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Nortel Networks (Netas) Acquisition by OEP
On 22 December 2010, One Equity Partners ("OEP") and Rhea Investments acquired 53.13% of the total share capital of Nortel Networks Netaş Telekomunikasyon A.Ş. ("Netas"), a listed company on the Istanbul Stock Exchange in Turkey, for a consideration of US$ 68,039,777 from Nortel Networks International Finance and Holding B.V. (in administration) ("NNIF").
Paksoy is pleased to announce that partners M. Togan Turan and Omer Collak acted as external counsel in conjunction with Latham & Watkins in representing One Equity Partners in this matter. The Seller, NNIF, is represented by Herbert Smith (as international counsel) and Somay (as local counsel) on this transaction.
For more information please visit www.paksoy.av.tr
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Squeeze-out and sell-out rights in Turkish public companies are regulated by the Communiqué on Squeeze-Out and Sell-Out Rights (the " Communiqué ") published in the Official Gazette dated 2 January 2014 effective as of 1 July 2014. The Communiqué was issued by the Capital Markets Board of Turkey (the " CMB ") in accordance with the Capital Markets Law and regulates the right to squeeze-out minority shareholders by the controlling shareholder and the minority shareholders' rights to exit the public company by selling their shares to the majority shareholder.- Paksoy
I - Introduction and Recent News on the Assignment of the Duties to Social Security Institution
The Turkish Constitutional Court recently decided that the right to privacy can be violated on the Internet. The court's decision numbered 2014/16701 ("Decision") was delivered on October 13, 2016 and concerned a military officer's dismissal from the Turkish Armed Forces ("TAF"). The ground of the dismissal was that the officer's private life is not suitable for TAF's ethical code of conduct and this information was provided from the images which were broadcasted on the Internet. The officer ("applicant") individually applied to the Turkish Constitutional Court claiming that the principle of proportionality was not considered in the dismissal and his right to privacy was violated since the evidence is obtained unlawfully.
Turkey's main regulation regarding advertisements, the Regulation on Commercial Advertisement and Unfair Commercial Practices ("Regulation") was amended with another regulation published on the Official Gazette of 4 January 2017, effective immediately. Those who advertise their products and services, advertisement agencies and the media that publishes such advertisement should abide by the Regulation.
Overall, this was a more active year for FCPA enforcement actions when compared to 2015. This year, Department of Justice ("DOJ") took a total of 10 enforcement actions and Securities and Exchange Commission ("SEC") took a total of 25 enforcement actions. Like last year, SEC is more active than DOJ, in terms of numbers of the enforcement actions. Of the 10 enforcement actions taken by DOJ, only 1 of them was related to a real person. Of the 25 SEC enforcement actions 4 of them were related real persons.
Turkey adopted a new regulation for personal and private data protection.
The Regulation on Processing and Protecting the Privacy of Personal Health Data ("Health Data Regulation") has recently been published on the Official Gazette, on October 20, 2016 and came into force on the same date.
Transparency International ("TI") has published its regional Corruption Barometer for Europe and Central Asia ("Report") on 16 November 2016.
Since the enactment of the Foreign Corrupt Practices Act ("FCPA") on 1977, USA has been the leading the international fight against corruption. FCPA sets forth a standard for other jurisdictions in its extraterritorial and rigorous enforcement of its rules and regulations against corruption. In addition, OECD Convention on Combatting Bribery of Foreign Public Officials in International Business Transactions ("Convention") has been another push force in the field, obliging its signatories on a global scale to strengthen their laws to fight international corruption. Following the US leadership and acting under the awareness raised by the Convention on the issue, recent years witnessed legislative developments from many countries which sought more effective ways of fighting corruption. This article will focus on two of the recent legislative updates in the arena of fighting corruption, namely, the developments in France and Germany.