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Central Asia Metals Acquires Lynx Resources and SASA Mine Central Asia Metals Acquires Lynx Resources and SASA Mine | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/10/Central-Asia-Metals-Acquires-Lynx-Resources-and-SASA-Mine.aspxCentral Asia Metals Acquires Lynx Resources and SASA Mine Central Asia Metals Acquires Lynx Resources and SASA Mine | News | Karanović & Nikolić string;#17/10/2017<p style="text-align:justify;">Macedonian lawyers cooperating with Karanović & Nikolić advised Central Asia Metals (CAML) in the acquisition of Lynx Resources, which operates the SASA zinc-lead mine in Macedonia. UK-based CAML agreed to purchase a 100% interest in Lynx Resources from Orion Co-investments III and Fusion Capital for EUR 340 million, making it the new owner of one the largest zinc, lead and silver mines in Europe.</p><p style="text-align:justify;">The services performed by the team lead by Veton Qoku included a due diligence of the SASA mine, as well as conducting the merger filing process.</p><p style="text-align:justify;">The SASA mine, located in the northeast part of Macedonia, is seen as a low-cost operation, with a strong track record, and a reserve base supporting production until at least 2032. Per annum, the mine produces approximately 30,000 tonnes of lead, 22,000 tonnes of zinc and 400,000 ounces of silver in concentrates.</p><p style="text-align:justify;">CAML called the purchase of the SASA mine the perfect next step for the company. This move is seen as an exceptional opportunity for the company to acquire a high-quality asset which compliments their existing business. </p><p style="text-align:justify;"><a href="https://www.centralasiametals.com/"><span lang="EN-GB" style="text-decoration:underline;">Central Asia Metals</span></a> is a copper production and mineral exploration company. It operates a copper mine in Kazakhstan and is trying to diversify jurisdictional and commodity exposure and grow its business. CAML is listed on the AIM segment of the London Stock Exchange. The UK company was searching for a new mine to buy for at least three years, and had gone through around 150 projects before settling on Lynx.</p><p style="text-align:justify;"><a href="https://www.lynxresources.com/"><span lang="EN-GB" style="text-decoration:underline;">Lynx Resources</span></a> was established in 2015 in order to acquire SASA in Macedonia. It was founded by Fusion Capital, a Swiss based mining management team with significant experience from senior roles at the world's largest zinc and lead mining and smelting company, and the <a href="http://www.orionminefinance.com/"><span lang="EN-GB" style="text-decoration:underline;">Orion Mine Finance Group</span></a>, one of the world's leading mining-focused private equity businesses with an active presence in Europe and who have approximately EUR 1.53 billion under management.</p>
Karanović & Nikolić launches the Academy Karanović & Nikolić launches the Academy | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/10/Karanovic-Nikolic-launches-the-Academy.aspxKaranović & Nikolić launches the Academy Karanović & Nikolić launches the Academy | News | Karanović & Nikolić string;#17/10/2017<p style="text-align:justify;">With people development being our strategic priority, it is our pleasure to announce that Karanović & Nikolić launched The Academy – a comprehensive educational programme meant for the internal training and development of both legal and non-legal professionals. With some of the most experienced and talented lawyers, HR and soft skills experts in the region as lecturers, The Academy includes a series of workshops and trainings aimed at further honing the legal, business, communicational and commercial skills that Karanović & Nikolić is renowned for.</p><p style="text-align:justify;">As one of the largest legal practices in the region, Karanović & Nikolić is often at the centre of some of the most ground-breaking, complex and challenging international transactions in Southeast Europe. The Academy is designed to help us continue to meet and overcome the challenges of the industry, as well as exceed our clients' expectations. </p><p style="text-align:justify;"><br>Unique for the Balkan region, this pioneering training consists of three programs: Law Academy, Business Services Academy and e-Academy. The Academy offers a wide range of classroom and online legal and business skills training for lawyers and business services of all levels of experience and for all stages of their careers. </p><p style="text-align:justify;">Knowledge sharing has always been one of the core values at Karanović & Nikolić. We are passionate about constantly improving ourselves in order to meet both our internal need for continuous acquisition of knowledge and our clients' need for top professional service. We have embraced a learning culture where individuals are supported in their professional and personal development, where curiosity is encouraged and people are given an opportunity for constant growth. With The Academy, we will be able to mentor, coach and help each other to grow and develop both as professionals and as a legal practice.</p>
Karanović & Nikolić Advises on AmSpec’s Acquisition of Agri Services Karanović & Nikolić Advises on AmSpec’s Acquisition of Agri Services | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/10/Karanović-Nikolić-Advises-on-AmSpec-Acquisition-of-Agri-Services.aspxKaranović & Nikolić Advises on AmSpec’s Acquisition of Agri Services Karanović & Nikolić Advises on AmSpec’s Acquisition of Agri Services | News | Karanović & Nikolić string;#04/10/2017<p style="text-align:justify;">Karanović & Nikolić advised AmSpec on the acquisition of Agri Services doo - an inspection and testing company serving the Agricultural and Petroleum market in the Danube region from their locations in Serbia and Hungary. The acquisition of Agri Services shows AmSpec's continued expansion into the Agri-market and is yet another strategic step for the company, as it maintains its focus on expanding its global service network.</p><p style="text-align:justify;">The services performed by the Karanović & Nikolić team - led by Milos Jakovljević, included the due diligence of Agri Services, negotiating the transaction and drafting transaction documents.</p><p style="text-align:justify;"><a href="http://www.amspecllc.com/"><span style="text-decoration:underline;">AmSpec</span></a> is an international independent inspection and testing company headquartered in Cranbury, New Jersey. It services companies from the Petroleum, Chemical, Gas & Agricultural industries for over 30 years. AmSpec operates state of the art testing facilities throughout the United States, Canada, Caribbean, Europe, Asia, Central & South America and Australia.</p><p style="text-align:justify;">In July 2016, AmSpec was acquired by <a href="http://www.olympuspartners.com/"><span style="text-decoration:underline;">Olympus Partners</span></a>, a private equity and venture capital firm from Connecticut, USA. The company has an established presence in attractive markets with a broad, blue chip customer base. AmSpec's management stated its continued commitment to a growth strategy through acquisitions, further investment in the company's facility network and expansion to new customers and untapped geographies. </p><p>​</p>
Karanović & Nikolić Advises in the Signing of the Landmark PPP for the Vinča Waste Treatment Project Karanović & Nikolić Advises in the Signing of the Landmark PPP for the Vinča Waste Treatment Project | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/10/Karanović-Nikolić-Advises-in-the-Signing-of-Landmark-PPP-for-the-Vinča-Waste-Treatment.aspxKaranović & Nikolić Advises in the Signing of the Landmark PPP for the Vinča Waste Treatment Project Karanović & Nikolić Advises in the Signing of the Landmark PPP for the Vinča Waste Treatment Project | News | Karanović & Nikolić string;#03/10/2017<p style="text-align:justify;">Karanović & Nikolić advised in the signing of the biggest PPP project in Serbia for the landfill remediation and development of the waste treatment facility in Belgrade, Vinča. <a href="http://www.beograd.rs/en/living-in-belgrade/201516-environmental-protection/">The Belgrade Secretariat for Environmental Protection</a>, the company "Beočista Energija" and the <em><strong>French</strong></em>-<em><strong>Japanese consortium</strong></em>, SUEZ Groupе - I-Environment Investments limited, signed a public-private partnership for the financing, construction, operation and maintenance of the waste management treatment and disposal centre in Serbia.</p><p style="text-align:justify;">The Karanović & Nikolić legal team, led by senior partner Darko Jovanović and Mina Srecković, was part of the consortium of advisors to the City of Belgrade and the <a href="http://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home">IFC</a>. The team advised IFC and City in all local law aspects of this landmark PPP project in Serbia, including detailed review of the institutional and regulatory framework pertaining to the envisaged transaction, key parties and associated sectors; risk allocation exercise; reviewing and/or drafting the transaction documents (PPP agreement, heat take-off, land lease and other project documents); assisted in preparing all public procurement documents and the contract award and signing process.</p><p style="text-align:justify;">Valued at 300 million euros, this is the biggest public-private partnership agreement thus signed in the region. According to the City of Belgrade officials, this is also one of the most important contracts that the City signed in decades. The waste management facility in Vinča will be completely sanitized – solving years long environmental problems. After the restructuring and with the new facilities, Vinča will be able to produce thermal heating and electric energy.</p><p style="text-align:justify;">IFC, a member of the World Bank Group, was one of the advisors to the City of Belgrade in reaching this private-public partnership, offering its expertise throughout the process. <a href="https://www.hoganlovells.com/">Hogan Lovels </a>UK acted as IFC's international legal advisor.</p><p>​</p>
Karanović & Nikolić wins the 2017 Euromoney Real Estate Survey Karanović & Nikolić wins the 2017 Euromoney Real Estate Survey | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/09/Karanović-Nikolić-wins-the-2017-Euromoney-Real-Estate-Survey.aspxKaranović & Nikolić wins the 2017 Euromoney Real Estate Survey Karanović & Nikolić wins the 2017 Euromoney Real Estate Survey | News | Karanović & Nikolić string;#22/09/2017<p>Karanović & Nikolić wins the 13<sup>th</sup> annual Euromoney Real Estate Survey in the Advisors and Consultants category. Among 2462 valid responses that were submitted this year, Karanović & Nikolić was chosen as the Number One Legal Service provider in Serbia in the Real Estate industry. </p><p style="text-align:justify;"> </p><p style="text-align:justify;">The renowned <a href="https://www.euromoney.com/">Euromoney magazine</a> was created in 1969, originally to cover the re-emergence of the international cross-border capital markets. Today, their specialised journalists bring an authoritative round up of banking, capital markets, investment, foreign exchange & treasury, and regional markets including Asia, Latin America, and EMEA. </p><p style="text-align:justify;"> </p><p style="text-align:justify;">The Real Estate Survey awards are designed to promote excellence in the real estate sector and they are based on responses to detailed questionnaires by real estate advisors, developers, investment managers, corporate end-users and banks globally. These awards are a way of recognising the leading providers of real estate products and services.</p>
Karanović & Nikolić Advises on the Financing of Malibunar Wind Park Karanović & Nikolić Advises on the Financing of Malibunar Wind Park | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/09/Karanović-Nikolić-Advises-on-Financing-of-Malibunar-Wind-Park.aspxKaranović & Nikolić Advises on the Financing of Malibunar Wind Park Karanović & Nikolić Advises on the Financing of Malibunar Wind Park | News | Karanović & Nikolić string;#07/09/2017<p style="text-align:justify;"><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">​​Karanović & Nikolić advised the Belgian renewable energy group, <a href="http://www.elicio.be/en/">Elicio NV</a>, on the 9.8 million euro financing of the Malibunar wind park. </span><span style="font-family:"times new roman", georgia, serif;font-size:1rem;"><a href="https://www.unicreditbank.rs/rs/pi.html">UniCredit Bank Serbia​</a> and Electrawinds Mali WF d.o.o, a Serbian subsidiary 100% owned by Elicio, signed a long-term financing agreement for the development, construction and operation of the wind park located in South Banat.</span><br></p><p style="text-align:justify;"> </p><p style="text-align:justify;">UniCredit Bank Serbia is the sole lender for the project, with funds provided within <a href="http://www.ggf.lu/">Green for Growth Fund</a> credit line. Also, the financing is complemented by a short term VAT bridge financing and interest rate hedging arrangements. After the signing of the financing agreement, the first debt disbursement, in the amount of EUR 3.2 million, took place on the <span lang="EN-GB" style="font-size:11pt;font-family:"times new roman", serif;">31<sup class="ms-rteFontSize-1">st</sup></span> of August 2017. </p><p style="text-align:justify;"> </p><p style="text-align:justify;">The construction of the wind park began in November 2016, and the total value of the investment is around EUR 14 million. The project has the temporary status of a privileged power producer and a signed power purchase agreement with the Serbian power utility <a href="http://www.eps.rs/SitePages/index.aspx">Elektroprivreda Srbije​</a> (EPS). Elicio NV is a subsidiary of the Nethys Group – an energy and telecommunications groups from Belgium.</p><p style="text-align:justify;"> </p><p style="text-align:justify;">The Elicio actively operates within all aspects of renewable energy, with a firm commitment towards improving the environment. Most of the power produced by the company comes from wind turbines, and they have been active in the developing, engineering, constructing and running of renewable energy projects for more than 20 years.</p><p style="text-align:justify;"> </p><p style="text-align:justify;">The Karanović & Nikolić team was led by Maja Jovančević Šetka, Petar Mitrović and Ivona Vučković. </p><p>​​</p>
Alexander Poels Joins Karanović & Nikolić as Partner and Director of International Relations Alexander Poels Joins Karanović & Nikolić as Partner and Director of International Relations | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/09/Alexander-Poels-Joins-Karanović-Nikolić-as-Partner-and-Director-of-International-Relations.aspxAlexander Poels Joins Karanović & Nikolić as Partner and Director of International Relations Alexander Poels Joins Karanović & Nikolić as Partner and Director of International Relations | News | Karanović & Nikolić string;#04/09/2017<p><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">​​We are pleased to announce that Alexander Poels joined Karanović & Nikolić as Partner and Director of International Relations. With 13 years of international professional experience as a corporate/M&A legal advisor and executive director in a large regional Central and Eastern European law firm, Alexander will be a welcome addition to the team. His role will bring a new dimension and strengthen client related activities which the firm has developed over 20 years and will further advance its proactive and business oriented approach.</span></p><p><br></p><p>Alexander is a highly experienced transactional (M&A) lawyer, having represented many leading global companies in high profile transactions throughout Central, Eastern and South Eastern Europe. Among his many accomplishments, he successfully led his former firm in establishing itself in challenging new markets, diversifying and greatly increasing its client portfolio and revenues, as well as achieving global visibility and recognition to the firm.​</p><p><br></p><p>With law degrees (including two postgraduate degrees) from leading universities in Belgium and Iceland and having lived in 13 different countries throughout Europe, North America and Australia, Alexander developed a unique international practice of multinational clients in diverse sectors. His industry experience is particularly strong in banking and finance, private equity, transport, logistics, manufacturing, automotive, shipping, pharmaceutical, food and agriculture and FMCG. </p><p> </p><p>Mastering numerous languages and with his international background and multicultural mindset, Alexander will focus a major part of his talents on client relations, business development and growth strategy of Karanović & Nikolić.</p>
Rastko Petaković Wins the 2017 EMEA Emerging Leaders Award Rastko Petaković Wins the 2017 EMEA Emerging Leaders Award | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/08/Rastko-Petaković-Wins-the-2017-EMEA-Emerging-Leaders-Award.aspxRastko Petaković Wins the 2017 EMEA Emerging Leaders Award Rastko Petaković Wins the 2017 EMEA Emerging Leaders Award | News | Karanović & Nikolić string;#21/08/2017<p style="text-align:justify;"><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">​Rastko Petaković, the Managing Partner of Karanović & Nikolić, is the winner of the EMEA Emerging Leaders Award in the <a href="https://www.creditstrategy.co.uk/events-awards/events-awards/emerging-leaders-awards?tab=winners">Legal Professional category</a>! Organized by the <a href="https://maadvisor.secure-platform.com/a">M&A Advisor</a>, these awards are globally renowned for their presentation and recognition of outstanding professionals in the fields of M&A and finance. In their seventh year now, the Emerging Leaders Awards have over one thousand alumni globally.</span></p><p style="text-align:justify;"><a href="/knnews/Pages/2015/11/16/Rastko-Petaković-Announced-as-Winner-of-the-Emerging-Leaders-Awards.aspx">This is the second time that Mr. Petaković was honoured by that prestigious institution​</a> and an independent judging panel of distinguished business leaders. In 2015, because of his accomplishments and expertise, he was announced as the winner of the Emerging Leaders – Europe Award.</p><p style="text-align:justify;">The awards ceremony will take place on the 13<sup>th</sup> of September, at the Andaz Liverpool Street Hotel, in London. M&A Advisor states that the awards are a way of recognising those who are swiftly coming of age in the M&A environment by demonstrating excellent skill, innovation and knowledge, and making a contribution to their industry.</p>
Karanović & Nikolić advises on the Acquisition of Telenor Banka Karanović & Nikolić advises on the Acquisition of Telenor Banka | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/08/Karanović-Nikolić-advises-on-the-Acquisition-of-Telenor-Banka.aspxKaranović & Nikolić advises on the Acquisition of Telenor Banka Karanović & Nikolić advises on the Acquisition of Telenor Banka | News | Karanović & Nikolić string;#18/08/2017<p style="text-align:justify;"><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">​Karanović & Nikolić advised River Styxx Capital on the acquisition of Telenor Banka. The </span><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">companies signed an agreement by which the Bulgaria-based investment fund will acquire 85% of Telenor's shares in the Serbian online bank. Under this agreement of strategic partnership, the Norwegian telecommunications group will keep 15% of its shares in <a href="http://www.telenorbanka.rs/">Telenor Banka</a>.</span></p><p style="text-align:justify;">By investing into this partnership, River Styxx Capital entered the Serbian market – which it sees as offering attractive growth prospects. The company's vision is to provide accessible and convenient financial services for the whole of Southeast Europe. </p><p style="text-align:justify;">The Karanović & Nikolić team - led by Darko Jovanović, Ivan Nonković and Mina Srecković, performed the due diligence of Telenor Banka, as well as structuring of the transaction, drafting and negotiating the transaction documents.</p><p style="text-align:justify;"><a href="https://www.telenor.com/">Telenor</a> established the online bank in Serbia in 2014. Telenor Banka signed more 300,000 customers to use its services – which include current and savings accounts, cash loans and credit cards. According to data from <a href="https://www.nbs.rs/internet/english/">Serbia's National Bank​</a>, it is the 25th largest bank in Serbia in terms of assets.</p><p style="text-align:justify;">The strategic partnership with River Styxx Capital will support funding and further grow the business – which will be focused in the future on building new innovative services and growing their customer base. The company will continue to invest significant efforts and resources in order to maintain its leadership position – being the only Internet-based, mobile-first bank in Southeast Europe.</p><p>​</p>
New Way of Claiming Damages for Competition Law Infringements in Croatia New Way of Claiming Damages for Competition Law Infringements in Croatia | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/08/New-Way-of-Claiming-Damages-for-Competition-Law-Infringements-in-Croatia.aspxNew Way of Claiming Damages for Competition Law Infringements in Croatia New Way of Claiming Damages for Competition Law Infringements in Croatia | News | Karanović & Nikolić string;#18/08/2017<p style="text-align:justify;">On the 22<sup>nd</sup> of July, 2017, the Law on Actions for Damages for Competition Law Infringements came into force in Croatia (the "<strong>Law</strong>"), implementing the <a href="http://ec.europa.eu/competition/antitrust/actionsdamages/directive_en.html">EU Damages Directive​</a>. Even though the existing Competition Law provides for the possibility of private enforcement in a relatively general manner, private claims for damages suffered from antitrust breaches have been underdeveloped and rarely utilised in Croatia (and in the rest of the region).</p><p style="text-align:justify;">The Law applies to any person who suffered damages from any competition law infringement, and such a person is entitled to full compensation, with statutory interest. Therefore, compensation can be claimed not only by the distributor, but also by the customer who suffered damages. The law fully implements the mechanisms stipulated by the Damages Directive, including:</p><ul><li>the pass-on presumption; </li><li>objective liability; and, </li><li>the presumption of cartel damages.</li></ul><p style="text-align:justify;">The procedural novelties introduced by the Law shall certainly challenge the Croatian judiciary. One of the most important procedural rules concerns the disclosure of evidence, which may be requested by either party, if it can reasonably indicate that the other party (or a third party) possesses such evidence. Prior to ordering the disclosure, the court will ask the parties whether they possess the evidence. Should they claim the contrary, the court may use other evidences for establishing such a fact. This may prolong the entire procedure and ultimately downsize the positive effects of the disclosure.</p><p>If the requesting party is the plaintiff, it also needs to show before the court that its claim is well-grounded. If the requested party does not comply, the court is expected to consider the facts to which such evidence relates as established. As these rules are a procedural novelty that deviates from the regular course of evidence in litigations, Croatian judges may find it challenging to follow them- especially, since they are mandatory and not optional.​</p><p style="text-align:justify;">Confidentiality is not a valid basis for non-disclosure, but the applicant can request from the court to protect sensitive information. Attorney/client privilege, as well as leniency statements and settlement submissions, are still considered protected and cannot be used as evidence for damage claims. While a party can seek the disclosure of evidence gathered by the competition authority, such evidence can only be disclosed following the conclusion of the case. </p><p style="text-align:justify;">For the purpose of damages actions, a final infringement decision of the <a href="http://www.aztn.hr/en/">Croatian Competition Agency</a> or the Croatian High Administrative Court is considered an irrefutable evidence of infringement and the decisions of a competition authority, or a court of another EU Member State, represent a rebuttable presumption of infringement. The statute of limitations is set at 5 years from the conclusion of the infringement, or the date when the aggrieved party could have been aware of the infringement, damages suffered and the identity of the infringer. In any case, the claim is ultimately time-barred after 15 years following the end of the infringement.</p><p style="text-align:justify;">With the Law's adoption, Croatia is following the trend of increasing its attention towards the private enforcement of competition law. While there is undoubtedly still a lot of work ahead and a lot of experience is needed before the courts are comfortable with granting significant compensation, the new procedural tools should encourage compliance and help in sanctioning competition law infringers. More importantly, the new framework should help to provide a measure of justice to those hurt directly by anti-competitive arrangements. Now, it is up to the plaintiffs to step up and claim their due compensation.</p><p style="text-align:justify;"><br></p><p style="text-align:justify;"><br></p><p style="text-align:justify;"><em class="ms-rteStyle-Quote">The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.</em> </p><p>​</p>
Karanović & Nikolić Advises on OTP’s Acquisition of Vojvođanska Banka Karanović & Nikolić Advises on OTP’s Acquisition of Vojvođanska Banka | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/08/Karanović-Nikolić-Advises-on-OTP’s-Acquisition-of-Vojvođanska-Banka.aspxKaranović & Nikolić Advises on OTP’s Acquisition of Vojvođanska Banka Karanović & Nikolić Advises on OTP’s Acquisition of Vojvođanska Banka | News | Karanović & Nikolić string;#17/08/2017<p style="text-align:justify;"><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">​Karanović & Nikolić, in cooperation with the global law firm </span><a href="https://www.weil.com/" style="background-color:#ffffff;">Weil, Gotshal & Manges LLP</a><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">, advised </span><a href="https://www.otpbanka.rs/" style="background-color:#ffffff;">OTP Bank</a><span style="font-family:"times new roman", georgia, serif;font-size:1rem;"> – one of the leading banks in Central and Eastern Europe, on the acquisition of </span><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">Vojvođanska</span><span style="font-family:"times new roman", georgia, serif;font-size:1rem;"> Banka. </span><a href="https://www.nbg.gr/en" style="background-color:#ffffff;">The National Bank of Greece</a><span style="font-family:"times new roman", georgia, serif;font-size:1rem;"> signed an agreement to sell its Vojvođanska Banka unit in Serbia and NGB Leasing, as well as its corporate loan portfolio in Serbia to Hungary's OTP Bank, for 125 million euros.</span></p><p style="text-align:justify;">The services performed by the Karanović & Nikolić team - led by Darko Jovanović, Ivan Nonković and Mina Srecković, included the due diligence of <a href="https://www.voban.co.rs/en">Vojvođanska Banka</a> and its affiliates, advising on the transaction documents from the local law perspective and the obtaining of regulatory approvals.</p><p style="text-align:justify;">The acquisition is expected to be closed by the end of 2017. Once the process is completed, the Hungarian bank will have a 5.7% market share in Serbia – making it the seventh biggest bank in the country.</p><p style="text-align:justify;">With a market share of 4.2%, Vojvođanska Bank is the ninth biggest bank in Serbia with a substantial base of retail clients. In 2016, the bank's total assets stood at 1.17 million euros, with the total value of approved loans of 810 million EUR. In 2015 and 2016 the bank had a 1.9% and 2.3% return on equity respectively. It currently has more than 1400 employees, 105 branches and 138 ATMs. </p>
A Quick Guide to the New Macedonian Government’s Reform Promises A Quick Guide to the New Macedonian Government’s Reform Promises | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/07/11/A-Quick-Guide-to-the-New-Macedonian-Government’s-Reform-Promises.aspxA Quick Guide to the New Macedonian Government’s Reform Promises A Quick Guide to the New Macedonian Government’s Reform Promises | News | Karanović & Nikolić string;#11/07/2017<p>The new <a href="http://www.vlada.mk/?language=en-gb">Macedonian Government </a>took office on the 1<sup>st</sup> of June, after the Parliament approved the coalition government of the new Prime Minister, Zoran Zaev. The government programme provides for many reforms, including changes in the tax system, labour law and foreign investments.</p><h2><strong>"Fair" taxes</strong></h2><p>The "fair" tax system should introduce higher tax rates for the wealthy.<strong> </strong>The Government announced the introduction of a personal income tax with two rates (10% and 18%). The idea is to keep the existing rate of 10% for the majority of the population, while the additional rate of 18% will be imposed only on people with an of income over EUR 1,000. The paid personal income tax will be returned to those with the lowest income. </p><p>So far, there have not been any suggestions to amend the profit tax rate, which remains at a steady 10%. However, the Government will offer tax relief for all ICT companies exporting software and services, and reduce the profit tax for information technologies to 5%. </p><p>The property tax rate on residential and non-residential real estate with a market value higher than EUR 400,000 might be increased by 0.1 percent. Also, the tax rate would increase if more property is owned. </p><p>Prime Minister Zaev announced a new Value Added Tax ("<strong>VAT</strong>") system named "More Money for Citizens" by which 15% of the paid VAT will be returned to citizens, except the VAT paid for (unspecified) luxurious products. Also, the Government intends to increase the rate of excise tax on passenger cars worth more than EUR 40,000. </p><p>Finally, the programme advertised by the new Macedonian Government abolishes two duties: the broadcasting fee and the maximum upper limit for the payment of salary contributions.</p><h2><strong>Labour market</strong></h2><p>The Government emphasised that its main objectives in the labour area are:</p><ul><li>the employment of 64,000 persons in the private sector using active measures; </li><li>raising the minimum wage to MKD 16,000 by the end of the term; and,</li><li>stimulating the payment of higher wages (which will lead to an increased average net salary to MKD 30,000). </li></ul><p>Regarding the rights of workers, an amendment to the Law on Labour Relations will be suggested in order to establish an overtime work registry and make collective agreements mandatory for all legal entities with more than 20 employees. </p><p>The programme further envisages a shared parental leave in the first three months after a child's birth. It also includes a guarantee of keeping the same job position upon their return from parental leave within the next year. </p><h2><strong>New investments policy </strong></h2><p>Even though the new Government promised to pursue an active policy in order to attract foreign direct investments, its programme is mainly focused on the development of domestic enterprises - primarily small and medium business ("<strong>SMEs</strong>"). Special attention will be paid to connecting domestic and foreign enterprises in the technological-industrial development zones. The plan is to incorporate a support mechanism for investment projects by domestic enterprises to the amount of 25% of the sum of the total investment cost and the gross cost for each new job. The ultimate goal is to achieve an average rate of economic growth higher than 5% during the term. </p><p>The programme includes the establishment of an investment fund for start-up businesses in which the state will have a minority interest, with over 51% of the capital owned by private entities. Also, service activities with a higher added value (IT companies, telecommunications, architecture, etc.) will receive support by covering up to 50% of the cost of equipment necessary for a new investment, up to EUR 50,000. The Government will offer tax incentives for investments by citizens who work abroad.</p>
Comparison Shopping: European Commission Imposes a 2.42 Billion Euro Antitrust Fine on Google Comparison Shopping: European Commission Imposes a 2.42 Billion Euro Antitrust Fine on Google | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/06/29/Comparison-Shopping-European-Commission-Imposes-a-2-42-Billion-Euro-Antitrust-Fine-on-Google.aspxComparison Shopping: European Commission Imposes a 2.42 Billion Euro Antitrust Fine on Google Comparison Shopping: European Commission Imposes a 2.42 Billion Euro Antitrust Fine on Google | News | Karanović & Nikolić string;#29/06/2017<p>​​​<span style="font-family:"times new roman", georgia, serif;font-size:1rem;">The </span><a href="https://ec.europa.eu/" style="background-color:#ffffff;">European Commission </a><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">fined Google with a record-breaking 2.42 billion euros for abusing its dominance and giving advantage to its own comparison shopping service. The EU's competition watchdog determined that, by artificially promoting its own price comparison service, Google denied its consumers real choice and rival firms the ability to compete on a level playing field. The penalty is the largest ever competition fine from the European Commission imposed on a single company, doubling the previous record of </span><a href="http://www.nytimes.com/2009/05/14/business/global/14compete.html" style="background-color:#ffffff;">1.1 billion euros, handed to Intel in 2009</a><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">.</span></p><h2>Pulling Down Rivals</h2><p>Google's flagship product is the Google search engine, which provides search results to consumers free of charge, while nearly 90% of the company's revenue comes from advertising. In 2004 Google entered the European comparison shopping market with a product called <strong>Froogle</strong> – renamed into <em><strong>Google Product Search</strong></em> in 2008, and later in 2013 <strong>Google Shopping</strong>. This service allowed users to compare prices from other online retailers and re-sellers. </p><p style="text-align:left;">When they entered this market, Google found a number of already established players. And according to an internal document from 2006, titled "Froogle simply does not work", Google's performance was initially extremely poor. </p><p style="text-align:left;">Based on the European Commission's findings, from 2008 Google began to implement a fundamental change in strategy to push its comparison shopping service. This strategy relied on Google's dominance in general internet search, instead of the merits in the comparison shopping markets. The European Commission concluded after an extensive analysis, including<strong> examination of around 1.7 billion search queries and questionnaires sent to several hundred companies</strong> that Google has:</p><ul style="text-align:left;"><li>​systematically given prominent placement to its comparison shopping service; and</li><li>demoted rival comparison shopping services in its search results.</li></ul><p style="text-align:left;">When consumers entered a query into the search engine, the company favored its shopping service by promoting it at or near the top of the search results. Rival services were placed much lower, and even the best ranked of them showed on page four or lower. Since the ten highest-ranking generic search results on page 1 together generally receive approximately 95% of all clicks, this proved a huge problem for rival companies.</p><p style="text-align:left;">As a result of these practices, the traffic to Google's comparison shopping service increased significantly – 450% in the UK, for example. Also, the Commission found specific evidence of sudden drops of traffic to certain rival websites of 85% in Britain, 92% in Germany and 80% in France.</p><p style="text-align:left;">With this decision, the European Commission not only determined that Google is dominant in general Internet search across Europe, but that it abused its dominant position by giving an illegal advantage to its own comparison shopping service and stifling competition in comparison shopping markets.</p><h2>Two Antitrust Investigations Still Ongoing</h2><p style="text-align:left;">The Commission said that the staggering fine of 2.42 billion euros is supposed to take into account the duration and the gravity of the infringement. It is based on Google's revenue from its comparison shopping service in the 13 countries where the illegality occurred. </p><p style="text-align:left;">The Silicon Valley giant was given 90 days to stop its illegal activities, and also propose a solution to reform its ways, by giving equal treatment to rival comparison shopping websites in the search result pages as to its own service. If the company fails to comply with the decision, it will be liable for non-compliance payments of up to 5% of the average daily worldwide turnover of its parent company <a href="https://abc.xyz/">Alphabet</a> – that boasted a turnover of 80 billion euros in 2016. The European Commission also encouraged undertakings to seek redress through private enforcement under the Antitrust Damages Directive.</p><p style="text-align:left;">There are still ongoing investigations against Google in two other cases where the European Commission already came to preliminary conclusions that Google abused its dominant position, related to the Android operating system and mobile apps and Google's alleged prevention of third-party websites from sourcing search ads from Google's competitors in AdSense. </p><p> </p><p> </p><p><em class="ms-rteStyle-Quote">The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.​</em></p>
The Serbian Competition Commission Revisits the Dairy Industry The Serbian Competition Commission Revisits the Dairy Industry | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/06/14/The-Serbian-Competition-Commission-Revisits-the-Dairy-Industry.aspxThe Serbian Competition Commission Revisits the Dairy Industry The Serbian Competition Commission Revisits the Dairy Industry | News | Karanović & Nikolić string;#14/06/2017<p>​Only a few days after initiating proceedings against Frikom (to see more on the subject, please follow this <a href="/knnews/Pages/2017/06/06/Frikom-in-the-Commission’s-Crosshairs.aspx"><span lang="EN-US" style="text-decoration:underline;">link</span></a>), the <a href="http://www.kzk.org.rs/en/"><span lang="EN-US" style="text-decoration:underline;">Serbian Competition Commission</span></a> initiated another high-profile antitrust investigation. This time against a potential horizontal agreement between Imlek a.d. Padinska Skela ("<a href="https://www.imlek.rs/"><span lang="EN-US" style="text-decoration:underline;"><strong>Imlek</strong></span></a>"), the largest dairy company in Serbia, and Kruna-Komerc d.o.o. Beograd ("<strong>Kruna-Komerc</strong>").</p><p style="text-align:left;">The proceedings in question had been initiated based on an anonymous complaint from September 2016 in a potential bid-rigging by these companies. Following a preliminary investigation, the Commission came into possession of the Agreement on business cooperation between Imlek and Kruna-Komerc, stipulating that the parties, which appear to be competitors, will jointly analyse the competitive conditions on the market of the public procurement of milk and dairy products for the purpose of formulating their pricing policy. Also, the document stated that Kruna-Komerc is obliged to follow Imlek's lead in tendering, while having a privileged financial position in formulating bids. </p><p style="text-align:left;">Upon analysing the Agreement, the Commission formally initiated the subject proceedings on the 31<sup class="ms-rteFontSize-1">st</sup> of May 2017, announcing that there are clear indications that Imlek and Kruna-Komerc have agreed on the commercial terms for participation in public procurements, which potentially represents a prohibited restrictive agreement. </p><p>The Commission announced that it will undertake all the necessary measures at its disposal pursuant to the Competition Law, in order to fully and properly establish the substantial facts of the case. Back in 2011, Imlek was the target of an abuse of dominance probe on the raw milk acquisition market, whereby the Commission had originally imposed fines exceeding EUR 2 million, which were ultimately overturned before the Serbian courts.  </p><p style="text-align:left;"> </p><p style="text-align:left;"> </p><p style="text-align:left;"><em class="ms-rteStyle-Quote">The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.</em></p>
Karanović & Nikolić Advises on Teraplast’s Acquisition of Interlemind Karanović & Nikolić Advises on Teraplast’s Acquisition of Interlemind | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/06/12/Karanović-Nikolić-Advises-on-Teraplast’s-Acquisition-of-Interlemind.aspxKaranović & Nikolić Advises on Teraplast’s Acquisition of Interlemind Karanović & Nikolić Advises on Teraplast’s Acquisition of Interlemind | News | Karanović & Nikolić string;#12/06/2017<p><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">The Karanović & Nikolić legal practice advised </span><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">Teraplast Bistrita (TRP), the largest PVC processor in Romania, in the acquisition of Interlemind, a Serbian producer of sandwich panels, by means of public auction of the bankruptcy estate. The value of the acquisition is 4.3 million euros, while Teraplast's planned investment in Serbia amounts to </span><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">EUR 11 million</span><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">. </span><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">This includes the factory's acquisition value, as well as investments of EUR 2.7 million in development and EUR 4 million worth of work capital.</span></p><p>Interlemind has production capacities similar to that of TeraSteel – one of Teraplast's subsidiaries, as well as the same machinery. The Serbian company will mainly serve Southeast European countries – Serbia, Bulgaria, Macedonia, Bosnia and Herzegovina, Croatia and Montenegro, as well as secondary markets – such as Hungary, Southern Romania and Northern Greece.</p><p>According to internal company estimates, Southeast European markets have a potential of 9.6 million square meters in 2017, or about 153 million euros. Serbia's market is estimated at 2.3 million square meters, 20 percent of which is represented by the local production, the difference being imports. By comparison, in Romania, local production represents about 80 percent of the total market and the company has 9 factories for the production of thermal insulating panels.</p><p>This acquisition is a part of Teraplast Group's strategy to increase sales and profitability and relocate part of the production out of Romania. TeraSteel has been exporting to Serbia, Bulgaria, Montenegro and Slovenia for about two years, and is planning to exponentially increase sales in the Balkan area through the Leskovac plant. The company's leadership is convinced that the Teraplast Group can become an example for other Romanian companies that have not yet been encouraged to open factories on foreign markets.</p><p>The Teraplast Group includes several companies, engaging in the production of pipes, granules and PVC profiles, PVC windows and doors, sandwich panels and galvanised metallic structures and polyethylene pipes.</p><p>The Karanović & Nikolić team in this case was led by partner Miloš Jakovljević and attorney at law Sonja Radović. </p><p><br></p><p><em class="ms-rteStyle-Quote" style="font-weight:normal;font-size:16px;font-family:"times new roman", georgia, serif;text-align:justify;">The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.</em><span style="font-family:"times new roman", georgia, serif;font-size:16px;font-style:normal;font-weight:normal;">​</span>​<br></p>
Dragan Karanović Named the Market Maker for Serbia Dragan Karanović Named the Market Maker for Serbia | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/06/08/Dragan-Karanović-Named-the-Market-Maker-for-Serbia.aspxDragan Karanović Named the Market Maker for Serbia Dragan Karanović Named the Market Maker for Serbia | News | Karanović & Nikolić string;#08/06/2017<p>​<span style="font-family:"times new roman", georgia, serif;font-size:1rem;">Dragan Karanović, a Founding Partner at </span><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">Karanović & Nikolić</span><span style="font-family:"times new roman", georgia, serif;font-size:1rem;">, was named the Market Maker for Serbia, on the 1</span><sup style="font-family:"times new roman", georgia, serif;">st</sup><span style="font-family:"times new roman", georgia, serif;font-size:1rem;"> of June, by CEE Legal Matters — the widely-read source of news and information about lawyers and legal markets of Central and Eastern Europe. This is a special lifetime achievement award given to a senior lawyer identified by peers as having played the most influential and significant role in creating the country's modern legal market.</span></p><p> </p><p>The awards took place at the Gala Dinner of the CEE GC Summit, an annual two-day gathering of General Counsel and Heads of Legal from across the region, in the Intercontinental Hotel in Warsaw. The editors of CEE Legal Matters conducted research across the region to identify the lawyers who would receive the Market Maker awards for each CEE country, inviting them to the special ceremony. </p><p> </p><p>David Stuckey, Executive Editor of CEE Legal Matters, commented on the night's events: "Having so many of the most influential, widely-recognized, highly-respected, and outrageously talented lawyers from across Central and Eastern Europe in one room was a special thrill. These lawyers did not just play a passive role in the transformation of their markets — to a large extent they made that transformation happen. In the course of our research in these 22 markets we discovered the Market Makers to be uniformly recognized for their intelligence, commercial instincts, business savvy, and dedication to the countries they live in. And, of course, their success and the reputation they've established over many decades is an obvious testament to their abilities, skill, and commitment to the highest standards of ethical advocacy. We were honored to have them join us last night, and proud to have brought them together for this one special evening."</p><p> </p><p>Dragan Karanović, upon receiving the award, thanked his fellow co-founders, partners and colleagues for their support and trust, stating that it is thanks to them that he is being honoured tonight. </p><p>"I will end on one final note. Integrity. This has always been our creed at Karanović & Nikolić. Despite the trials and tribulations along the way, and even today in our region, our integrity has led us here, to this most excellent assembly", said Mr. Karanović.</p><p><br></p><p><br></p><p><em class="ms-rteStyle-Quote" style="font-weight:normal;font-size:16px;font-family:"times new roman", georgia, serif;text-align:justify;">The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.</em>​<br></p><p>​</p>
Frikom in the Commission’s Crosshairs Frikom in the Commission’s Crosshairs | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/06/06/Frikom-in-the-Commission’s-Crosshairs.aspxFrikom in the Commission’s Crosshairs Frikom in the Commission’s Crosshairs | News | Karanović & Nikolić string;#06/06/2017<p>​On the 29<sup>th</sup> of May 2017, the <a href="http://www.kzk.org.rs/en/">Serbian Competition Commission</a> initiated <em>ex officio</em> proceedings against the <a href="http://www.frikom.rs/rs-en">Industry of frozen foods Frikom d.o.o. Beograd</a> ("<strong>Frikom</strong>"), the largest producer of ice-cream in Serbia. This was done in order to establish whether the company abused its dominant position on the market of the distribution and sale of ice creams.</p><p style="text-align:justify;">The Commission allegedly has clear indications that Frikom was granting additional rebates and/or monetary payments to its customers which are at the same time the customers of competing ice-cream producers/distributors. Supposedly, this was done with the aim of incentivising the customers to cease further cooperation with Frikom's competitors. According to the Commission, such behaviour is likely to result in both the elimination of existing and the prevention of new competitors, by way of which Frikom might have abused its dominant position on the market of distribution and sale of ice creams.</p><p style="text-align:justify;">The day following the initiation of proceedings, the Serbian Competition Commission carried out a dawn raid at Frikom's business premises. It seems that there is no doubt anymore that the dawn raids are quickly becoming a popular tool of the Serbian Commission. </p><p style="text-align:justify;">Frikom was already found by the Commission to be a dominant undertaking on the market of the production and sale of ice-cream back in 2012. That ended in a fine levied upon Frikom for the abuse of its dominant position.</p><p style="text-align:justify;">Since the proceedings against Frikom have just been initiated, the Commission invited third parties to provide further evidence which could be important in order to determine the substantial facts in this proceedings.</p><p style="text-align:justify;"> </p><p style="text-align:justify;"><em class="ms-rteStyle-Quote">The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.</em></p>
The Fourth Edition in the Focus on Energy Series The Fourth Edition in the Focus on Energy Series | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/06/02/The-Fourth-Edition-in-the-Focus-on-Energy-Series.aspxThe Fourth Edition in the Focus on Energy Series The Fourth Edition in the Focus on Energy Series | News | Karanović & Nikolić string;#02/06/2017<p>​​Karanović & Nikolić is proud to present the Fourth Edition in the Focus on Energy series. We bring you a number of interesting stories and articles, analysing in detail the situation and trends in the Energy sector in Southeast Europe. The articles in the book focus mainly on the countries of former Yugoslavia – Bosnia and Herzegovina, Croatia, Macedonia, Montenegro, Serbia and Slovenia.</p><p>This work is the result of joint efforts by lawyers in cooperation with Karanović & Nikolić and our external contributors who are all experts in their fields.</p><p>To see the preview, follow this <a href="/knexpertise/IndustryDownloads/9/KaranoviNikoliFocusOnEnergy2017_preview.pdf"><span style="text-decoration:underline;"><font color="#3b3b3b">link</font></span></a>. </p><p>If you have any questions concerning this publication, please write to <a href="mailto:bd@karanovic-nikolic.com">bd@karanovic-nikolic.com​</a>.</p>
Karanović & Nikolić Updates Terms of Business Karanović & Nikolić Updates Terms of Business | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/06/01/Karanović--20Nikolić-Updates-Terms-of-Business.aspxKaranović & Nikolić Updates Terms of Business Karanović & Nikolić Updates Terms of Business | News | Karanović & Nikolić string;#01/06/2017<p>We would like to inform our clients that we have introduced some technical changes to our terms of business. These changes will be applicable to all clients as of 1 June 2017. For clarifications or to inquire about the changes in more detail, please email <a href="mailto:KNSerbia@karanovic-nikolic.com">KNSerbia@karanovic-nikolic.com</a>. </p><p>The new terms of business can be found at <a href="/terms-of-business"><span lang="EN-GB" style="text-decoration:underline;">https://www.karanovic-nikolic.com/terms-of-business</span></a></p>
Karanović & Nikolić at FREI 2017 Karanović & Nikolić at FREI 2017 | News | Karanović & Nikolić https://www.karanovic-nikolic.com/knnews/Pages/2017/05/26/Karanović--Nikolić-at-20FREI-2017.aspxKaranović & Nikolić at FREI 2017 Karanović & Nikolić at FREI 2017 | News | Karanović & Nikolić string;#26/05/2017<p>Karanović & Nikolić attended the <a href="http://www.freitime.com/en/"><span lang="EN-GB" style="text-decoration:underline;">8</span><span lang="EN-GB" style="text-decoration:underline;"><sup>th </sup></span><span lang="EN-GB" style="text-decoration:underline;">Festival of Real Estate Investments – FREI</span></a>, held in Budva, Montenegro, between the 15<sup>th</sup> and 18<sup>th</sup> May. </p><p>FREI is now in its 8<sup>th</sup> iteration and has grown to be one of the most significant real estate conferences in the Western Balkans. It was organised under auspices of the <a href="http://www.mrt.gov.me/en/ministry"><span lang="EN-GB" style="text-decoration:underline;">Montenegrin Ministry of Sustainable Development and Tourism</span></a>. The participants varied from representatives of the Montenegrin state authorities, to guests from the private sector – including major investors in hospitality industry, experts on niche markets such as branded residences, lawyers, investment and portfolio managers. The programme and the participants attracted the interest of the media, and the conference had a substantial, region-wide coverage. </p><p>The programme of the conference included topics related to policies designed to boost investments in the real estate sector, with a special emphasis on the hospitality industry. The discussion ranged from proposed changes to the planning and construction legislation, reforms in sustainable development as support to investments in tourism, to the importance of integration processes for investments in the real estate sector. Other panels covered the potential of Montenegro as a destination for the development of luxury hotels, the financing of development projects, small hotel management and forecasts on the growth of the hospitality industry in the Mediterranean region. </p><p>The panellists included policy makers, executive power representatives, municipal authorities, investors, consultants, portfolio managers, planners, architects and company officials of largest investors in the real estate sector in Montenegro.  </p><p>One of the conclusions from the conference is that Montenegro`s potential as a high-end destination is only going to grow. Prospects of the Boka Bay area, where there are currently two major, large-scale development projects – Portonovi by <a href="http://www.azmont.com/"><span lang="EN-GB" style="text-decoration:underline;">Azmont</span></a> and Luštica Bay by <a href="https://www.orascomdh.com/"><span lang="EN-GB" style="text-decoration:underline;">Orascom Development</span></a>, in conjugation with a success story that is Porto Montenegro, are a corner stone of the new trend of large-scale development projects on the Montenegrin coast line. </p><p>Investments in the north region, particularly in tourism sector, are going to accelerate with the construction of a highway between the Capital, Podgorica, and the northern region. Five new ski resorts, planned to open by 2020, will significantly increase the diversity of the offer of that region. Expectations are that this will broaden the tourist season, while a beneficial tax policy for investments in the north and the development of business zones in several municipalities in that region are expected to attract further investments. </p><p><em> </em></p><p><span class="ms-rteStyle-Quote">This document was made by local lawyers in cooperation with Karanović & Nikolić. This information does not constitute legal advice on any particular matter whatsoever, and is provided only for general informational purposes. </span></p><p>​</p>