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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

Insights June 2025

Overview of Türkiye’s renewable energy market: Developing or investing in wind, solar, and energy storage projects

Türkiye continues to make significant strides in its transition towards a greener energy future. In this brochure, we provide an overview of the current structure and legal framework of the renewable energy market in Türkiye, including developments in wind, solar, and battery storage technologies, as well as available investment models and incentive mechanisms. Click on the image below or use the following link to read our full report. Autho rs:  Edmund Emre Özer, PartnerNihal Dilan Cantürk, AssociateSimge Erdem, Legal Intern

Insights June 2025

Defence Readiness Omnibus – EUR 800 billion to be spent on defence in the next four years

As part of the European Commission's ReArm Europe Plan/ Readiness 2030, European Union ("EU") Member States will mobilise EUR 800 billion over the next four years to finance a massive ramp-up of their defence spending. On 17 June 2025, the Commission adopted the Defence Readiness Omnibus ("Omnibus") to facilitate these defence investments. The Omnibus is the response to the call of the European Council from March this year[1] for the Commission to enable the simplification of both legal and administrative frameworks relevant to defence readiness, in line with the 2022 Versailles declaration by EU leaders calling for Member States to bolster their defence capabilities following the Russian invasion of Ukraine.

Deals June 2025

Kinstellar and KST Law represented Eleven Fund III Cooperatief in its investment in Bitloops

Kinstellar and KST Law are proud to have advised Eleven Fund III Cooperatief in its equity investment in Bitloops, a software development company with subsidiaries in Greece and Cyprus. Bitloops is an AI-powered front-end companion in VS Code that transforms designs into high-quality, maintainable codes.  The investment round was led by Eleven Ventures with participation from Corallia Ventures and several angel investors. This funding will help Bitloops improve how teams turn Figma designs into high-quality, scalable, and maintainable code while maintaining engineering standards.  Special thanks to the Kinstellar Istanbul/KST Law team led by Partner Emre Özer, including Associates Helin Akbulut and Tuğberk

Insights June 2025

Abuse of sick leave in Serbia: Legal perspectives on employees performing paid work during sick leave

According to the established case law of the Serbian Supreme Court, sick leave abuse occurs when sick leave is used at a time when an employee is not actually ill and is capable of working, as well as when an employee, during the period of incapacity, behaves in a manner contrary to the prescribed treatment or purpose for which sick leave was approved. Therefore, in the court's view, for an abuse of sick leave to occur, the employee's conduct depending on the nature of their illness must prevent their recovery or worsen their health condition. Consequently, in relation to court proceedings and the position taken by the court, the fact that an employee is engaged in other income-generating activities during their sick

Deals June 2025

Kinstellar and KST Law assist Honeywell on the sale of its Personal Protective Equipment business to Protective Industrial Products for USD 1.325 billion

Kinstellar and KST Law are delighted to have advised Honeywell on the Turkish law aspects in connection with its sale of its Personal Protective Equipment ("PPE") busine ss to Protective Industrial Products ("PIP") for USD 1.325 billion, an all-cash transaction. PIP is a global supplier and manufacturer of PPE products and a portfolio company of Odyssey Investment Partners and this strategic move is reinforcing PIP's global positioning in the PPE market. Congratulations to our team led by Partners Emre Özer and Mert Elçin, with key involvement from Senior Associate Sıla Şaylı and Associates Helin Akbulut and Tuğberk Çakırca, for their outstanding efforts and dedication. Our colleagues

Deals June 2025

Kinstellar advises Special Flanges on the acquisition of Romanian industrial manufacturer Vilmar

Kinstellar is pleased to announce that it has advised Special Flanges, a leading Italian manufacturer of high-performance forged components, on the acquisition of 100% of the shares in Vilmar, a Romanian industrial company with over 50 years of experience in the production of engineered equipment for critical applications. The transaction marks Special Flanges' first direct investment in Romania and represents a key milestone in the group's strategic expansion across Central and Eastern Europe. The acquisition was carried out by the Wise Equity V fund managed by Wise Equity SGR – through its subsidiary Special Flanges – and involved the transfer of Vilmar from the French group Genoyer. The integration will create

Insights June 2025

Collateral damage for US/EU/UK companies? How Russia’s anti-sanctions litigation policy threatens cross-border dispute resolution in Kazakhstan

Russia's aggressive anti-sanctions judicial policy is reshaping the legal landscape of cross-border dispute resolution. By routinely disregarding both arbitration and forum selection clauses, Russian courts are asserting jurisdiction over disputes involving sanctioned Russian parties—regardless of prior contractual arrangements. This trend creates acute risks for foreign companies that engage with Russian counterparties and simultaneously operate or hold assets in Kazakhstan, as Russian judgments may be enforced there. In this article, we examine recent developments in Russia's anti-sanctions litigation policy and assess their potential impact within Kazakhstan's legal framework for the recognition and

Insights June 2025

CbC reporting in Ukraine for companies in U.S.-headquartered multinational enterprise groups: First reporting FY2024

Ukrainian taxpayers operating within multinational enterprise groups (MNEs) with consolidated annual revenues exceeding EUR 750 million may, for the first time in 2025, be required to independently file Country-by-Country (CbC) reports. This applies in particular to companies that are part of MNEs with a U.S.-based ultimate parent entity. Please read the complete overview below in English or in Ukrainian. Download in English: Download in Ukrainian:  

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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*2024 rankings in core practice areas in international legal directories (Chambers & Partners, Legal 500, IFLR1000)

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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

At the 10th Prodexpo Serbia – Real Estate and Infrastructure Development Conference, held on 18 June in Belgrade and organized by TGI Group International, key figures from the property and infrastructure sector gathered to discuss investment projects, sustainable urban development, tourism potential, market trends, and the role of technology in shaping urban life.

📑 New IBA Guide: Austria’s legal landscape for healthcare reimbursement (2025) How is healthcare financed and reimbursed in Austria—and what legal structures govern the system? As part of the IBA Healthcare and Life Sciences Law Committee’s global survey, Austria's national contribution sheds light on the country's complex interplay between federal and regional responsibilities, mandatory insurance, and private sector participation. 🔍 Key takeaways: ✔️ Austria operates a multi-layered healthcare model, with funding split across social insurance funds, public budgets, and supplementary private insurance. ✔️ Reimbursement for medicinal products is tightly regulated via the Erstattungskodex, overseen by the Dachverband. ✔️ Legal oversight is primarily driven by the Austrian General Social Security Act (ASVG) and shaped by agreements between insurers and providers. ⚖️ The Austrian chapter was co-authored by Harald Strahberger (Partner), offering a detailed and practice-oriented overview of financing and reimbursement law in the country. 📘 Read the Austrian guide here: https://lnkd.in/d9ukN2kc #Exceptionaltogether #HealthcareLaw #LifeSciences #Austria #IBA #PublicHealth #ReimbursementLaw #LegalFramework #HealthPolicy #PharmaceuticalLaw

🔍 Cyberbullying: How can employers in Romania address inappropriate behaviour in hybrid or remote work environments? 🏢 In a world where the boundaries between the physical and virtual office are increasingly blurred, employers are facing a new and complex challenge: #cyberbullying. From passive-aggressive messages in a team chat to an inappropriate joke on an internal platform, subtle forms of harassment can have serious consequences for employees’ emotional well-being and the overall organisational climate. 🛡️ How can employers manage and prevent such situations in order to protect both their employees and their reputation? 📖 Read our article by Managing Associate Andrada Popescu to learn how your organisation can foster a respectful and inclusive work environment: https://lnkd.in/djXk5QBD 🌟 By implementing clear policies, investing in employee training, and establishing trustworthy reporting mechanisms, employers can build a safe workplace and stand out as responsible, forward-thinking leaders in today’s job market. #ExceptionalTogether #intheknow #HybridWorkplace #WorkplaceWellbeing #HRinRomania #EmployerResponsibility #WorkplaceCulture #employmentlaw

📣 Meet us at LegalTechTalk 2025 in #London, on 26 & 27 June! We’re proud to share that our Firm Managing Partner, Ferenczi Kristóf, will be speaking at LegalTechTalk 2025, Europe’s leading conference for legal innovation and transformation. 🔎 On the panel "Resisting Change: Why Do Some Law Firms Struggle to Invest in Transformation”, Kristóf will share his perspective on how law firms must adapt to today’s rapidly evolving legal landscape, focusing on leadership, innovation, and the next era of legal excellence. With vast legal knowledge, client-centricity, and experience in leadership, he brings important insight into navigating transformation in complex markets. Join the 4,000+ attendees at the event with 300+ speakers, exploring six key themes of legal innovation and transformation in 70+ sessions. 👉 Learn more here: https://lnkd.in/e4__R3bm #ExceptionalTogether #InTheKnow #MeetUs #LegalTechTalk2025 #LegalInnovation #LegalTransformation

📢 News alert: Auction for the concession of 18 mineral perimeters launched in Romania 📍 Romania’s National Regulatory Authority for Mining, Petroleum and Geological Storage of Carbon Dioxide (ANRMPSG) has officially launched a new bidding procedure for the concession of 18 mineral perimeters, as detailed in Order no. 280/2025, published in the Official Gazette on 10 June 2025. The bidding round covers a range of valuable mineral resources, including limestone (industrial and construction), dolerite, salt, lignite, coal, tar sand, polymetallic ore (including gold-silver), graphite, and feldspar. The targeted concession areas are primarily located in Western Romania (Caraș-Severin, Hunedoara, Mehedinți, Vâlcea, Gorj, Bihor), with additional sites in Wallachia and Moldavia. 📆 Interested Romanian and international companies must submit their offers by 15 September 2025. Submissions must include key documentation such as company credentials, proof of financial stability, and relevant technical information. 📄 To assist in preparing bids, ANRMPSG is offering access to geological data upon written request, subject to confidentiality agreements and applicable fees, in line with national legislation on classified information. ℹ️ For more information, contact: Iustinian Captariu, Partner – Ioana-Mihaela Criste, Senior Associate – Andreea Vladareanu, Junior Associate – #ExceptionalTogether #mining #Romania #mineralresources #publictenders #exploration #geology #businessopportunities

Our Sofia office had the honour of sponsoring the Sofia University Faculty of Law team at the 2025 Telders International Law Moot Court Competition, held at the seat of the International Court of Justice in The Hague at the beginning of this month. As part of our ongoing commitment to the education and development of young legal professionals, Kinstellar is proud to be the first and only international law firm to officially support the Bulgarian team in this prestigious competition.

🎙️ We are excited to launch our new podcast series, "Adventures in the East: Real stories of risk, law, and strategy from Central Europe to Central Asia" - now available on YouTube: https://lnkd.in/dD_BsQmD Co-hosted by Luke Wochensky, Partner and Firmwide Head of Risk and Investigations, and Matt Shannon, Head of Business Development, North America, the series will explore high-stakes matters from across the region, such as FCPA probes, internal investigations, sanctions risks, parallel proceedings, and more. Each ~30-minute episode will feature candid conversations with legal experts, Kinstellar partners, and external guests. 🎧 Watch our first episode, recorded in Bratislava, as Luke and Matt introduce the series and share their insights on the Risk and Investigations service line and the broader Central and Southeast Europe (C/SEE) region. In this kickoff conversation, they discuss their backgrounds, what brought them to the region, and what you can expect from upcoming episodes. #ExceptionalTogether #KinstellarPodcast #AdventuresInTheEast #LegalPodcast #CEE #SEE #RiskandInvestigations #FCPA #SanctionsRisks #InternalInvestigations

🇺🇦 ⚖️ Important changes to labour legislation under Martial Law have entered into force in Ukraine. Our team has summarised the key amendments in the alert below. 👇 These include: 🔸 New restrictions on dismissals for employees in active combat zones 🔸 New rules and timelines for suspending employment agreements 🔸 Mandatory updates to contact details for both employers and employees 🔸 Deadlines to update official registries and employer contacts These changes affect how #employment rights and obligations are managed during wartime – be sure to stay informed. Read the update in English or in Ukrainian here: https://lnkd.in/dkXmVjvr 📞 For more details, feel free to contact Maksym Tesliar, Head of our #Employment and #Labour Law team in Ukraine and Iryna Shaposhnikova, Senior Associate. #ExceptionalTogether #UkraineLaw #MartialLaw #EmploymentLaw #HRCompliance #LabourLaw #LegalUpdate #KinstellarUkraine #UkraineReconstruction

📢 ECJ to rule on directors’ liability for cartel fines 📑 As cartel enforcement intensifies across Europe, a new legal frontier is emerging: Can companies seek recourse from managing directors for cartel fines imposed on the company itself? In a case referred by the German Supreme Court (BGH), the European Court of Justice (ECJ) is reviewing this pivotal question for the first time. The case could reshape the boundaries of director’s internal liability and competition law compliance across the EU. 🔍 Key takeaways: ✔️ The ECJ’s ruling, which will be binding for the BGH as well as for any other national court before which the same issue is raised, is expected to be handed down in 2026. ✔️ Current ECJ case law tends to uphold the principle that cartel fines should be ultimately borne by the company, in order to preserve the deterrent effect of the fines. ✔️ Directors may still face personal liability for additional damages incurred by companies, such as third-party claims resulting from antitrust violations. ⚖️ Our article, written by Markus Taufner (Partner) and Agnes Lackenberger (Senior Associate), offers a comprehensive analysis of the case, its background, and its potential implications for D&O liability and compliance across Europe. 📖 Read the full piece: https://lnkd.in/dxje5dFS #ExceptionalTogether #CompetitionLaw #CorporateLitigation #DandO #CartelFines #ECJ #Compliance #Antitrust #EUlaw #BGH