Non-Compete Clause Limitations And Third Parties’ Involvement

October 2022 Authors: Selin Balkir Ercin, Begum Acar, Kolcuoglu Demirkan Kocakli Attorneys at Law The non-compete obligation requires a party to refrain from operating in another party’s field of work, in a particular geographic area, for a specific period of time. While this obligation may arise from an agreement between parties, it may also arise from the law. Turkish law obliges persons with certain legal status to refrain from competing, in view of managing potential conflicts of interest. An employee’s duty of loyalty containing the obligation not to compete with the employer, as long…

Investment Round for Agave Games

September 2022 Mobile game start-ups, which have become one of the most popular areas of our start-up ecosystem, come up with a new investment every day. Agave Games, which completed its pre-core investment round in September of last year, announced that it has received a new investment. According to the information provided by Agave Games, the venture received an investment of USD 7 million in the seed investment round. Agave Games' USD 7 million seed funding was led by London-based Balderton Capital, which was among the investors of Dream Games, one of the most important initiatives of Balderton…

Investment Round for Spyke Games

September 2022 Spyke Games' new investment was announced in live broadcast. According to the information provided by Spyke Games, the start-up received a total investment of USD 55 million in the seed investment round. Spyke Games' seed funding of USD 55 million was made by Griffin Gaming Partners. According to the information provided by Spyke Games, the investment of USD 55 million will be used for the launch and development activities of the game, as well as growing the team of the start-up. It is aimed to increase the team members 2 - 3 times in the coming months.

Gokceada Renewable Power Plant Project

September 2022 The 2-megawatt renewable power plant in Gökçeada will be integrated into the virtual power plant system to be established and will enable electricity supply from clean sources. In the virtual power plant project (VPP4Island), which includes 19 partners from countries such as England, France, Italy, Spain, Germany, Denmark and the Netherlands, Turkish Electricity Generation Company (EUAS)'s stakeholders are Bozcaada Municipality, Troya Environment Association and Inavitas. 70% of the total cost of EUR 7.2 million of the project, which will be implemented under the EU Horizon 2020…

Turkey’s First Locally Produced Car

September 2022 After years of waiting, the features and design of the car, which will be produced locally in Turkey, were introduced in 2020.  The construction of TOGG’s factory in Bursa with an investment cost of TRY 22 billion (EUR 1.2 billion) began in May 2020. According to the relevant authorities’ recent statements, 99% of the construction works have been completed and it is planned that the factory commences its operations on October 29, 2022. 4,323 people, including 300 qualified personnel, will be employed at the factory. A total of five models will be produced and 176,000 cars…

Akkuyu Nuclear Power Plant

Akkuyu Nuclear Power Plant in Mersin is expected to become a major energy resource for Turkey.

Airport Investments

The Investment Office states that increasing the total passenger capacity of the Turkish airports to 350 million per year is aimed at an expected investment amount of USD 30 billion.

1915 Canakkale Bridge Put in Service

May 2022 1915 Canakkale Bridge was put into service on 18 March 2022. 4,608-meter-long bridge connects two coasts of Canakkale. It is expected that the construction of the bridge will also have a significant affect on the development of the region by enabling the integration of ports, railway and air transportation systems in the Marmara and Aegean regions. The project’s contribution to the economy is estimated to be EUR 628 million. It also has an impact of (i) EUR 2 billion 442 million on national income, and (ii) EUR 5 billion 362 million on production activities.

Competition Law Bulletin in the Last Quarter of 2021

January 2022 Authors: Neyzar Unubol, Ali Tuncsav, Kolcuoglu Demirkan Kocakli Law Firm 2021 has been an active period in the field of competition law in Turkey. The ratification of the secondary legislation on the recently introduced commitment, settlement, and de minimis mechanisms, the Turkish Competition Authority’s reports on sector inquiries regarding fast-moving consumer goods (FMCG), e-marketplace platforms and payment services sector, and the Competition Board’s (the “Board”) notable decisions made 2021 a very dynamic period in terms of competition law. This bulletin briefly covers…

Ford Otosan Investment

January 2022 Ford Otosan announced that a new investment of EUR 2 billion will be made within the scope of the transformation of the Kocaeli factories, which is one of Europe's largest commercial vehicle production bases, to produce electric cars. Accordingly, within the strategic partnership of Ford and Volkswagen, the new generation of Volkswagen commercial vehicles model 1-ton will be produced in Turkey by Ford Otosan. With this new investment, the Kocaeli factories aim to become Turkey's first and only integrated production facility of electric vehicles. With this 10-year investment, the…

Isparta Pumped Storage Hydroelectric Power Plant Project

December 2021 Turkey’s first pumped storage hydroelectric energy power plant is planned to be commissioned in Egirdir, Isparta. The plant will contain four units of special turbines with 250 MW and will have a total power of 1,000 MW. The project will be carried out by the Turkish subsidiary of General Electric Company, Gezhouba Group, KAF Teknik Yapi Sanayi Ticaret Anonim irketi. Following the completion of preliminary assessments, Gezhouba Group and KAF Teknik have recently executed project agreements with a total value of approximately USD 1.5 billion. 

Financial Action Task Force's Updated Guidance: Virtual Assets and Virtual Asset Service Providers

Authors: Mayis Busra Mollaahmetoglu, Can Baykut The Guidance mainly aims to aid private sector entities engaging with virtual asset activities or operations and help them to understand and comply with their AML/CTF obligations. Within this scope, in the Guidance, the FATF clarifies the definitions of virtual assets and VASPs and addresses new areas concerning virtual asset space, such as non-fungible tokens, stablecoins, peer-to-peer transactions, and decentralised finance. The Guidance further sets out the requirements for VASPs and suggestions for countries to adopt to oversee compliance with…