1. Can an intercompany guarantee be granted? Security 4. Can a security interest be granted in the following type of asset? Perfection 8. In order to be enforceable against third parties, must a security...

1. Introduction Under currently applicable legislation, there is only one way to undertake insurance activity in Montenegro and that is to establish a local insurance company. A local insurance company...

1. Due diligence costs for the purchase of real estate 1.1 Municipal search Cost Variable VAT Nil 1.2 Utility search (each service) Cost Variable VAT Nil 1.3 Land registry search (per search) Cost...

October 2018 1. Where can one find public procurement notifications for Montenegro? Internet Portal for public procurement announcements: http://portal. ujn. gov. me/delta2015/lo­gin. jsp?locale=en& Internet...

Following the successful sale of Delta City shopping mall in Belgrade Serbia, Hystead Limited, a London-based company and investor in the Western Balkans, has signed an agreement to sell Delta City Mall in Podgorica, Montenegro to Israeli company BIG Shopping Centres. Delta City Podgorica is the largest shopping mall in Podgorica and one of the most developed commercial facilities in Montenegro. The transaction value is EUR 95 million. Having advised Hystead Limited in the sale of Delta City Belgrade, CMS Belgrade has been engaged again, together with CMS Podgorica, to provide legal assistance in the divestment of Delta City Podgorica. Full legal support in negotiations and structuring of the transaction and signing of the sales agreement has been provided by the team of CMS experts led by partners Maja Stepanović (Corporate/M&A) and Milica Popović (Banking & Finance). Other team members included partner Ivan Gazdić (Real Estate & Construction) and attorney Tamara Samardžija (Corporate/M&A).

Recent work highlights Construction and development Advised Fortum Corporation in relation to their participation in a tender for the construction of a solar power plant in Ulcinj and post-tender procedures, including LDA negotiations and signing. Value of the investment is €178m. The planned 250 MW solar power plant in Ulcinj will be the largest power plant of its kind in Europe. Advised IBERDROLA INGENIERÍA Y CONSTRUCCIÓN S.A.U. on construction matters related to the OHL Lastva-Čevo project in Montenegro (construction of two overhead lines 2x400 kV and 400 kV in the length of about 35 km). Advised GE Power in relation to their participation in the EPC project for the construction of thermal power plant in Montenegro Pljevlja II. Advised and represented the local companies of EVN in relation to high-value investment projects, particularly wastewater treatment plants and desalination plants, and related court and arbitration proceedings, involving the assessment of construction works performed, liability issues, etc. Investment and disposal Advised Heta Asset Resolution AG on corporate and financial restructuring of the Austrian banking group in Serbia and Montenegro worth over €100m. Advised investor on tax consequences relating to the acquisition of real estate in Montenegro and providing legal advice in connection to purchase of €2.2m (approx.) worth real estate. Financing Advised OTP Group and Erste Group in relation to the project finance of a tourist resort in Montenegro. Advised the EBRD and the IFC on the refinancing of Delta mall acquisitions in Serbia, Montenegro and Macedonia. Advised Slovenian legal entities related to transfer of the mortgaged real estate in Montenegro. Prepared legal due diligence report to OTP Group in relation to two real estate projects in Montenegro. Advised and representing the Serbian API bank in a residential real estate finance project in Montenegro. Advised the joint venture of Swiss Orascom Development Ltd. and the Government of Montenegro, the Montenegrin company Luštica Development AD, in the process of securing the financing for the development of the Luštica Bay project, whose worth is approx. €300m. 

1. What national legal act(s) provide for Anti-Money Laundering (AML)/Counter Terrorist Financing (CTF) measures in your country? The Anti-Money Laundering and Financing of Terrorism Act, adopted in 2017...

While many speculate that CEE has not been hit by the COVID-19 crisis as much as other European countries, due to fast reactions of the respective governments and strict lockdowns, fiscal actions introduced...