Tax
Download: Access the article here
IBFD Legend:Title: Turkey - Capital Markets Regulation on Leveraged Foreign Exchange Transactions: Is the Task Complete?Author: Sanver, A.Country: TurkeyJournal: Derivatives & Financial InstrumentsIssue: 2011 (Volume 13), No. 6 (Next Issue)Published online: 31 Oct 2011Publication Section: Recent Developments
Date: 21 November 2011
Publishers: Mayer Brown
In this 26-jurisdiction project covering the use of social media by employee and employers Pekin & Pekin contributed the Turkey chapter. The specific questions asked by the Mayer Brown team were:
Are there any risks for employers that use social media sites to vet job applicants? What steps can be taken by employers to minimise such risks? What problems could an employer face as a result of employees using social media sites? What steps can be taken by an employer to minimise the risks associated with employees using social media sites?
Other jurisdictions covered by the project are: Angola, Belgium, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Mozambique, Netherlands, Norway, Poland, Russia, Spain, Sultanate of Oman, Sweden, Switzerland, UAE and the United Kingdom.
Contributor: Sezin Akoğlu and Irmak Dırık, Employment, Data Protection
Download: The Turkey chapter can be downloaded here.
Date: 5 January 2011
Publishers: Peterka & Associates
In this article a comparison is made between Turkish and Czech forms of companies, highlighting the most important differences. The aim of the article and the law firms involved is to assist Turkish parties doing business in the Czech Republic. Another jurisdiction covered by the project is Russia. The article was produced by Pekin & Pekin's TerraLex member firm, Peterka & Partners, with our assistance.
This is a Turkish language only publication.
Contributor: Seren Kutadgu, Corporate
Download: The article is available here.