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News May 2025

Important notice to our Clients and Contacts: Beware of impersonation emails

5 May 2025 – It has come to our attention that some companies in Bulgaria have received unauthorised fraudulent emails falsely claiming to originate from Kinstellar's Sofia office. Th is 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 sent from various email accounts. Please verify the sender's

Deals May 2025

Kinstellar Budapest advises BYD on the landmark acquisition of IP West office building in Budapest from CA Immo

Kinstellar's Budapest office has successfully advised BYD, the leading Chinese electric vehicle and battery manufacturer, on the acquisition of the IP West office building in Budapest from CA Immo. The transaction marks a significant step in BYD's European expansion, with the building set to serve as its European headquarters and is expected to employ over 2,000 people. Located in a prime Budapest office district, IP West comprises approximately 32,100 sqm of leasable office space and 800 parking spaces, making it one of the most attractive commercial real estate assets in the Hungarian capital. The acquisition underscores BYD's long-term commitment to the CEE region and supports the company's goal to

Insights May 2025

Business Alert: Key amendments to the Bulgarian Whistleblowing Act

On 9 May 2025, the Bulgarian State Gazette published important amendments to the Bulgarian Whistleblowing Act, further aligning the national legal framework with Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report breaches of EU law. These amendments aim to strengthen the protection of individuals reporting breaches of both Bulgarian and EU law, while promoting greater transparency and accountability. The key amendments affecting companies include: 1. Restrictions on shared internal reporting channels within the private sector The amendments eliminate the existing possibility for private sector companies within the same economic group

Insights May 2025

Amendment to the Slovak Act on Information Technologies in Public Administration

The Ministry of Investments, Regional Development and Informatization of the Slovak Republic has submitted a proposal to amend the Act on Information Technologies in Public Administration. Its aim is to strengthen the management of the state's digital assets, increase cybersecurity resilience, and introduce clear rules for the use of artificial intelligence in public administration. From the state's perspective, this is an ambitious reform, but for IT solution suppliers, it introduces numerous negative consequences that fundamentally change the existing contractual practices and business environment. Below is a summary of the key changes and their practical impacts on businesses. 1. Special copyright regime for public

Deals May 2025

Kinstellar advises Baiterek on debut USD 500 million Eurobond issuance

Kinstellar has successfully advised "Baiterek" National Managing Holding in connection with its debut issuance of senior unsecured Eurobonds in an amount of up to USD 500,000,000, under Regulation S / Rule 144A. The bonds are listed on the London Stock Exchange's International Securities Market (ISM), the Vienna MTF of Wiener Börse, and the Kazakhstan Stock Exchange. Baiterek is Kazakhstan's primary state-owned development institution, tasked with implementing government economic policy and supporting sustainable development through the financing of key sectors of the Kazakhstan economy. This landmark transaction represents a significant step in Baiterek's access to international capital markets, further

Insights May 2025

NBU revises currency restrictions: Support for businesses and targeted enhancement of currency supervision

On 9 May 2025 the National Bank of Ukraine (NBU) published new amendments to existing currency restrictions introduced in February 2022, following the launch of Russia's full-scale invasion. The revised regulatory provisions are aimed at creating a more favourable environment for attracting foreign capital, while maintaining effective controls over foreign currency flows. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:

Deals May 2025

Kinstellar supports Banca Intesa with the launch of mini bonds in Serbia

We are delighted to report that Kinstellar's Belgrade office provided legal support in preparing the complete set of documentation for Banca Intesa AD Beograd, as part of the bank's introduction of mini bonds, a new financing tool designed to support Serbian small and medium-sized enterprises (SMEs) via capital markets. This innovative initiative enables SMEs to access alternative financing, diversify their capital sources and secure funding for expansion, innovation and growth, without depending solely on traditional bank loans. Following its success in Italy and Croatia, Banca Intesa is now extending the mini bond initiative to Serbia, offering new financing opportunities for local businesses. The Kinstellar

Deals May 2025

Kinstellar Bratislava secures win for Magna Slovteca

Kinstellar's dispute resolution team in Bratislava successfully represented Magna Slovteca in two separate legal disputes brought by suppliers seeking additional compensation based on unsubstantiated invoices. In both cases, the suppliers claimed alleged entitlement to supplementary compensation arising from their business relationship with Magna Slovteca. However, the claims lacked both legal merit and factual basis. Kinstellar convincingly demonstrated to the Slovak courts in both instances that the disputed invoices were unfounded and did not reflect any legitimate contractual entitlement.The courts fully dismissed both claims, and the rulings are now final and binding. Additionally, the claimants were ordered to reimburse

Deals May 2025

Kinstellar advises on the financial close of Central Asia’s largest healthcare PPP project in Kazakhstan

Kinstellar is delighted to announce the successful financial close of a landmark public-private partnership (PPP) healthcare initiative in Kokshetau, Kazakhstan. This transformative project, which marks a first for the region in healthcare PPPs, has secured a EUR 365 million financing package, spearheaded by the European Bank for Reconstruction and Development (EBRD) and the Asian Infrastructure Investment Bank (AIIB), alongside key contributors Proparco, ICD, DEG, and the Development Bank of Kazakhstan (DBK). After months of legal structuring, negotiations, and due diligence, the project has officially reached financial close. This milestone unlocks the next phase - the commencement of construction on the 630-bed medical

About us

Kinstellar acts as trusted legal counsel to leading investors across Central and Eastern Europe (CEE), Southeast Europe (SEE) and Central Asia. Our reputation for quality, excellence and integrity speaks for itself.

With offices in 12 jurisdictions and over 300 local and international lawyers, we deliver consistent, joined-up legal advice and assistance across diverse regional markets – together with the know-how and experience to champion your interests while minimising exposure to risk.

Our clients include leading international and regional corporations, banks and other financial institutions, state bodies, multi-lateral institutions, and international law firms with clients that require top-quality legal counsel in our jurisdictions. We handle the most important and complex assignments for clients across diverse industries and business sectors.

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With expert local knowledge and a track record at the international level, our lawyers provide top-tier advice and client service in Central and Eastern Europe (CEE), Southeast Europe (SEE) and Central Asia.

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Newsfeed

🔸 We are happy to host a Business Breakfast, “Navigating Change: Employment & Tax Updates”, tomorrow in our Bucharest office, organized in collaboration with Romania Canada Business Association (CBEX). 🍁 📅 28 May 2025 | 10:00 AM – 12:00 PM EEST 📍 Kinstellar Bucharest HQ, Globalworth Tower, 22nd floor 💡 Change is constant – and so are the challenges it brings for companies and HR teams. Join us over coffee and croissants for a practical, forward-looking session exploring the latest developments in Romanian employment law and tax, alongside strategies for navigating organizational transformation. You’ll hear from our expert speakers: 👉 Theodor Artenie, Head of Tax in Bucharest 👉 Andrada Popescu, Managing Associate, Employment Law We’re also honoured to welcome our guest speaker: 👉 Mihai ZANT, Executive Coach & Partner at Career Shift.ro / HUMANISTIC We’re looking forward to a morning of fresh insights, meaningful dialogue, and valuable connections! #ExceptionalTogether #BusinessBreakfast #EmploymentLaw #TaxUpdates #OrganizationalChange #Leadership #HR #LegalUpdate #RomaniaBusiness #Romania

✨ We are honoured and proud to share that Victor Constantinescu (Managing Partner of our #Bucharest office and Co-Head of our firm-wide Real Estate practice) has once again been named among the “Top 50 Most Influential People in Romania’s Real Estate Market”, as recognised by Property Forum during this week’s Summer Networking Party and Bucharest Business Forum, held on 20 May 2025. 📊 This prestigious list celebrates the individuals shaping the future of Romania’s real estate sector, based on factors such as market share, local and global rankings, deal activity, and overall industry impact – congratulations to all the other professionals included in the list! 🏆 We are also incredibly happy that our Real Estate practice helped secure our firm’s position among the Top 10 law firms for real estate in Romania — a reflection of the commitment and outstanding work of our team that continues to deliver after an exceptionally dynamic year. 🙏 A heartfelt thank you to our brilliant Real Estate team for their dedication and excellence — and to the wider Bucharest team whose contributions support every transaction. 👏 Sincere thanks as well to the Property Forum Events and News team — Ákos Budai, Csanad Csuros, Ovidiu Nicolae, Attila Bacsa, Fulvia Meirosu, and all the talented professionals behind the scenes — for the continued partnership and for all the exceptional events. #ExceptionalTogether #50mostinfluential #realestate #top10realestate #leadinglawyersRomania #propertyforum #recognition #teamwork

🇸🇰 M&A professionals in #Slovakia, mark your calendars! 🔔 We’re proud to share that Viliam Mysicka, Office Managing Partner in Bratislava, will be speaking at the upcoming "M&A in Slovakia" conference, organised by Akadémia C. H. BECK, on 3 June at DoubleTree by Hilton Bratislava. Viliam will join a high-level panel with Juraj Gyarfas (Dentons) and Jan Bakule (RENOMIA) to dive deep into W&I insurance: 👉 how it's used in smaller deals 👉 how known risks are being covered 👉 what trends are shaping the market right now This conference, as the meeting point for the M&A community in the country, is one of the best places to really dive deep into the hot topics of the field and build new connections. 🖱️ Details & registration: www.beck-konferencia.sk Looking forward to seeing many of you there! 🗣️ Please note that the event will be held in Slovak. #ExceptionalTogether #InTheKnow #MergersAndAcquisitions #MandAprofessionals #WandIInsurance #WarrantyAndIndemnity #MandALaw

📣 JOIN US at the OVE Österreichischer Verband für Elektrotechnik Academy Compact Seminar: “Battery storage & electricity from PV/Wind/Hydro as flexibility: Technology, market & legal framework” 🗓️ Date: 25 June, from 13:30 📍 Location: OVE Academy, Sitzungszimmer S3, Eschenbachgasse 9, 1010 Vienna As hybrid power plants are becoming increasingly important for the energy transition, understanding the legal and regulatory framework is just as crucial as mastering the technology. 💬 We're proud to have Harald Strahberger (Partner, Austria), as one of the key speakers. His session will focus on the legal and regulatory challenges that project developers and investors need to get right from day one: ⚖️ From grid connection and metering points to network charges and subsidies, Harald will break down the complex rules and risks that can make or break a renewable energy project. His deep expertise in energy regulation makes this a must-attend session for anyone involved in planning, financing, or executing hybrid energy systems. 💡 The seminar also features top-tier insights into the technical and market sides of hybrid systems – but if you want to truly de-risk your next project, don’t miss Harald’s talk. 🔗 More details and registration here: https://lnkd.in/dWYzU59E 🗣️ Please note: the seminar will be held in German. #ExceptionalTogether #EnergyLaw #HybridPower #BatteryStorage #Renewables #OVEAcademy #LegalExpertise #GridAccess #EnergyProjects #ProjectDevelopment #CleanEnergy #Austria #GermanSeminar

The first panel explored the increasing risks of data breaches in the TMT sector, featuring expert insights from Partner Harald Strahberger (Kinstellar Austria) and Senior Associate Lukas A. Mrazik (Kinstellar Slovakia), Maja-Laura Krešić (IBM), and Nikola K. (Booking.com).

We were proud to support City Logistika Talks 2025 as a partner of the event, alongside CONTERA. This year, the conference focused on a hot topic in the industry: how brownfield revitalisation is shaping the future of urban logistics.

🇺🇦 📢 Olexander Martinenko, Partner and Head of Dispute Resolution in our #Kyiv office, joined the speaker lineup today at the international asset recovery conference “FIRE International: Vilamoura 2025”, a premier global gathering for asset recovery and fraud litigation professionals. 📍 Hosted in Portugal, on 20–22 May, the FIRE conference is a flagship event—having brought together, in its first three years, 820+ delegates and 170+ international speakers from 40+ jurisdictions. Olexander spoke on the panel “Amidst the sanctions era”, exploring key themes in today’s enforcement and asset recovery landscape: 🔹 Sanctions aren’t going anywhere: ensuring prevention of issues arising with sanctions 🔹 How sanctions can interfere with efforts to enforce judgements 🔹 Delving into sanctions regime and how that impacts your asset recovery As an experienced leader navigating cross-border disputes and enforcement actions, Olexander brought regional insight and clarity to this timely conversation. 📞 Need expert guidance in the fields of sanctions and asset recovery in order to maintain financial integrity, enforce international law, or ensure compliance with regulations? Connect with Olexander and our Dispute Resolution team. #ExceptionalTogether #FIREInternational2025 #DisputeResolution #AssetRecovery #SanctionsLaw #InTheKnow #FraudLitigation #Ukraine #LegalLeadership #GlobalEnforcement

Bridging theory and practice: Key insights on real estate transfer tax in M&A transactions 🔍 Most articles on real estate transfer tax in share deals remain highly theoretical. This one is different. In the latest edition of Recht der Wirtschaft (RdW 2025/274), Maja Mayrhuber (Partner, Vienna) and her co-author Mohamed Hemdan provide a hands-on, practice-driven analysis of how specific contractual clauses in share purchase agreements (#SPAs) impact the timing of real estate transfer tax liability under Austrian tax law. 📑 Key focus: The article goes beyond abstract tax law and dives deep into real-life contract clauses, dissecting how various SPA structures, "closing conditions", and legal qualifications (e.g., suspensive vs. resolutory conditions) shape when the tax liability actually arises. 🏢 Especially relevant for: - M&A practitioners - Legal professionals drafting SPAs - Real estate investors ⚖️ A standout feature: the article doesn't just summarize the currently applicable law – it critically evaluates the interaction between civil law, tax triggers, and contract design. Practical examples illustrate how tax consequences can hinge on seemingly minor drafting choices. 📚 Read the article, published in German, here: https://lnkd.in/d4szefii #ExceptionalTogether #InTheKnow #MergersAndAcquisitions #RealEstateTax #Grunderwerbsteuer #ShareDeals #LegalDesign #TaxLaw #Austria

On 15 May, our team members joined and actively contributed to the programme of the Corporate Banking Forum - a key industry event focused on the evolution of corporate banking and financing in #Slovakia, co-organised by our Bratislava team, A&O Shearman, and AmCham Slovakia.