Banking & Finance:
The firm’s highly experienced banking and finance team handles secured and unsecured lending, international high-value financing and refinancing transactions, including project financing, syndicated, subordinated and mezzanine financing, and related securities such as share pledges, floating charges and financial collateral. The firm regularly advises on compliance and banking regulatory and licensing requirements, ISDA agreements and related products, asset preservation and security enforcement and procedures. The highly experienced members of the team bring the wealth of their experience to the department making it one of the strongest in the country.
The firm recently advised Hellenic Bank on the establishment of the first debt servicing platform in Cyprus through a joint venture with the APS Holding Group. The team also recently acted for the European Bank for Reconstruction and Development on a EUR 10 million financing for the construction and development of five solar photovoltaic parks in Cyprus, being the first project financing of EBRD in Cyprus. The firm advised Emma Delta Ltd and its subsidiary companies in a Euro 622 million transaction with respect to the acquisition of 33% of OPAP S.A., as part of the OPAP Group’s privatisation.
The capital markets practice of the firm specialises in debt and equity capital markets, derivatives and structured finance, securitisation, corporate trust and agency. The firm’s team regularly acts on public offerings on regulated and non-regulated markets internationally and locally, as well as private placements, Eurobond issues, reverse takeovers etc., acting for issuers, underwriters and lenders.
The firm advised Qiwi plc on the successful completion of the IPO of American Depositary Shares on the New York Stock Exchange in 2013, following which we have regularly advised the company on subsequent SPOs and other matters. The team also acted for the DTEK group on Cyprus law matters in connection with a new Eurobond issue and the repurchase of an existing Eurobond issue, as well as on the financial restructuring of its outstanding USD 200 million 9.5% senior notes which took place through an exchange offer, consent solicitation and an English scheme of arrangement and which constituted a landmark deal in successfully changing the governing law of the bonds from New York law to English law sufficient for conferring jurisdiction to English courts for sanctioning a scheme of arrangement.
Corporate & Company:
The corporate department of the firm constitutes the cornerstone of its practice. The experience of the firm’s highly reputable and exceptionally specialised team is second to none in Cyprus. The department’s practice covers the formation, acquisition and sale of Cyprus companies, shareholder agreements and corporate governance issues, capital-raising transactions, public and private offerings of securities and securities law compliance, local and cross-border mergers and acquisitions, management buy-outs and earn-outs, corporate management, and re-domiciliation of companies in and out of Cyprus.
The firm advised the Cyprus Government on the proposed privatisation of the Cyprus Telecommunications Authority, which was viewed as the biggest potential corporate deal in Cyprus. The team recently advised Hennes & Mouritz (H&M) with the set-up of the fashion label in Cyprus and continues to provide ongoing support. The firm acted for Piraeus Bank S.A. in a transaction involving the sale of its shares in Piraeus Bank Cyprus to Holding M. Sehnaoui SAL, as part of the restructuring plan of the Piraeus Group agreed with the European Commission. The firm also acted for DP World Limited in their successful bid for the commercialisation of the Cyprus ports and advised on the acquisition of the concession and formation of the joint venture with G.A.P. Vassilopoulos Public Limited.
Financial Services & Securities Regulation:
The firm has unprecedented expertise in this area of Cyprus law, and together with years of experience, leads thinking on regulatory developments in the financial and investment sectors, helping and guiding clients in lobbying on, planning for, and implementing changes as they occur. The team maintains day-to-day contact with the Cyprus Securities and Exchange Commission and is often engaged in drafting legislative amendments in these areas of law.
The firm has in-depth and technical knowledge of financial services regulation laws including MiFID, MiFID II, laws regulating funds and investment collective schemes, and advises asset managers, investment banks, investment firms, and brokers/agents on fund and manager formation and distribution and cross-border regulatory issues.
Litigation, Arbitration & Mediation:
The litigation team is considered one of the best in Cyprus and covers all areas of general and commercial law. The firm offers a wide range of dispute resolution and mediation, representation of clients before all national courts and tribunals as well as domestic and international arbitration under internationally recognised arbitration bodies. The team also specialises, non-exhaustively, in interim order applications, Norwich Pharmacal orders and other types of disclosure orders, as well as freezing orders.
The firm recently represented the Attorney General of Cyprus in impeachment proceedings against the Deputy Attorney General which resulted to the Deputy’s impeachment, constituting a historic decision of the Supreme Court as it is the first time in Cyprus’s legal history where an officer has been impeached. The team successfully defended an application on behalf of Saven Enterprises Ltd for setting aside an order by which a writ of summons was served abroad on the basis of lack of jurisdiction. The firm advised Vladimir Potanin in relation to a freezing injunction concerning 50% of the client’s USD 14 billion property whereby the team argued for lack of jurisdiction of the Cyprus courts in general; the proceedings were dismissed due to lack of jurisdiction by the court. The firm successfully defended a Mareva injunction for the amount of USD 45 million on behalf of Nanoenergo Fund Ltd.
The firm’s tax department develops effective solutions to tax problems that are both tax-efficient and practical. The firm’s tax practitioners advise on a wide range of Cypriot tax issues arising in the context of international and local transactions, including court disputes.