Romania Chapter in the CEE Legal Matters Comparative Legal Guide: Competition 2024

April 2024 Anca Diaconu and Rares Farcas have authored the Romania Chapter of the CEE Legal Matters Comparative Legal Guide: Competition 2024, published by CEE Legal Matters. The guide serves as a compass, providing in-depth analysis and insights on main competition pieces of legislation, notable recent updates, the main concerns of the competition authority as well as its sanctioning record, how a leniency policy is applied, and an overview of relevant recent abuse cases, as well as the impact of COVID-19, across 15 jurisdictions in the region. The Romania Chapter of the CEE Legal Matters…

Certain Considerations on Delegation of Director’s Powers in a Limited Liability Company

April 2024 While rendering day-to-day corporate advice to various clients, we have noticed lately a trend specific to limited liability companies, which involves allowing the directors of the respective companies to delegate all their powers to another individual for certain operations, either via the Articles of Incorporation or by resolution of shareholders. The matter itself should not raise specific concerns, as this right is already provided by the Companies Law 31/1990 (i.e., the possibility for the director to delegate his powers). However, the way such delegation of powers is actually…

April 2024 Reasons for the dismissal decision by reference to the temporary nature of the employment contract and the primacy of European Union law in...

April 2024  The Court of Justice of the European Union (the “Court of Justice of the EU” or the “Court”) delivered a judgment, on 20 February 2024, in Case C-715/20 (K.L. v X sp. z o.o.), in which it ruled as follows: Clause 4 of the Framework Agreement on fixed-term work concluded on 18 March 1999 (the “Framework Agreement”), which is included in the annex to Council Directive 1999/70/EC of 28 June 1999 concerning the framework agreement on fixed-term work concluded by ETUC, UNICE and CEEP (OJ 1999 L 175, p.43, Special edition, 05/vol. 5, p. 129) must be interpreted as precluding…

Romania – a Strong Option for Investors

March 2024 With key offerings including a significant market (the second largest in CEE), EU-shaped legislation, NATO membership, and a well-educated workforce in a hospitable resource-rich, and geographically privileged location at the crossroads between Europe and Asia, Romania is a growing economy. To give investors a quick understanding of the local legislation impacting doing business in Romania, NNDKP lawyers and consultants prepared a digest covering legal and tax implications to be considered when entering or enhancing an already existing presence on the domestic market. “Investing…

NNDKP Assisted a Syndicate of Banks with a EUR 101.5 million Financing to RodBun Group

March 2024 Nestor Nestor Diculescu Kingston Petersen (NNDKP) assisted a syndicate of banks in providing a loan facility totalling EUR 101.5 to RodBun Group, by refinancing and increasing existing facilities by EUR 37.14 million. RodBun is an integrator of agricultural products and solutions and one of Romania’s most important players in this field. The syndicate of banks included Banca Comercială Română S.A., as Initial Lead Arranger, Bookrunner, Documentation Agent, Facility Agent, and Security Agent, CEC Bank S.A., Raiffeisen Bank S.A., ING BANK N.V. Amsterdam – Bucharest Branch, as…

NNDKP Assists a Syndicate of Banks in Extending USD 150 million Credit Facilities for ALRO SA for Another Three Years

December 2023 Nestor Nestor Diculescu Kingston Petersen (NNDKP) has assisted a syndicate of banks with the amendment and extension until 2026 of USD 150 million working capital credit facilities for ALRO S.A., one of the largest vertically integrated aluminum producers in Europe, by production capacity. The syndicate of banks was coordinated by Exim Banca Românească and included Banca Comercială Română SA (BCR), OTP Bank Romania, CEC Bank, UniCredit Bank, Alpha Bank Romania and Banca Transilvania. NNDKP assisted the banks on the Romanian law aspects throughout the project, advising on the…

NNDKP Assists Impact Developer & Contractor SA in EUR 8 million Corporate Bond Issue

November 2023 Nestor Nestor Diculescu Kingston Petersen (NNDKP) assisted Impact Developer & Contractor SA in connection with a EUR 8 million corporate bond issue. NNDKP was involved in negotiating and concluding the documentation in relation to the bond issue and supported the client throughout the transaction. The NNDKP team advising on this transaction was led by Alina Radu, Partner and Head of the Banking and Finance practice, who was joined by Alexandru Ciambur, Senior Associate in the same practice. Impact Developer & Contractor will use the obtained funds to prefinance…

NNDKP Assisted Insight Enterprises in Acquiring Amdaris, a European Technology Company

October 2023  Nestor Nestor Diculescu Kingston Petersen (NNDKP) was part of the international team of advisors that assisted Insight Enterprises, a Fortune 500 Solutions Integrator focused on driving client success through digital transformation, in acquiring Amdaris, a software development and digital services company based in the UK, with service delivery centers located in several Eastern European countries. As part of the acquisition process, NNDKP assisted the law firm Armstrong Teasdale in London, the European counsel of Insight Enterprises, in carrying out a due diligence check over the…

NNDKP Named Tax Disputes Firm of the Year in Romania by International Tax Review

September 2023 Nestor Nestor Diculescu Kingston Petersen (NNDKP) was named Tax Disputes Firm of the Year in Romania at the 2023 edition of the ITR EMEA Tax Awards organized by the International Tax Review. The 18th edition of the awards acknowledges the innovative approach, performance, and key role played by the strongest tax, tax disputes, and transfer pricing teams of experts across 34 jurisdictions throughout the region in developing the global advisory services market. The award received by NNDKP is an international recognition of the performance, professionalism, and achievements of NNDKP’s…

NNDKP Has Assisted a Syndicate of Banks in Providing EUR 550 Million in Financing to the Swiss Group Ameropa

August 2023 Nestor Nestor Diculescu Kingston Petersen (NNDKP) has assisted a syndicate of banks in providing EUR 550 million in financing to the Swiss group Ameropa, which owns some of the largest local agribusiness companies – Azomures, Romania’s largest fertilizer producer, Ameropa Grains SA, a major grain trader, and Chimpex, a leader in port operations. The syndicate of banks consisted of Banca Comercială Română SA, Raiffeisen Bank SA, ING Bank Romania, Unicredit Bank SA, Alpha Bank Romania SA, Banca Transilvania SA, BRD Groupe Societe Generale SA, Banca Comercială Intesa Sanpaolo…

NNDKP Successfully Finalized Arbitrations Worth over EUR 50 Million

July 2023 NNDKP has successfully finalized the two successive arbitration cases related to the design and execution of one of the four sections of the Sebes-Turda motorway. These arbitrations, which started in 2017 and 2019, respectively, and spanned more than 3 years each, were related to the claims raised by the Contractor – an extension of time, additional costs, loss of profit, and interest having an aggregate value of over EUR 50 million, arising in connection with the performance of the same administrative contract drafted based on the FIDIC Yellow Book (1999) rules (design and build). The…

Romania’s Transgaz Begins Works at EUR 500 Million BRUA-Black Sea Pipeline

June 2023 Romania's natural gas transport system operator Transgaz signed with a Turkish construction company the works commencement order for the execution of the Tuzla-Podisor gas pipeline, a EUR 500 million project aimed to bring natural gas from offshore Black Sea perimeters to the BRUA corridor. The works commencement order comes three months after Transgaz signed on March 16 the capacity booking contract with OMV Petrom and Romgaz for the entry/exit point of Tuzla, where the natural gas from the Black Sea (Neptun Deep) will enter the national transport system - NTS. Background information:…