In April this year the information systems of "Bulgarian Post" became the subject of a serious cyber-attack. The Commission for Personal Data Protection (CPDP) imposed a fine of BGN 1 million (approx. EURO 511.292) and after a 3-month inspection found that the company neglected cyber security and no measures were taken to protect users' data. There was no analysis that would lead to a proper implementation of organizational measures for the protection of data electronically. After the encryption of the data of 680,000 individuals, personal names, social security numbers, and information about personal cards were leaked. The amounts of money that the employees received, as well as their bank accounts, are available. Sensitive data on the age and health status of employees, as well as emails of the company's customers, were also accessed.
DGKV Advises on Purcari Wineries Acquisition of 76% Stake in Angel’s Estate Winery
Djingov Gouginski Kyutchukov & Velichkov has advised both sides in Purcari Wineries' acquisition of a 76% stake in Angel’s Estate Winery.
CMS and KPMG Legal Advise on CTP Acquisition of Logistics Projects from Andreew Investment Group
CMS has advised CTP on the acquisition of two Transcapital logistics projects in Sofia from the Andreew Investment Group. KPMG Legal advised Andreew on the deal.
Asset Recovery Following a Cyber Fraud: Case Study
As a firm that specializes in asset recovery for victims of cybercrime when the assets or scammers are in Bulgaria, we’ve seen that, in the last few years, cyber crimes are increasing worldwide. The fraudsters use similar techniques to mislead their victims: through numerous hacking attacks, they send emails on behalf of and/or to the victims or persons related to them using fake email addresses very similar to the originals. The aim of the fraudsters is to trick the victims to transfer substantial amounts of money to the fraudster’s bank accounts in Bulgaria. Then, the fraudsters usually move the received sum to a bank account in another country or to a bank account of a related company in Bulgaria. These money transfers are in breach of Bulgarian and international AML Law.
DGKV Advises Silverline Partners-Led Consortium on EUR 6.8 Million Series A for Alcatraz Bulgaria
Djingov, Gouginski, Kyutchukov and Velichkov has advised a Silverline Partners – Fund LP-led consortium of private equity investors on their EUR 6.8 million Series A investment in Alcatraz Bulgaria. Cooley reportedly advised Alcatraz on the deal.
Deal 5: Yara Legal Counsel Sverre Hodnebo on Sale of Yara Bulgaria and Yara Digital Romania to Nik Group
On August 30, 2022, CEE Legal Matters reported that Boyanov & Co had advised Yara International on the sale of Bulgarian and Romanian businesses Yara Bulgaria and Yara Digital Romania to the Nik Group. CEE In-House Matters spoke with Sverre Hodnebo, Legal Counsel at Yara International, to learn more about the sale.
Zvezdelina Filova Appointed Deloitte Legal Practice Leader in Bulgaria Following Reneta Petkova's Departure
Zvezdelina Filova has become the new Local Practice Leader for Deloitte Legal in Bulgaria, following the departure of former Partner Reneta Petkova.
Boyanov & Co Among Plethora of Firms Advising on BioIVT’s Acquisition of Fidelis Research
Boyanov & Co has advised BioIVT on its acquisition of Fidelis Research. Divjak Topic Bahtijarevic & Krka, BDK Advokati, Nestor Nestor Diculescu Kingston Petersen, and Kolcuoglu Demirkan Kocakli have advised BioIVT on Croatian, Serbian, Romanian, and Turkish law-related matters, respectively. Hristov & Partners advised Integrity Capital Investments on the sale. Penkov Markov & Partners advised the other sellers.
Freshfields, Rymarz Zdort, and Filip & Company Advise on One Equity Partners’ Acquisition of Muehlhan Business
Freshfields Bruckhaus Deringer, Rymarz Zdort, and Filip & Company have advised One Equity Partners on its acquisition of Muehlhan’s European and US businesses. Reportedly, Eversheds Sutherland member firm Tsvetkova, Bebov & Partners advised the buyer in Bulgaria, while Bech-Bruun, Georgiades & Pelides, and CLP advised the buyer in Denmark, Cyprus, and Norway.
The future of green hydrogen in Bulgaria
Thanks to its qualities - environmental friendliness and a wide range of applications, hydrogen occupies an increasingly central place as an energy carrier. Focus on its use, and in particular on the use of green hydrogen, is also placed at European Union (“EU”) level, where in a number of acts, it is considered an important factor for decarbonization, fulfillment of the global goals of the Paris Agreement and achievement of carbon neutrality until 2050. The reason is that both hydrogen and electricity can be generated from greenhouse gas neutral sources addressing climate change and air quality issues. To deploy green hydrogen and turn it into a viable solution to decarbonize, a lot of investments and a favorable regulatory framework are required.
Grim Backdrop and Cautious Optimism in Bulgaria: A Buzz Interview with Elitsa Ivanova of CMS
Even with elections coming up soon for Bulgaria, there are still plenty of interesting topics to report on, including a vibrant deal market and an active energy sector, according to CMS Partner Elitsa Ivanova.
CMS Advises Vier Gas Transport on Tender for Greece-Bulgaria Gas Interconnector Project
CMS has advised Vier Gas Transport on its successful participation in a tender for selecting a consultant for monitoring and control of the implementation of a commercial dispatcher center for the Interconnection Greece-Bulgaria project held by ICGB AD.
A Moving Plot: The Legal Significance of the Detailed Development Plans under Art. 16 of the Spatial Development Act
Imagine receiving a letter that your real estate located in Bulgaria will, in fact, “change” its location within the neighborhood. This can come up as a shock to any international investor in Bulgaria. Such companies might wish to finance certain entrepreneurial construction activity in Bulgaria, and therefore, acquire one or more plots of land. This sort of legal conundrum is indeed possible in Bulgaria and this article will look into its intricacies.
Kinstellar and Tzvetkova & Partners Advise on 52 Entertainment’s Acquisition of Casualino
Kinstellar has advised 52 Entertainment on the acquisition of Bulgarian game developer Casualino. Tzvetkova & Partners advised Casualino on the sale.
Restructuring Laws and Regulations in Bulgaria
Contributed by Tsvetkova Bebov & Partners, member of Eversheds Sutherland.
DGKV Advises Integral Venture Partners-Led Consortium on Acquisition of 76% Stake in Sirma AI
Djingov, Gouginski, Kyutchukov & Velichkov has advised a consortium of investors led by Integral Venture Partners on the acquisition of a 76% stake in Sirma AI, trading as Ontotext. Popov, Arnaudov and Partners reportedly advised Sirma Group Holding, Sirma Solutions, and Ontotext on the sale.
Dentons, Polenak, Boyanov & Co, and Clifford Chance Advise on Financing for KKCG Group’s Acquisition of Musala Soft
Dentons has advised a syndicate of banks led by Ceska Sporitelna, and including Ceskoslovenska Obchodni Banka and Komercni Banka, on the financing of KKCG Group and Aricoma Group’s acquisition of Musala Soft. Polenak, Boyanov & Co, and, reportedly, Andric and TM & Partners advised the banks as well. Clifford Chance advised Aricoma Group on the deal.
Bernitsas Advises Delta Foods on Sale of United Milk Company
Bernitsas has advised Delta Foods SMSA on the sale of its wholly owned Bulgarian subsidiary United Milk Company EAD to Tyrbul EAD.