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The Russian Migration Authority responsible for the Moscow region recently started to enforce laws requiring foreign employees to be present in Russia at regular intervals, and providing for the cancellation of a work permit if a foreign employee is not in Russia at least at certain intervals. This potential cancellation of a work permit even applies to employees classified as highly qualified specialists.

Dentons and Kirkland & Ellis have represented GIC, Singapore’s sovereign wealth fund, on the acquisition of the Maximus logistics real estate portfolio from funds managed by Apollo Global Management, a US-based private equity firm. Noerr advised the sellers on the transaction, which was signed in December 2019 and closed on January 31, 2020, and which was valued at approximately EUR 950 million.

A new era began on October 1, 2019 in the history of Hungarian investment promotion: there is no need for new job creation of VIP Cash Grant (regulated by Government Decree No. 210/2014) applicants anymore in case of classical manufacturing investments. The measure is a relief in the tight Hungarian labor market for both newcomers and those considering capacity expansion. In line with the above, the conditions of Development Tax Allowance (regulated by Government Decree No. 165/2014) were amended as of January 1, 2020; therefore, investors commit only to the maintenance of their current level of employees.

Noerr has advised NEI, an Indian bearings manufacturer and exporter that is part of the CK Birla Group, on its acquisition of international bearings producer Kinex Bearings and bearing trading company Global Supply. The sellers were reportedly advised by Ernst & Young.

2019 has been an eventful year for anti-corruption compliance in Russia with an extension of enforcement actions against companies, the strengthening of anti-corruption laws and new domestic compliance requirements. The crucial developments for companies are summarised below:

Noerr had advised Papierfabrik Adolf Jass GmbH & Co. KG on the acquisition of 100% of shares in the share capital of Convert PL sp. z o.o., owned by Ostoja I Fundusz Inwestycyjny Zamknięty Aktywow Niepublicznych, a closed-end investment fund backed by the Giermaziak family. Convert PL was advised by Deloitte Legal on the transaction, which closed on December 5, 2019.

Paksoy and Shearman & Sterling have advised DBAG Fund VII and Deutsche Beteiligungs AG on the acquisition of a majority stake in Cartonplast Group from London-based financial investor Stirling Square Capital Partners. The Ozbek Attorney Partnership advised Stirling Square Capital on the transaction, as well as, reportedly, Latham & Watkins, J&A Garrigues, Pinheiro Neto Advogados, and Noerr Biedecki.

On 11 November 2019, the European Union adopted a legal framework for restrictive measures against Turkey. The EU is thus responding to Turkish exploratory drilling for natural gas deposits off the Cypriot coast, which Cyprus and the European Union consider illegal. The legal framework will make it possible to sanction individuals or companies responsible for or involved in drilling activities in the Eastern Mediterranean. However, no specific measures have been imposed yet.

Noerr has advised Hungarian-based online travel portal Szallas.hu on its take-over of the MaiUtazas Group travel portal in a combined share and asset deal transaction. The acquisitions were financed with Szallas.hu's internal resources, as well as capital from the equity funds of Szallas.hu’s owner, OTP Bank. The Csetneki Law Firm advised MaiUtazas Group on the deal.

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