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Ali Sanver and Ahmed Pekin lead the tax practice of Pekin & Pekin, which consists of four other fee earners and a small, experienced tax disputes team. Tax controversy and M&A are two areas the firm highlights as strengths of the practice, though work ... [more]

Ali Sanver and Ahmed Pekin lead the tax practice of Pekin & Pekin, which consists of four other fee earners and a small, experienced tax disputes team. Tax controversy and M&A are two areas the firm highlights as strengths of the practice, though work is also generated by debt and equity financing matters. The firm's international clients this year included the European Bank for Reconstruction and Development (EBRD), and investment bank West LB as the arranger, in a €325 million ($457 million) purchase of notes under a Turkish bank's Diversified Payment Rights (DPR) cross-border securitisation scheme. Pekin & Pekin advised on the Turkish law aspects, including capital markets, finance and tax law matters. The team was successful in creating an efficient structure for the transaction deemed transparent enough by both EBRD and WestLB to allow a release of funds without pre-insurance coverage. The A rating received from Fitch Ratings for the DPR notes was the highest ever in a Turkish cross-border issue. After this transaction the EBRD appointed the firm as lead Turkish counsel when it established a regional hub in Istanbul in late 2010. Corporate finance matters have been a significant source of work for the firm recently and it also advised a petroleum company on the tax implications of obtaining a senior secured revolving reducing base loan facility using its Turkish petroleum licences as collateral.