Karanovic & Partners > Belgrade, Serbia > Firm Profile

Karanovic & Partners

Serbia > Banking and finance Tier 1

The impressive track record of Karanovic & Partners‘ banking and finance team includes syndicated loan facilities, financial derivatives transactions, and large NPL portfolio transactions. The firm is also sought out by international financial institutions and major banks for regional project financings. Senior partner Darko Jovanović specialises in infrastructure and energy financing, construction projects, and PPP developments; Maja Jovančević Šetka‘s ‘extraordinary work truly sets her apart’; and Katarina Gudurić covers project finance, restructuring, refinancing, securities, and financial derivatives trading. Tijana Arsenijević is another senior member of the banking and finance practice.

Practice head(s):

Darko Jovanović; Maja Jovančević Šetka; Katarina Gudurić

Other key lawyers:


Continuously handles a variety of legal matters in an excellent manner, with all the lawyers from different departments working together on a deal as one team.’

‘They excel in commercial awareness – this is one of their greatest features.’

‘Their attorneys are proficient in industry-specific regulations and familiar with market trends, so they are able to anticipate the potential risks relevant to business.’

Some clients wouldn’t use anyone else for a complex deal after working with them – they are the best.

Clients feel completely secure in their advice, as they can witness the amount of experience that goes into everything they present.

They think ahead of every possible option that could influence the deal and prepare a solution to protect clients’ interests. They make it really easy for clients to stay loyal to them.

They are exceptionally friendly, clear in their communications, and quick to answer. Clients feel supported and informed throughout the entire process.

‘Maja Jovančević Šetka – remarkable ability to collaborate effectively and apply practical expertise while navigating complex issues, practices and boundaries effortlessly. Her extensive understanding and knowledge of banking and financing law go above and beyond, and her dedicated approach to finding solutions is exceptional, minimising any potential risks. Maja’s extraordinary work truly sets her apart in the legal field.’

Key clients


Pannonia Bio (ClonBio Group)

OTP Fund Management

European Bank for Reconstruction and Development

International Finance Corporation

City of Belgrade

Finance in Motion

KfW Bankengruppe

Serbian Entrepreneurship Foundation



Work highlights

  • Advised Axpo, as an off-taker, on a 105.5 MW wind farm project, which included structuring a financial PPA.
  • Advising Pannonia Bio (ClonBio Group), as sponsor, on the development and financing of six biogas power plants.
  • Advised OTP Fund Management, Hungary and OTP Banka Srbija on the joint acquisition of ILIRIKA DZU in Serbia.

Serbia > Commercial, corporate and M&A Tier 1

Karanovic & Partners‘ corporate and commercial team is consistently mandated for high-end transactions in Serbia, as well as throughout the SEE. Founding partner Dragan Karanović heads up the corporate and commercial practice, which showcases corporate, commercial, real estate and energy law specialist, Miloš Vučković; and Marjan Poljak, whose track record includes numerous M&A transactions. The department further includes ‘excellent lawyerMiloš JakovljevićIvan Nonković, who advises on M&A, takeovers, privatisations and restructurings; and corporate and commercial law practitioner Goran Radosevic. Other active advisers are Sava Drača, Marko Ćulafić and Jelena Zelenbaba.

Practice head(s):

Dragan Karanović; Miloš Vučković; Marjan Poljak


‘Communication with these lawyers is excellent. They are dedicated to what they undertake and they are professional.’

‘Provides coverage to the client at all times, and the billing policy is value for money.’

‘Very up to date on the technological side, using the relevant tools to provide professional and fully compliant services. Good internal organisation, providing the client with only one or two people as contact points.’

‘Miloš Jakovljević is an excellent lawyer,  who always provides strong technical, yet commercial and creative, solutions for issues. He is very knowledgeable and has great insight of the market and the industry.’

‘Ivan Nonković has excellent client communication skills, is to the point, and has the required legal experience to manage M&A deals.’

‘Ivan Nonković has a good understanding of the international aspects of a deal and makes valuable proposals during the negotiation process.’

‘Sava Drača is an excellent lawyer. He has the experience and knowledge to manage M&A deals, as well as excellent communication skills. On time with the deliverables and his legal texts are clear and understandable.’

‘Marko Ćulafić has great experience in M&A and is a highly valuable contributor to matters. His proactive attitude, prompt responsiveness and professionalism are great assets to clients.’

Key clients




Inditex Group




GE Healthcare

DS Smith

Saudi Aramco

Colt Technology Services

Penta FinTech

OTP Hungary


Work highlights

  • Advises Pfizer on a wide range of legal matters, including commercial issues.
  • Advised Accenture on the acquisition of umlaut, an engineering consulting and services firm headquartered in Germany.
  • Advised ElevenEs, a brownfield start-up with an existing R&D centre that aims to pioneer LFP (cobalt free) cathode battery technology to commercialise LFP battery cells for electric vehicles, on all aspects of its business activities.

Serbia > Competition Tier 1

Definitely the firm to work with’, Karanovic & Partners acts for multinational, regional and domestic clients in the SEE region on major regional transactions with multi-jurisdictional features, as well as high-profile antitrust investigations. The main advisers are senior partner Rastko Petaković, who is particularly focused on private equity, TMT and fast-moving consumer goods clients; Bojan Vučković, the ‘absolute top choice for cartel and merger work’; and Bojana Miljanović Hussey, whose track record includes several significant merger control and antitrust matters. The team further features rising stars Mladen Vujić and Jelena Obradović.

Practice head(s):

Rastko Petaković; Bojan Vučković; Bojana Miljanović Hussey

Other key lawyers:


‘The go-to team for competition law matters in Serbia and other CEE/SEE countries where they have offices. They are also well connected in other countries in the region where they do not have offices.’

‘They are very professional, know the authorities well, are fast at responding, and offer pragmatic and thought-through solutions.’

‘They are definitely the firm to work with and fully recommended for any competition law issue.’

‘Rastko Petaković and Bojan Vučković are star practitioners with impressive track records.’ 

‘Bojan Vučković and Mladen Vujić are very knowledgeable and highly recommended competition lawyers.’

‘The practice is truly unique in covering the whole of the SEE region and the West Balkans. They provide top-quality advice alongside international standards and a deep understanding of local specifics. The best law firm choice for any country north of Greece and south of Hungary.’

‘Bojan Vučković stands out – great overview of matters and with strategic foresight. Absolute top choice for cartel and merger work.’

‘Bojana Miljanović Hussey is a great technical lawyer and communicator.’

Key clients

Saudi Aramco

Deutsche Lufthansa AG


ALFI Private Equity Fund


Heinzel Group

Schwarz Group

Nippon Express Holdings, Inc.

Work highlights

  • Assisted Saudi Aramco with merger control proceedings in Serbia, Slovenia and Albania (in cooperation with local lawyers), which concerned the acquisition of the Global Products Business of Valvoline, Inc.
  • Assisted VINCI Energies with merger control processes in Serbia, Montenegro and Albania (in cooperation with local lawyers), regarding the acquisition of Kontron AG’s IT services business in the Czech Republic, Slovakia, Poland, Croatia, Serbia, Albania, Montenegro, North Macedonia, Germany and Switzerland.
  • Assisted Slovenian private equity fund Alfi with merger control processes in Serbia, Montenegro, Croatia and North Macedonia, regarding the acquisition of Sportina Group.

Serbia > Dispute resolution Tier 1

Karanovic & Partners‘ ’well-organised and top-quality team’ has enviable experience in international investor-state and commercial arbitrations. It also acts in construction, shipping and employment disputes, along with M&A, bankruptcy and IP-related litigation, and white-collar crime and fraud cases. ‘Really impressive in court’, Milan Lazić heads up the regional arbitration and litigation offering, while Milica Savić predominantly focuses on investment and commercial arbitration work. The department also showcases Aleksandar Novaković, a practitioner in civil and commercial litigation, debt recovery, insolvency proceedings, and fraud investigations; and Andrej Jelenković, who ‘manages courtrooms with ease’.

Practice head(s):

Milan Lazić

Other key lawyers:


‘Well-organised and top-quality team that is capable of handling a large amount of work.’

‘The team is well structured and consists of individuals who are experts in particular areas of law.’

‘They have proved themselves in court very many times, and clients are confident in their advice and proposed resolutions no matter the situation.’

Their whole disputes team is very professional, but also very approachable. They are very calm and able to explain everything clients need to know when in court, and they are confident and resolute when dealing with the opposite party.

‘Milan Lazić is a real professional, who exhibits confidence in his work and is really impressive in court. Milan is very experienced and able to provide quality and creative advice quickly, even on complex issues.’

‘Milica Savić is a real expert and very approachable, and clients find her advice to be practical.’

‘Andrej Jelenković manages courtrooms with ease.’

‘A specific standout is Aleksandar Novaković. He is business oriented, responsive, a good strategist, great at case management, and an expert in construction disputes.’

Key clients

Bosnia and Herzegovina

MK Group d.o.o. Serbia

OTP Bank Group (former Société Générale)

Pizzarotti| Group

Italiana Costruzioni S.p.A.

Johnson Electric

Ball |Corporation

Dutch Environment Corporation (DEC Group)


Hellenic Petroleum

Work highlights

  • Acted as lead counsel for the Government of Bosnia and Herzegovina, in an ICSID arbitration case regarding a hydropower plant concession on the river Vrbas.
  • Acting for Italiana Costruzioni in construction-related disputes, involving the Corridor XI highway project connecting Belgrade to the South Adriatic.
  • Acting for Pizzarotti in respect of its operations in Serbia and involvement in the construction of Belgrade Tower.

Serbia > Employment Tier 1

Always able to understand clients’ needs’, Karanovic & Partners‘ team has a strong market reputation for its advice on day-to-day employment issues, the employment side to M&A, labour disputes, redundancies, and terminations. Other key areas are outsourcing, secondments, benefits, pensions, harassment, whistleblowing, sick leave and work-related injuries. The practice is led by the ‘knowledgeable and trustworthyMilena Jakšić Papac, whose expertise includes trade union relations and collective bargaining; and employment specialist Jelena Ašanin is a March 2023 hire from Harrisons Solicitors. Boris Radojčić and Milijana Tomić are the rising stars to note.

Practice head(s):

Milena Jakšić Papac


‘High-quality service, good relationships and professional advice.’

‘Milena Jakšić Papac is a great professional – knowledgeable and trustworthy.’

‘Boris Radojčić is clear, available and practical.’

‘The team responds quickly to issues in a practical way.’

‘The team is always able to understand clients’ needs very quickly, which is of great value.’

‘The team handles complex matters in a delicate but very hands-on way. They are very pragmatic and able to guide their clients through Serbia’s legal landscape by providing to-the-point guidance.’

‘Milena Jakšić Papac’s team is very pragmatic and really has a deep understanding of the needs of the client.’

‘Boris Radojčić is very commercial and great to work with. ’

Key clients



Inditex Group (Zara)

Johnson Electric International AG

West Pharmaceutical Services

Ericsson doo Belgrade









Sika Group


Work highlights

  • Advising Stellantis on various employment issues, including a complex transformation project involving over 1,500 employees.
  • Advising Wargaming on setting up its business operations in Serbia (involving 800 employees), which involves a wide range of employment advice, immigration consultations, and human resources compliance matters.
  • Advising Bechtel on the employment aspects of the construction of the Morava Corridor, a road connecting Trans-European transport Corridors X and XI.

Serbia > Projects and energy Tier 1

Well known for its enviable cross-border footprint, Karanovic & Partners‘ ‘brilliant lawyers’ act for developers, investors, lenders and contractors on a broad range of projects in the electricity, renewables, and oil and gas sectors. The team is particularly experienced in the construction of power plants, power purchase agreements, energy trading, renewable support schemes, and energy financing. Senior partner Miloš Vučković is a renewable energy and mining specialist; energy project expert Petar Mitrovićaddresses all issues and theoretical problems’; and ‘dedicated lawyerKatarina Tomić advises on energy sector-related M&A, financings and projects.

Practice head(s):

Miloš Vučković; Petar Mitrović

Other key lawyers:


Fully dedicated to clients and very efficient.

Takes care of all matters that need addressing.

They take the load off the client by preparing everything in advance and explaining everything in a straight and simple way, even complicated structures.

They have brilliant lawyers.’

‘Warm and personal treatment for clients.

Petar Mitrović is a brilliant lawyer who addresses all issues and theoretical problems, but is very solution oriented and knows how to liaise with people perfectly.

Katarina Tomić is a most dedicated lawyer – always fully in the picture and on every detail.’

‘Katarina Tomić’s commitment and compassion are outstanding.

Key clients


Axpo Group


Serbia Zijin Mining (Rakita Exploration d.o.o.)

Windvision Operations

Akuo Energy Central Europe

Nova Power & Gas S.R.L.




Wien Energy – EBH d.o.o.


Euro Lithium Balkan



Rio Tinto

O.Y. Nofar Energy Ltd.

Bechtel International

Ecowind d.o.o.

Work highlights

  • Assisted with the acquisition of biogas plants in Serbia and general project assistance.
  • Advising Bechtel, a US civil engineering group, which (alongside Enka) is engaged in the construction of the Morava Corridor, a road connecting Trans-European transport Corridors X and XI.
  • Assisted ClonBio with the acquisition of four biogas project companies through a holding company in Serbia.

Serbia > Real estate and construction Tier 1

With ‘a deep understanding of Serbian laws and practices’, Karanovic & Partners' sizeable group consistently handles large-scale, cross-border projects. Representative work ranges from real estate transactions, property management and lease drafting, to construction projects, FIDIC document preparation, and real estate project finance. Senior partner Miloš Vučković is particularly focused on renewables and mining, while Ana Luković leads the firm’s regional real estate department. Also key to the team, Milorad Gajić‘s wide-ranging real estate practice includes investment sales and acquisitions, and Nemanja Providžalo is a March 2023 recruit from SOG in cooperation with Kinstellar.

Practice head(s):

Miloš Vučković; Ana Luković

Other key lawyers:


‘The team has a deep understanding of Serbian laws and practices.’

‘They have shown that they are able to handle a lot of different queries under extreme time pressures.’

‘The team does its utmost to keep the client happy and takes a proactive and business-oriented approach. They regularly check in with clients and take on the role of trusted advisor.’

‘The team is always available for discussions and reverts within the given deadlines. This is highly appreciated.’

‘The real estate team is very responsive, pragmatic, and able to guide clients through Serbia’s legal landscape by providing to-the-point guidance.’

‘Milorad Gajić’s advice is always very pragmatic. He thinks further than the request made by the client, which makes him a trusted business advisor for real estate matters in Serbia.’

Key clients

Epic Games




Penta FinTech


Africa Israel Group



Bechtel International



Continental Teves AG & Co oHG


Takenaka Europe GmbH

Work highlights

  • Advising BIG CEE on several real estate acquisitions in the region, including the purchase of Plaza Kragujevac and Kruševac Shopping Centre from NEPI.
  • Advised Metro Properties Holding GmbH and Metro Cash & Carry on tendering and negotiating a build-to-suit deal, which included the construction of premises for Metro’s logistics operations in Serbia.
  • Advising Takenaka Europe GmbH on the construction of Toyo Tire’s first plant in Europe.

Serbia > Intellectual property Tier 2

A ‘go-to firm for trade marks in the region’, Karanovic & Partners' advice includes strategies for the enforcement of IP rights. The team also assists several software companies on copyright issues, particularly licensing work; and in relation to patents, the group advises on patent applications and prosecutes infringements. The department further collaborates with customs, market inspectors and private investigators during anti-counterfeiting operations. Heading the ‘proactive’ IP practice group, Nikola Kliska routinely advises on the development of trade mark portfolios, representing IP clients before the courts, and is experienced in anti-counterfeiting matters.

Practice head(s):

Nikola Kliska


‘The team’s proactive communication, timely updates, and commitment to excellence leaves no room for ambiguity or uncertainty.’

‘Thanks to their tireless efforts, clients achieve favourable outcomes.’

‘Nikola Kliska is a lawyer that clients are happy to have in their corner.’

‘As a one-stop-shop, they are a go-to firm for trade marks in the region.’

‘Clients value that the firm is happy to provide fee estimates prior to taking on a matter – provides security for clients engaging in cross-border portfolio management or enforcement work.’

‘The team approaches clients’ situations with a unique blend of expertise, diligence and determination.’

‘Nikola Kliska is terrific for trade mark matters and takes on mandates in Croatia, Serbia and Bosnia seamlessly, always having the clients’ best interests at heart.’

‘Nikola Kliska navigates clients through the intricacies of AI brilliantly.’

Key clients

Philip Morris International Management S.A.

Dutch Environment Corporation

Brand New World AG

Hidden Sound GmbH


Ball Packaging

Work highlights

  • Advised a movie producer from Hollywood on a co-production agreement and filming of multiple movies in Serbia.
  • Assisted a software company with a broad anti-piracy market sweep.
  • Advising a video on-demand platform on copyright issues across the Balkans, including Serbia.

Montenegro > Leading firms

Lauded by clients for its ‘professional and high-quality service‘, Karanovic & Partners often assists hospitality and tourism investors with real estate, infrastructure, as well as banking and finance mandates. Milan Lazić  heads the regional arbitration and litigation practice, Sandra Perišić is adept in corporate, real estate and employment matters, and Vera Vučelić Radunović is proficient in energy issues.

Practice head(s):

Milan Lazic; Vera Vučelić Radunović; Sandra Perišić


‘Karanovic & Partners provides professional and high-quality services.’

Key clients


Philip Morris Montenegro doo Podgorica

PETROL Montenegro, part of PETROL Slovenia

Ernst & Young Montenegro

BCL Holding

Chopin Vodka/CMI


BB Invest Group


Inditex Group

Work highlights

  • Advised CEE BIG on their acquisition of a shopping mall, Delta City.
  • Advised Inditex Group, a multinational fashion retail group on various corporate, regulatory, contentious, real estate and employment matters.
  • Advising BB Invest Group on the construction, development, and operation of the Wolf Condominium Project in Kolasin, Montenegro, which will consist of a condo hotel and residential complex.

Who we are
We are a regional legal practice in Southeast Europe with tradition spanning two decades and cooperating offices in Serbia, Croatia, Slovenia, Montenegro, North Macedonia, Bosnia and Herzegovina and Albania. With more than 150 attorneys at law cooperating across the region, we take pride in our work, dedication and understanding of our client’s industries and needs.

What we do
We work with some of the most respected and reputable businesses in the world, banks, as well as governments, state-owned entities, startups and NGOs. We see our clients as long-term partners. We focus on straightforward solutions and tailor-made advice. Lawyers cooperating with us are fully immersed in our clients’ culture and industry to ensure that the work is delivered intelligently and reliably.

What sets us apart
For us, excellence is a must. We are reliable, adaptive and fast, operating under the “one team” principle, and combining our regional reach and local know-how to deliver coordinated legal advice necessary for achieving our clients’ goals.

Department Name Email Telephone
Banking and Finance Darko Jovanović darko.jovanovic@karanovicpartners.com +381 11 3094 200
Banking and Finance Maja Jovančević-Šetka maja.jovancevic@karanovicpartners.com +381 11 3094 200
Corporate & Commercial Marjan Poljak marjan.poljak@karanovicpartners.com +381 11 3094 200
Competition Rastko Petaković rastko.petakovic@karanovicpartners.com +381 11 3094 200
Corporate & Commercial Dragan Karanović dragan.karanovic@karanovicpartners.com +381 11 3094 200
Dispute Resolution Milan Lazić milan.lazic@karanovicpartners.com +381 11 3094 200
Employment Milena Jakšić Papac milena.papac@karanovicpartners.com +381 11 3094 200
Energy and Infrastructure Miloš Vučković milos.vuckovic@karanovicpartners.com +381 11 3094 200
Real Estate Ana Luković ana.lukovic@karanovicpartners.com +381 11 3094 200
Tax Branimir Rajšić branimir.rajsic@karanovicpartners.com +381 11 3094 200
Photo Name Position Profile
Tijana Arsenijević photo Ms Tijana Arsenijević Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Sava Drača photo Mr Sava Drača Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Milica  Filipović photo Ms Milica Filipović Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Milorad  Gajić photo Mr Milorad Gajić Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Katarina Gudurić photo Ms Katarina Gudurić Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Miloš Jakovljević photo Mr Miloš Jakovljević Senior Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Milena Jakšić Papac photo Ms Milena Jakšić Papac Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Andrej  Jelenković photo Mr Andrej Jelenković Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Darko Jovanović photo Mr Darko Jovanović Senior Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Maja Jovančević Šetka photo Ms Maja Jovančević Šetka Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Dragan Karanović photo Mr Dragan Karanović Senior Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Nikola  Kliska photo Mr Nikola Kliska Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Milan Lazić photo Mr Milan Lazić Senior Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Ana Luković photo Ms Ana Luković Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Bojana  Miljanović Hussey photo Ms Bojana Miljanović Hussey Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Milena  Mitić photo Ms Milena Mitić Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Petar Mitrović photo Mr Petar Mitrović Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Ivan Nonković photo Mr Ivan Nonković Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Aleksandar Novaković photo Mr Aleksandar Novaković Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Jelena  Obradović photo Ms Jelena Obradović Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Katarina  Pavlović photo Ms Katarina Pavlović Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Rastko Petaković photo Mr Rastko Petaković Senior Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Aleksandar  Petrović photo Mr Aleksandar Petrović Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Marjan Poljak photo Mr Marjan Poljak Senior Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Nemanja  Providžalo photo Mr Nemanja Providžalo Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Ivana  Racković photo Ms Ivana Racković Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Boris Radojčić photo Mr Boris Radojčić Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Goran Radošević photo Mr Goran Radošević Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Milica Savić photo Ms Milica Savić Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Nikola  Šiljegović photo Mr Nikola Šiljegović Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Filip  Šušulić photo Mr Filip Šušulić Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Katarina  Tomić photo Ms Katarina Tomić Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Milijana Tomić photo Ms Milijana Tomić Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Marija  Vićić Simić photo Ms Marija Vićić Simić Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Mladen  Vujić photo Mr Mladen Vujić Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Miloš Vučković photo Mr Miloš Vučković Senior Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Bojan Vučković photo Mr Bojan Vučković Partner (Independent Attorney at Law in cooperation with Karanovic & Partners)
Jelena Zelenbaba photo Ms Jelena Zelenbaba Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Marko  Ćulafić photo Mr Marko Ćulafić Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Valentina  Đorđić Mijatović photo Ms Valentina Đorđić Mijatović Senior Associate (Independent Attorney at Law in cooperation with Karanovic & Partners)
Fee Earners : 82
World Services Group
International Bar Association
Cooperating law offices : Banja Luka*
Cooperating law offices : Ljubljana*
Cooperating law offices : Podgorica*
Cooperating law offices : Sarajevo*
Cooperating law offices : Skopje*
Cooperating law offices : Zagreb*


Over the past 25 years, we have built an integrated team that gives our clients a consistent level of care and excellence, regardless of their location or the complexity of their pioneering projects.

This achievement was only possible because of our values and our people. We are thankful for having a diverse team and fostering an environment that respects and nurtures individuality across various dimensions, such as gender, ethnicity, religion, sexual orientation, and more. This diversity is the cornerstone of the distinctive, open-minded, and supportive culture we take pride in.

With over 42% of our partners being female and actively involved in the decision-making processes, we are committed to promoting inclusivity. In the past three years, 9 out of 11 partner promotions were women, reflecting our dedication to gender diversity. As corporate members of All for All (AFA), a global network supporting professional women, we continue to contribute to the advancement of women in the professional sphere.

We will continue our work on removing boundaries for doing business and making big ideas a reality with our team and we are empowering the next generation to go beyond our work, as we are devoted to talent management and development of our team.


CSR and Probono

Our dedication extends beyond business boundaries, focusing on corporate social responsibility (CSR) and pro bono efforts, as they are significant elements of Karanovic & Partners’ culture and ethos. We recognize a broader responsibility to our community, supporting international and local NGOs to aid vulnerable social groups, including individuals with disabilities, the elderly, children with disabilities, LGBT+ individuals, refugees, and Roma communities. Our involvement in projects aimed at improving the lives and personal development of people with disabilities and young Roma people reflects our commitment to making a positive impact.

In addition to CSR and pro bono work, we believe in being a responsible partner in the community by sharing our expertise and knowledge. We actively engage in projects aimed at education and empowerment, with a focus on providing opportunities for learning and development to anyone in our community willing to grow, sharing our expertise, knowledge, and achievements with other community members.

Understanding the importance of nurturing new talent, we’ve developed a short guide tailored for emerging artists, scientists, and creators. This guide navigates them through the intricacies of intellectual property law, introducing them to its basic principles, helping them understand their rights, and guiding them on how to protect their creativity. Our commitment to talent management and development extends beyond our immediate team, empowering the next generation to bring their ideas to life while safeguarding their work. Our efforts were recognised recently, when we won the Stanton Chase Talent Management Award for 2022, for successfully developing and implementing programs for talents.

You can find more information regarding specific projects on our website karanovicpartners.com.

Karanović & Partners Advises Axpo on the First-Ever Market Terms Renewables Power Purchase Agreement in Serbia

Axpo Group has signed a long-term power purchase agreement (PPA) for renewable energy, the very first one concluded on market terms for the offtake of electric energy produced from renewables in Serbia.

Aircraft Lease Agreements Signed Between GAT Aircraft and Engine Leasing Limited and Air Albania

CR Partners in cooperation with Karanović & Partners have advised GAT Aircraft and Engine Leasing Limited regarding the aircraft lease agreements the company signed along with Air Albania shpk.

Croatia Extends Concession to Bina-Istra to Finalize the Construction of Istrian Y Motorway

On 10 May, the Croatian government signed an amendment to the concession agreement with the concessionaire Bina-Istra d.d. to finalize the construction of the Istrian Y motorway.

CKB Bank Signs Project Financing Agreement for Kotor – Lovćen Cable Car

CKB Bank, a member of OTP Group, has recently signed a project financing agreement for the construction of the first cable car in Montenegro,

ZF opens Factory in Pančevo

A leader on the car industry market, the German company ZF opens its factory in Pančevo within the first phase of the EUR 160 million investment. The factory will start producing machines, generators for hybrid and electric drives, gearshift switches and microswitches in the first half of June.

Mid Europa Partners sells Knjaz Miloš to KMV and PepsiCo

Mid Europa Partners, the leading private equity investor in Central and Eastern Europe, announced today the agreement to sell its shares in Knjaz Miloš to a joint venture between Karlovarské Minerální Vody (KMV) and PepsiCo, Inc. (PepsiCo). The transaction is currently subject to customary regulatory approval and is expected to close in Q3 2019.

Karanovic & Partners wins the Law Firm of the Year Award

We are proud to announce that Karanovic & Partners is the 2019 winner of the prestigious Law Firm of the Year award, in the Eastern Europe and the Balkans category. This is the third time that Karanovic & Partners is selected among some of the best law firms in Europe to take home this renowned accolade, awarded by The Lawyer Magazine.

Mid Europa Partners sells Bambi to Coca-Cola HBC

Coca-Cola HBC announced the agreement to acquire Bambi, the leading Serbian biscuit and confectionary maker, from Mid Europa Partners, the leading private equity investor in Central and Eastern Europe. Karanovic & Partners, working together with White & Case and KPMG, advised Mid Europa Partners in this transaction – which is now subject to customary competition authority clearance and is expected to close in the second quarter of 2019.

Top Ranked in the 2019 Chambers Global Guide

We are proud to announce that Karanovic & Partners has once again been top-ranked on the most recent Chambers Global leading law firm listing. The 2019 Chambers Global guide highlights the Corporate & Commercial practice group in the jurisdictions of Montenegro and Serbia as belonging to band 1.

Karanovic & Partners Shortlisted With 5 Deals for Deal of the Year Award

After winning the Deal of the Year Award in 2018, Karanovic & Partners is this year once again in the finals for this prestigious accolade – this time with 5 deals and in 5 jurisdictions. Organized by the renowned CEE Legal Matters magazine, these awards are a way of recognizing the biggest and most important deals by law firms in Central and Eastern European jurisdictions.

Karanovic & Partners Promotes New Senior Associates

Karanović & Partners is pleased to announce that Milorad GajićAndrej JelenkovićMina Srećković, Amina Đugum and Lejla Popara, have been named Senior Associates.* These talented individuals have established themselves as key members of our team, and their promotion reflects their professionalism, as well as exemplary service to clients.

Major Transaction: Epic Games Acquires 3Lateral

Karanovic & Partners is proud to support Epic Games in their acquisition of 3Lateral, the leading developer of digital humans technology and creative content.

Macedonia: Stricter Rules For Awarding New Exploitation Concessions

After a long, complex and nation-wide discussion, on 9 January 2019, the Macedonian Parliament introduced stricter rules for obtaining exploitation concessions. Effective immediately, the novelties from the Minerals Law target potentially new mines, and they came as a result of the broad interest shown during the last couple of years concerning the environmental effects of the mining sector, expressed by rallies, local referendums, constitutional challenges and various debates.

Zijin Mining Officially Takes Over RTB Bor

Zijin Mining, one of China's biggest gold producers and the second biggest producer of copper ore, became a major shareholder of the Serbia's sole copper complex RTB Bor. The Chinese company pledged to invest USD 1.46 billion in return for a 63% stake.

Karanovic & Partners advised Zijin Mining in this privatisation procedure. The services performed by the Karanovic & Partners legal team – led by Senior Partner Miloš Vučković and Partner  Ivan Nonković, included legal advisory, a due diligence of RTB Bor, the review, analysis and negotiations of the transaction documents, as well as assistance in the privatisation process.

Copper ore has been excavated and melted for more than 100 years in RTB Bor, which contributes 0.8% to the country's GDP. 

Zijin Mining Group Company Limited is a leading a Chinese gold, copper and non-ferrous metals producer and refine. The company employs more than 17 thousand workers in nine countries, and last year it was the 22nd most valuable mining company in the world. Zijin's annual operating income amounts to EUR 10 billion, with net profits exceeding EUR 230 million.

Zijin has pledged that it would keep all 5,000 workers currently employed in RTB Bor.

* Independent attorney at law in cooperation with Karanović & Nikolić.

Karanovic & Partners wins the 2018 Stanton Chase Most Innovative Talent Programme Award

We are honoured and delighted to announce that Karanovic & Partners won the Stanton Chase Talent Management Award in the Most Innovative Locally Developed Talent Programme category. These prestigious accolades are organized by  Stanton Chase, the leading international retained executive search and consulting firm and are now in their fifth year.

Renewable Incentives in Serbia Remain Unchanged in 2019

The Government of the Republic of Serbia extended the validity of the Decree on Incentive Measures for the Production of Electric Energy from Renewable Energy Sources and High-efficiency Cogeneration of Electric Energy and Thermal Energy (Decree) until the end of 2019. It was initially valid until the end of 2018.

Zijin Mining takes over RTB Bor for USD 1.46 billion

Zijin Mining, one of China's biggest gold producers and the second biggest producer of copper ore, won the tender to become a strategic partner in Serbia's sole copper complex RTB Bor. The Chinese company pledged to invest USD 1.46 billion in return for a 63% stake.

Karanovic & Partners advised Zijin Mining in this privatisation procedure. The services performed by the Karanovic & Partners legal team – led by Senior Partner Miloš Vučkovićand Partner ⃰ Ivan Nonković, included legal advisory, a due diligence of RTB Bor, the review and analysis of the transaction documents, as well as assistance in the privatisation process.

Copper ore has been excavated and melted for more than 100 years in RTB Bor, which contributes 0.8% to the country's GDP. 

Currently mining contributes 0.9 to 1% of Serbia's GDP, however, the aim is to raise this amount to 5%. By itself, RTB Bor.

Zijin Mining Group Company Limited is a leading a Chinese gold, copper and non-ferrous metals producer and refine. The company employs more than 17 thousand workers in nine countries, and last year it was the 22nd most valuable mining company in the world. Zijin's annual operating income amounts to EUR 10 billion, with net profits exceeding EUR 230 million.

Zijin has pledged that it would keep all 5,000 workers currently employed in RTB Bor.

⃰ Independent attorney at law in cooperation with Karanović & Nikolić.

Karanovic & Partners wins the 2018 Euromoney Real Estate Awards

We are proud to announce that Karanovic & Partners won the Euromoney Real Estate Survey in the Advisors and Consultants category for the second year in a row! Karanovic & Partners was once again chosen as the Number One Legal Service provider in Serbia in the Real Estate industry.

"It is truly a privilege to be honored with this award for the second time. This recognition attests Karanovic & Partners's commitment to outstanding client service, as well as the expertise and professionalism of our Real Estate team", said Rastko Petaković, the Managing Partner at Karanovic & Partners.

The Euromoney Real Estate Survey canvasses the opinions of the leading firms involved in the real estate sector worldwide – the advisors, developers, investment managers, banks, and corporate end-users of real estate are all invited to take part. These awards, now into their 14th year, are a way of recognising the leading providers of real estate products and services.

The renowned Euromoney magazine 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.

Changes in Serbian Employment Legislation 2018

The beginning of the summer brought amendments to several employment-related laws. The most notable changes are presented below:

The Law on the Employment of Foreigners
  • The duration of the labour market test - The labour market test within the work-permit acquisition process (through which the National Employment Service examines whether there are any Serbian citizens suitable for the vacant position), is shortened to 10 days, having previously lasted one month. This amendment is expected to expedite the procedure of issuing work permits.
  • A new type of work permit is introduced - the temporary work permit. This permit may be issued in cases of national interest or for the purpose of fulfilling Serbia's international obligations. In this case, the labour market test may even last less than 10 days, upon the Minister of Labour's decision. The temporary work permit may be issued with consent from the Minister of Interior to a foreigner who applied for a temporary residence permit, with a validity period of up to 45 days.

Serbia Amends Company Law

The Serbian Parliament adopted amendments to the Serbian Company Law (Law) on 8 June 2018, and they were published in the official journal on the same date.  

Serbia: Athletics Equipment Distributors Under Investigation for Failure to Notify Exclusivity

Following a tip, the Serbian Competition Commission (the "Commission") recently started investigating the business relationship between GR Sport and Polanik, a Polish company, concerning an alleged infringement of competition – the conclusion of a restrictive agreement which was not notified for prior exemption under the applicable legal framework.

Karanović & Nikolić at the 2018 Balkans M&A and Private Equity Forum

Rastko Petaković, managing partner at Karanović & Nikolić, held a presentation of the latest private equity trends CEE region on the 2018 Balkans M&A and Private Equity Forum. Organized by Mergermarket, a leading media company that provides specialist news, research, analysis and data on financial markets, this is the second year this conference was held in Belgrade.

Karanović & Nikolić Wins the 2017 Deal of the Year Award

We are pleased to announce that Karanović & Nikolić has won the 2017 Deal of the Year Award for Serbia for the EBRD and IFC financing of Vetrolektrane Balkana - Čibuk 1 Windfarm. Organized by the renowned CEE Legal Matters magazine, this is the first year that these awards were held and they are a way of recognizing the biggest and most important deals by leading law firms in Central and Eastern European jurisdictions.

New Serbian Law on Foreigners Adopted

In March 2018, the new Serbian Law on Foreigners was adopted, replacing the 2008 version of this law- in force until recently without any amendments. The new law will enter into force on 3 October 2018.

The Serbian Law on Foreign Exchange Amended

On 20 April 2018, the amendments to the Law on Foreign Exchange (the “Law”) were adopted and will enter into force on 28 April 2018. Exceptionally, the application of certain provisions related to the assuming of competencies over foreign exchange control by the National Bank of Serbia is delayed until 1 January 2019.

The use of AI in Law: How just is machine justice?

Artificial intelligence is a burning topic in many sectors today and the legal industry is no exception. Recently, at the World Services Group’s annual employment law conference held in February, AI was heavily debated along with its’ impact not only on the legal profession, lawyers, clients, the way business is done, but also our traditional understanding of concepts such as “law” or “justice”.

Montenegrin Competition Agency takes over State Aid control

As of recently, state aid control is a part of the Montenegrin Competition Agency's (the "Agency") scope of authority. The Montenegrin Parliament enacted a new State Aid Control Law (the "State Aid Law"), largely aligned with the EU legal framework - especially with Articles 107 and 108 of the TFEU. In the institutional sense, the new law grants the Agency the competence for reviewing state aid, since the former State Aid Commission was not considered a sufficiently operationally-independent authority - which represented an issue in Montenegro's EU accession negotiations (Chapter 8).

Karanović & Nikolić Recognized as Top Tier Law Firm by Legal 500

We are proud to announce that Karanović & Nikolić and its cooperating lawyers have once again been recognized as a top tier legal practice on the 2018 Legal 500 list of leading law firms. This prestigious UK-based directory provides comprehensive worldwide coverage on recommended law firms.

Karanović & Nikolić Supports The Belgrade Pre-Moot Competition & Arbitration Conference

With record breaking attendance this year, Karanović & Nikolić continued its traditional support to the Belgrade pre-moot and X Belgrade Arbitration conference, organized by the University of Belgrade, Faculty of Law.

Landmark Deal: PPF Acquires Telenor’s CEE Operations for 2.8 Billion Euros

Karanović & Nikolić, together with White & Case as lead international counsel, advised PPF Group, the Czech investment firm, on the EUR 2.8 billion acquisition of Telenor's assets in Central and Eastern Europe. The transaction includes the Norwegian telecoms firm's mobile operations in Bulgaria, Hungary, Montenegro and Serbia, as well as the technology service provider Telenor Common Operation. The transaction requires necessary regulatory approval and is expected to be completed within Q3 2018.

Karanović & Nikolić at the Symposium for Lawyers in Serbian Banks

Maja Jovančević Šetka, partner ⃰ at Karanović & Nikolić's Banking & Finance practice group, held a presentation titled "Risk Participation Agreement – Collateral or Derivative, Implementation of the Law on Foreign Exchange Operations" at a symposium for lawyers in Serbian banks. Organised by the Association of Serbian Banks, the conference was held at Lake Palić in Serbia, on the 8th and 9th of March, under the title "The Status of Banks and Legal Protection".

Karanović & Nikolić at the Intellectual Property in Serbia Conference

Tamara Bubalo, Associate in Karanović & Nikolić's Intellectual Property practice group, held a presentation on 5 March at the "Intellectual Property in Serbia" conference. Organized by the European Law Students Association (ELSA) as part of the "IP Law in Serbia" project, the event was held at the University of Belgrade, Faculty of Law< premises and was attended by more than 140 eminent legal and business professionals and students.

Karanović & Nikolić: Managing Emotions in Labour Disputes – More than Law

On 21 March, Karanović & Nikolić held its traditional student workshop titled “Managing Emotions in Labour Disputes – More than Law”. The event was organised in cooperation with the University of Belgrade, Faculty of Law.

Karanović & Nikolić Ranks as Leading Law Firm in Chambers Europe 2018

We are proud to announce that Karanović & Nikolić has once again emerged on top of the rankings on the most recent list of leading European law firms – the prestigious Chambers Europe 2018. This year's edition of the Chambers Europe has highlighted seven different practice areas within the Karanović & Nikolić legal practice and cooperating offices as belonging to top tier level – Corporate/Commercial, Banking & Finance, Competition/Antitrust, Dispute Resolution, Employment, Energy and Real Estate.

Alltech Sells its Factory in Serbia to Lesaffre

Alltech - a leading global animal and crop nutrition company, sold its baking yeast factory in Senta, in northern Serbia, to Lesaffre - a leading global baking yeast and fermented products company. The acquired factory will continue to produce baker's yeast for the Serbian market and yeast extracts for the food and animal feed industries. The transaction is in line with Alltech's continued focus on its core business in animal and crop nutrition.

Serbian Commission Fines Another Bid Rigging Cartel

The Serbian Competition Commission (the "Commission") recently fined four undertakings for bid rigging in the public procurement for the maintenance of train wagons. The contracting authority, the "Nikola Tesla" power plant, which represents the largest electricity-producing complex in Serbia, informed the Commission about possible collusion in public procurement for repair services for the train wagons it uses in coal transportation.

Karanović & Nikolić Shortlisted To Win Another Law Firm Of The Year Award

After winning the Law Firm of the Year awards in 2014 and 2017, Karanović & Nikolić is once again a finalist for this prestigious recognition. The awards, now in their ninth year, are organised by The Lawyer, a prestigious British weekly magazine for lawyers and in house counsel. According to the organisers, this year's contest is particularly fierce.

Karanović & Nikolić Promotes New Senior Partner And Six Partners

Karanović & Nikolić is pleased to welcome Marko Ketler as its new Senior Partner, as well as Ivan Nonković, Goran Radošević, Ivana Dišović, Katarina Gudurić, Jaka Simončič and Petar Mitrović who have been named Partner. We are proud to announce the promotion of these attorneys at law cooperating with Karanović & Nikolić who have demonstrated their utmost professional excellence and in such a way contributed to strengthening our international practice and furthering the legal network’s reputation as a regional legal powerhouse.

Cross-Border Cooperation Between Competition Authorities In The SEE Region Intensifies

The national competition authorities in South Eastern Europe are evidently increasing and strengthening their cross-border cooperation and communication, allowing for a more effective regional approach in the protection of competition. Taking into account common challenges and economic interdependence, as well as similar goals in EU integration, the authorities appear to have recognized significant merit in a broader regional framework for competition enforcement.  

Societe Generale Acquires Jubanka’s Credit Portfolio

Karanović & Nikolić advised on Societe Generale Srbija's acquisition of a part of Jubanka's credit portfolio – which included housing and cash credits, credit cards, as well as credits for small and medium-sized enterprises. Societe Generale Srbija is now the third largest bank in Serbia in terms of credit volume.

Serbian Bankruptcy Law Amended

arbitrationAfter two long years of analysing and debating, the Serbian Parliament adopted changes to the Bankruptcy Law and they have entered into force on the 25th of December, 2017.

Transfer Of Claims No Longer A Problem In Enforcement

Ever since the latest Law on Enforcement and Security entered into force on the 1st of July, 2016, an issue arose over the wording and scope of Article 48, dealing with how creditors acquiring claims can initiate enforcement. The main idea behind this new law was to make it easier for creditors to collect claims.

Karanović & Nikolić Hosts The Empowering Students To Enter The Workplace Conference

Karanović & Nikolić hosted the "Empowering Students to Enter the Workplace" HR conference, held on the 30th of November in Belgrade, Serbia. The event was organised in cooperation with Stanton Chase, one of the top 10 global retained executive search firms, and the guests and panellists included leading professionals in the field of human resources, as well as employment law experts.

OTP Bank Buys Vojvođanska Banka

Hungary's OTP Bank bought Vojvođanska Banka, as well as NGB Leasing and the National Bank of Greece's corporate loan portfolio in Serbia. This is one of the biggest recent banking transactions in the region and it was closed on Friday, the 1st of December in Belgrade. Karanović & Nikolić advised the buyer – OTP Bank, one of the leading banks in Central and Eastern Europe, throughout all of the stages of the acquisition process.

Karanović & Nikolić Hosts The 12th Traditional Conference On Competition Law

Karanović & Nikolić, together with the Friedrich Naumann Foundation for Freedom, hosted the th of November, 2017, at the Metropol Palace hotel, Belgrade. The conference represents a traditional yearly gathering of experts from the business and legal community, as well as key regulators and stakeholders, to discuss the most important issues and practical implications in field of competition law.

The New National Employment Service’s Practice of Prolonging of Work Permits

The National Employment Service changed its years-long practice regarding the extension of work permits for persons on secondment.

In particular, pursuant to Article 19 of the Law on the Employment of foreigners, work permits based on secondment are obtained for a period of the duration of an agreement between the local employer - who is the service user, and a foreign employer, but no longer than for one year. Exceptionally, a work permit for a seconded person can be issued for a longer period in case the employee is seconded from a country with which the Republic of Serbia has concluded a secondment related bilateral convention.  

Slovenia Adopts Class Action Law

The Slovenian National Assembly adopted the Class Action Law, which will implement an important institute to the Slovenian legal system, i.e. mechanism of class action. This mechanism is already applied in the UK, Belgium, Netherlands and Sweden, but is yet to be implemented in numerous EU member states. The new mechanism of class action will provide for the injured parties, both natural and legal persons, to file a compensation claim in case of mass harm situations. Besides a collective action for compensation, the law also provides for the possibility to file a collective action for the cessation of illegal behaviour against the infringers, as well as the procedure of collective settlement in case of mass harm events. The law will come into force on the 21st of October, 2017, while it will apply with effect from the 21st of April, 2018.

Karanović & Nikolić Advises In The Signing Of The Landmark PPP For The Vinča Waste Treatment Proj

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. The Belgrade Secretariat for Environmental Protection, the company "Beočista Energija" and the French-Japanese consortium, 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.

Karanović & Nikolić Advises On AmSpec’s Acquisition Of Agri Services

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.

The Untapped Potential of South Eastern Europe

We have seen emerging markets in Central and Eastern Europe opening up and developing quite quickly. Some of them have done so through their ascension to the European Union, and others by organising their legislation in accordance with European standards, opening up borders, having foreign investors come in, as well as putting in place free trade agreements and investment incentives.

New Way of Claiming Damages for Competition Law Infringements in Croatia

On the 22nd of July, 2017, the Law on Actions for Damages for Competition Law Infringements came into force in Croatia (the "Law"), implementing the EU Damages Directive​. 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).

Karanović & Nikolić Advises on OTP’s Acquisition of Vojvođanska Banka

Karanović & Nikolić, in cooperation with the global law firm Weil, Gotshal & Manges LLP, advised OTP Bank – one of the leading banks in Central and Eastern Europe, on the acquisition of Vojvođanska Banka. The National Bank of Greece 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.

Karanović & Nikolić advises on the Acquisition of Telenor Banka

Karanović & Nikolić advised River Styxx Capital on the acquisition of Telenor Banka. The 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 Telenor Banka.

Favouring Slovenian Origin Is Contrary To Eu Law

On the 8th of June, 2017, the Court of Justice of the European Union (CJEU) reached an important decision in the case Medisanus d.o.o. v General Hospital Murska Sobota (C-296/15) concerning public procurement procedures. The judgement is relevant from both the procedural aspect - since the National Review Commission (DKOM) was acknowledged for the first time as a “national court” for the purposes of Article 267 of the Treaty on the Functioning of the European Union (TFEU), as well as from the substantive point of view – due to the emphasis on the principle of equal treatment and the prohibition of discrimination within public procurement procedures.

Croatian Competition Agency Found No Abuse Of Dominant Position By An Authorised Dealer Of Land Rove

The Croatian Competition Agency (the "Agency") initiated proceedings against Grand Auto – an authorised dealer of Land Rover and Jaguar cars for Croatia, after an initiative by the Auto Dealership "Karlo", a former authorised repairer of the said cars for Croatia. The proceedings were initiated in order to establish whether an abuse of a dominant position, in the provision of repair and maintenance services for the car-makes Land Rover and Jaguar, occurred on the territory of the Republic of Croatia. In March 2017, the Agency closed the proceedings by reaching a non-infringement decision.

The Slovenian Response To The Agrokor Crisis – “Lex Mercator”

The turmoil within the Croatian retail company Agrokor, which owns Mercator, the largest Slovenian retailer, caused a significant stir in the Slovenian public, with the suppliers and especially in politics. The response of the Slovenian Government – with which additional measures for the protection of Mercator as a company of systemic importance are being established is also the Act on Conditions of Appointment of Associate Member of the Management Board in the Companies of Systemic Importance for the Republic of Slovenia. The Act was adopted by the Parliament on the 25th of April, 2017. It will become valid immediately on the day following its adoption.

Antitrust Fine Imposed On Producers Of Cooking Oil In Serbia

Competition authority imposes fines on ViktoriaOil and Vital, the leading producers of cooking oil in Serbia. The authority stated in its decision that the two companies entered into a joint production agreement that featured restrictive provisions. In particular, the authority claims that the provisions effected the exchange of information and joint production and sales in a way that led to increased prices to end consumers. The authority has engaged in a detailed analysis of the effects on price using regression analysis and other econometric tools on this market with perfect substitutes.

VictoriaOil and Vital are fined approximately EUR 186,297 and EUR 64,799, respectively, which amounts to 0.33% of the total annual turnover realised in Serbia in 2014 by each of the companies. The two companies will now have the opportunity to challenge the Competition Commission's decision before the Administrative court - acting as the second instance court in anti-trust cases.

As a reminder, in accordance with Article 10 of the Serbian Competition Law, restrictive agreements are agreements between undertakings, which have as their object or effect the significant prevention, restriction or distortion of competition within the territory of the Republic of Serbia. Restrictive agreements can take various forms, written and oral, and may yield fines of up to 10% of the turnover realised on the Serbian market in the year preceding the initiation of proceedings.

The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.

Networking: Cable Operator Merger Conditionally Cleared By The Competition Commission

Following a four month-long Phase II investigation, the Serbian Competition Commission granted conditional clearance to SBB's takeover of IKOM. This consolidation of leading cable operators in Belgrade represents a landmark case for the Serbian authority and is related to global trends in consolidation of cable network operators, which fosters the investments necessary for improvements to network infrastructure and competition with IPTV, OTT and satellite content providers. The merger provided an opportunity for the Commission to investigate the workings of the Serbian telecom sector in detail, especially in relation to fixed telephony, broadband Internet and the distribution of media content.

Macedonian Competition Commission Further Strengthens Its Leniency Policy

For several years now, a leniency model exists in Macedonia and it is shaped in line with the EU leniency model. Nevertheless, the Macedonian Competition Commission ("Commission") decided to refine the existing rules (contained in the Law on Protection of Competition and the accompanying Leniency Regulation) by recently adopting the Leniency Guidelines ("Guidelines").

Dawn Raid In Montenegro

In March 2017, the Montenegrin Agency for the Protection of Competition carried out an unannounced inspection (dawn raid) at the business premises of Sava Trans d.o.o. Cetinje, a company engaged in freight transport, in order to collect data necessary for undertaking further actions carried out by the Agency. In its public statement, the Agency stated that the dawn raid was conducted fully in line with the Law on the Protection of Competition, whereas the raided company showed a high degree of cooperation.

Gorenje Zagreb Fined For Resale Price Maintenance

​Resale price maintenance and price-fixing has been and still is under scrutiny by the Croatian Competition Agency (the "Agency"). Carrying on from a number of high-profile cases, in February 2017 the Agency fined Gorenje Zagreb, a subsidiary of Slovenia's premier manufacturer of household appliances for HRK 1,557,000 (approximately EUR 206,000).

Karanović & Nikolić Wins The Award For Law Firm Of The Year In Eastern Europe And The Balkans By T

The Lawyer Magazine, a weekly British magazine for top Commercial Lawyers and In-House Counsel, has named Karanović & Nikolić law firm of the year for Eastern Europe and the Balkans during their annual European Awards ceremony on March 16, 2017 in London. The awards, now in their eighth year, were the first initiative of their kind to reward and celebrate excellence across the European legal market. This year the Awards focused on and recognised the growing importance of cross-border instructions to firms across the continent.

New Serbian Data Protection Law In 2017?

After having prepared the first draft of the new data protection law back in 2014 (which was ignored by the Government in the meantime, and even dismissed by the Ministry of Justice's introduction of a separate draft law in 2015), the Serbian Data Protection Commissioner ("Commissionaire")1 published the second draft of the new law on March 6th, 2017 ("Draft"). As announced by the Commissioner, the new Draft was necessary in order to address the deficiencies of the existing Law on Personal Data Protection and in order to harmonize the law with EU legislation, particularly with the newly enacted General Data Protection Regulation.

Termination Due To Actions Of Employee Constituting Criminal Act

​Amending the Labour law in July 2014 raised some arguable and sensitive issues regarding termination of the employment contract when employee's behaviour represents criminal act. In fact, it was the employer who decided if an employee's behaviour represent a criminal act. This is why the Constitutional Court found it important to define (i) if an employer competent and authorized to decide if certain behaviour is a criminal act and (ii) if termination on this ground is in breach of the presumption of innocence.

Karanović & Nikolić Supports EFSE Extension Of Investment Portfolio

We are pleased to announce that Karanović & Nikolić team has supported the European Fund for Southeast Europe (EFSE) in a recently closed extension of the investment portfolio of EFSE to UniCredit Bank Serbia. The transaction involved new EUR 20 million financing of UniCredit Bank Serbia, which will serve to finance housing loans for private households in Serbia.

Karanović & Nikolić Shortlisted For IFLR’s “Deal Of The Year”

Karanović & Nikolić is pleased to announce that we, in cooperation with local lawyers, have been shortlisted by IFLR for "Deal of the Year" within the Project Finance category for our assistance in the SASA mine refinancing project in Macedonia.

Karanović & Nikolić Employment Team Contributes To The Shepherd And Wedderburn’s European Employ

Karanović & Nikolić employment team has assisted Shepherd and Wedderburn in the development of The European Employment Law Update for 2017.

European Employment Law Update for 2017 provides an overview of the vital reforms being introduced to European employment law over the next year, including areas such as seconding employees, increased protections for whistleblowers, and legislation changes related to increased work-life balance. Key considerations related to traditional employment areas such as increases to the minimum wage and unfair dismissal are also assessed.

Real Estate Deal Triggers Competition Issue

This article is originaly published in IBA International Real Estate News.

During 2015, one major acquisition of real estate property occurred in the Serbian real estate market. What happened was that a major international bank purchased over 8,000 sqm of space in two office buildings located in the Serbian capital, Belgrade. In fact, the buyer only acquired the parts of the buildings, while it already owned a significant part of this property. The purpose of the purchase was to localise the bank's management in Serbia in one place. The deal was completed by the end of 2015 after long negotiations with the sellers – four companies that are incorporated in Serbia with the sound of champagne popping. However, just as the party was warming up and the bank's employees were about to settle down in the newly purchased premises, an unprecedented event occurred – the kind of an event which may have long-term consequences for real estate acquisitions throughout the Balkans region.

Serbia: Criminal Sanctions For Cartels

The Serbian Parliament has recently adopted amendments to the Criminal Code. The amendments include a significant overhaul of the legal framework for white collar crimes, touching upon the rules relevant for antitrust enforcement as well.

Serbia: New Platform For Data Exchange And E-Filing In The Judicial Sector – Work In Progress

To the untrained eye, technology and the judiciary sector may seem rather far apart. IT is ever changing and dynamic, while courts are by design deliberate and slow. However, even the most resistant institutions are not immune to change; Serbian courts now appear to be further steps towards incorporating new technology for the ultimate goal of greater efficiency.

New Amendments To The Criminal Code Regarding Tax Avoidance

On 23 November 2016, the Serbian Parliament adopted amendments to the Criminal Code. Changes made include, among other, criminal offence of tax avoidance. Prosecution of tax avoidance was a matter of much controversy in the recent practice, and some of the changes made by the latest amendments are aimed to address these controversies. Though generally welcome, the scope of changes made are unlikely to bring significant improvements in the prosecution of tax avoidance. 

Serbia – Antitrust Sector Inquiries Up Ahead

After a remarkable year in both merger control and antitrust, the Serbian Competition Commission (the "Commission") is already starting to look ahead. The announcements made on the Commission's website during November and December of this year suggest that the Commission's focus in the year ahead will be directed at several industries in particular.

BiH – New Law on Financial Operations

The Law on Financial Operations

On the 30th of December 2016, the application of the Law on Financial Operations (Law) will commence in the Federation of Bosnia and Herzegovina. The Law is intended to ensure the proper functioning of the internal market by introducing adequate and systematic risk management measures and solvency measures, as well as to promote the competitiveness of local commercial enterprises by legislating a culture of prompt payment.  

Happy Holidays To The IT Sector

Near the tail-end of 2016, the Serbian Competition Commission initiated an investigation for an alleged competition infringement that took place in June of the same year. The infringement involved a failure to notify a merger for mandatory clearance. The transaction in question concerned an unreported acquisition of sole control on the IT market.

Serbian Parliament adopts changes to Tax laws

At the end of 2016 the Serbian Parliament adopted changes to Serbian tax laws, introducing a number of important changes in the area of VAT, excise duties and general tax procedures. Amendments to the laws governing these areas were adopted at the very end of 2016 – on the 28th of December 2016.

New Managing Partner Announced

Karanović & Nikolić is pleased to announce that Rastko Petaković has been elected as Managing Partner. Rastko takes over the firm's leading position from Dejan Nikolić who served as Managing Partner until 2016. Rastko's dedication and energy was evident from the beginning of his career when he joined the firm as a legal trainee back in 2005. He led in the development of the firm's corporate, competition and M&A practices and acted on major M&A deals and ground breaking antitrust cases. In 2009 and 2010 he has acted as lead counsel in two of the largest antitrust cases to date in the SEE region. More recently, in 2014 and 2015 he acted as lead local counsel in regional deals totalling EUR 4 billion.

Rastko's career enabled him to emerge as a highly competent lawyer who, in addition to his expert knowledge of the law, brings innovative and modern ideas that contribute to Karanović & Nikolić being a market leader in the SEE region. His track record in expanding the firm's network across the region demonstrated his vision and leadership, and most importantly, the perseverance to deliver on the vision and goals he sets for his clients and the firm.

In 2015 Rastko was selected as the winner of the 2015 European Emerging Leaders Awards by M&A Advisor.

Commenting on his appointment, Rastko said: "I'm honoured and privileged to be elected as Managing Partner. These are exciting times for the firm and our clients and we plan to work with them closely to help them achieve their goals and use every opportunity that this region offers. We thank Dejan for his strong leadership and vision."

Dejan Nikolić comments: "Karanović & Nikolić recognises true virtue, and potential. Rastko not only embodies these qualities but also consistently employs both his excellent organisational skills and his admirable dedication to client care, helping us sustain our reputable status in the market. He has been a fantastic role model to our younger associates and has continuously proven his vast capabilities. We are all excited to see where his fresh and bold energy and leadership will take us."

For more information please contact Alexandra Yoshida,

alexandra.yoshida@karanovic-nikolic.com, on +381 11 3094 200.

BiH – General information on the Law on prohibited advertising

Advertising in the Federation of Bosnia & Hercegovina is regulated through a series of laws and regulations (example: Law on Consumer Protection of BiH, Law on Media, Law on Medical Products etc.), but with the new Law on Prohibited Advertising (Official Gazette of FBiH 101 / 16, the "Law"), which entered into force on 31.12.2016, the control of illegal advertising is regulated, with regards to the relations between merchants, which in the Law on Consumer Protection of BiH remained open. By doing so, the protection of merchants from illegal advertising and the process of protection are regulated, additionally, the forms of prohibited advertising are established, which are misleading and prohibited comparative advertising.

New Senior Partners Announced

​Karanović & Nikolić is pleased and proud to announce the promotion of a new generation of Senior Partners - Milan Lazić, Marjan Poljak and Darko Jovanović.

EU Commission Investigates Planned Combination Of Bosnian And Croatian Cement Producers

The European Commission has opened an in-depth merger investigation into the planned acquisition of Cemex Croatia by Duna-Drava Cement ('DDC'). Registered in Hungary, DDC is jointly controlled by German construction material producers HeidelbergCement and Schwenk. DDC inter alia operates a cement plant in Kakanj, Bosnia and Herzegovina. Cemex Croatia, an arm of the international cement heavyweight Cemex, controls three cement plants in the Croatian coastal city of Split.

Google Charged Concerning Android OS

Recent media reports have informed us that the European Commission has issued an official charge sheet accusing Google of an abuse of dominance concerning its Android mobile operating system and contracts with smartphone producers and telecom operators. The European Commission considers Google dominant in the markets for general internet search services, licensable smart mobile operating systems and app stores for the Android mobile operating system. This is not the first time the Commission has been looking into Google's operations through an antitrust lens. The company has already faced heavy scrutiny concerning its search engine and treatment of competing shopping services and advertisements.

Registration Of Company’s Changes Will Not Be Allowed During Tax Audit

The Serbian Minister of Finance issued the Rulebook on the Manner and Procedure of Delivering and the Content of the Tax Administration's Notification on Commencement or Finalization of Tax Audit ("Rulebook").

Karanović & Nikolić, Together With Freshfields, Advise On UniCredit’s Takeover Of CEE Business F

We are pleased to announce that Karanović & Nikolić team, together with Freshfields Bruckhaus Deringer, has supported UniCredit S.p.A. (Italy) in a recently closed take-over of the CEE business of UniCredit Bank Austria AG including shareholdings in 13 banks in Southern Europe and CEE as well as a relevant loan portfolio. Freshfields and Fellner Wratzfeld & Partner were the lead advisors on the transaction, while Karanović & Nikolić acted as the local advisor in Serbia and (through its corresponding law offices) in Croatia and Slovenia.

Amendments To The Montenegrin Tax Laws

Montenegrin Parliament adopted the amendments to the Corporate Income Tax Law ("CIT Law") and Value Added Tax Law ("VAT Law"). Below is a brief description of the main amendments.

Energy Community Goes Back On Suspension Threats For Serbia

​Latest news reports are informing us that the European Energy Community (EC) went back on their threats of suspending Serbia's membership, after a series of fruitful negotiations between EC's representatives and the Serbian Ministry of Energy. The agreement which allowed for this development stipulates that Serbia has accepted the plan of action regarding the restructuring of Srbijagas, at the same time complying with the requirements of the Third Energy Package. On 11 October, the Serbian government issued a decree that is binding all gas companies to act according to the agreement in question, while also outlining that the Ministry of Energy will regularly be reporting on related activities to the Community as part of a fully transparent process of cooperation.

Karanović & Nikolić Advises Affidea In Opening Serbia’s First Foreign Hospital

Karanović & Nikolić provided complete legal support to Affidea, a largest European medical service provider with respect to opening the first foreign hospital located in Belgrade. Our services consisted of extensive regulatory and corporate advice related to formation and start of operations of Affidea`s first hospital in Serbia.

EUR 2.6 Million Fine Imposed On The Electricity Distribution Company By The Competition Commission

The Competition Commission found that the company EPS Distribucija, the only operator of the electricity distribution network in Serbia, abused its dominant position in the market of electricity distribution in Serbia. The abuse consists of applying dissimilar conditions to equivalent transactions with trading parties, whereby some of those trading parties have been placed at a competitive disadvantage in comparison to their competitors. The abuse was the result of, amongst other things, a non-transparent business policy of EPS Distribucija.

Energy Community To Suspend Serbia’s Member Status?

Recent news  bring us an update from the Energy Community (EC), whose latest report has outlined that Serbia has not resolved the key issue of non-compliance with the aquis – something that presents a continuous violation of obligations under the EC Treaty – by not completing the separation of Srbijagas and Yugorosgaz activities in accordance with the "Second Energy Package". The EC's report specifies that, in the reporting period, Serbia has in a way cancelled much of its prior efforts when it comes to the separation of these activities, effectively slowing down the process of harmonising secondary legislation. Furthermore, the EC has also requested Serbia to complete the transformation of its Electric Power Company into a joint-stock company by 1 July 2016 – another deadline that has been breached.