Bojović Drašković Popović & Partners advises Poseidon Group on Capitol Park Zaječar project

With completed projects in Šabac, Sombor and Belgrade, and construction underway in Leskovac, Poseidon Group continues to invest in the Serbian retail market by bringing its Capitol Park brand of retail parks to Zaječar in spring 2019. The investment is valued at EUR 10 million.

Capitol Park Zaječar will be Poseidon Group’s fifth retail park in Serbia and brings new shopping and leisure facilities to eastern Serbia. The project will provide 18 stores of leading Serbian and international brands in 6,500 m2 of retail space built on a 20,000 m2 site. Among the brands that will join Capitol Park Zajecar are JYSK, Nefa furniture, Studio Moderna, Extreme Intimo, Opposite shoes, Djak sport, Lilly, LC Waikiki, New Yorker, Deichmann, Sinsay and N Sport.  It will also boost the economy of Zajecar by bringing around 300 jobs to the local community in the construction phase and up to 200 more retail roles upon opening.

We decided to invest in Zaječar because of its central location in the Borsko-Zaječarski district, the improving economic outlook for the city, and lack of a modern retail complex in this part of Serbia. We can confirm that six months prior to opening over 80% of the retail space in Capitol Park Zaječar has been let” – said Poseidon Group corporate affairs director James Gunn.

The arrival of Capitol Park to Zaječar will not only bring a new shopping experience, but more importantly new jobs. These are the moments that demonstrate the city’s progress and proof that we are heading in the right direction. Once again we wish to thank Poseidon Group for investing in Zaječar and making it a part of their retail park family” – the Mayor of Zaječar, Boško Ničić, said about the significance of the investment for the city.

*Source: eKapija

Bojović Drašković Popović & Partners is advising Poseidon Group on this project as well as all its earlier Serbian retail development schemes and others in the pipeline.

The Foreign Investors Council held the regular annual session of the Assembly

Belgrade, 21 December 2018 – The Foreign Investors Council held the regular annual session of the Assembly, summarizing the key achievements and making solid basis for the future growth. Members also adopted Annual and Financial Report for 2018. For the first time this year, the “Committee of the Year Award” was introduced.

Partner Ivan Gazdić, in his capacity as the President of FIC’s Real Estate Committee, spoke at the session of the Assembly, highlighting the main activities of the RE Committee that have been undertaken during 2018.

Looking into 2019, FIC President Yana Mikhailova pointed out that ”FIC will continue to advocate for speeding up the reforms and acceleration of accession negotiations in order to catch up with EU level of economic development. 3 key FIC expectations from the Government are to achieve sustainable fiscal consolidation (structural reforms, especially privatization and corporatization of state-owned enterprises), improve law implementation, especially in tax area (strengthening tax administration), and provide more transparency in public consultations with focus on reforms in 8 priority topics: tax, labour, digitalization & e-commerce, real-estate, inspections, food safety, and overall legal framework, with emphasis on regulations on bankruptcy and foreign exchange operations. We hope that the re-launched joint Task Force with the Government will bring the tangible results next year.” concluded FIC President.

More about Real – Estate Committee, FIC and their scope of work can be found here.

The New Law on Personal Data Protection

On 9 November 2018 the National Assembly of Serbia has adopted the long awaited new Law on Personal Data Protection (Zakon o zaštiti podataka o ličnosti, Official Gazette of the Republic of Serbia, no. 87/2018) (hereinafter: the Law).

The main reason behind the adoption of this new piece of legislation is harmonization with the European Union rules, i.e. ensuring the same level of protection of personal data as in the European Union member states. The introduction of the Law is part of Serbia’s obligations in process of the accession to the European Union. Further, the Law was adopted with the aim of facilitating the conducting of business of companies, having in mind the current level of application of modern information technology and social networks. Namely, the general assessment of the previous law on personal data protection is that it was already outdated at the time of its adoption, and therefore its application in practice was often marred by significant difficulties. 

The Commissioner for Information of Public Importance and Personal Data Protection (hereinafter: the Commissioner)'s stand regarding the text of the Law is that it represents a literal translation of the General Data Protection Regulation (hereinafter: the GDPR), and therefore exhibits a high level of formal compliance with the respective regulation of the European Union, but the practical application in Serbia is highly questionable. 

Further, despite the Commissioner’s numerous complaints and suggestions, the Law does not regulate video surveillance, which remains in the gray area. The Commissioner has also found Article 40 of the Law to be quite controversial as it allows the limitation of certain fundamental rights and obligations envisaged by the Law, in a rather imprecise manner and without reference to the law as a legal ground for such limitation. Therefore, there is a potential threat that authorities or companies that handle personal data may restrict citizens' rights without explicit legal authority and at their own discretion.

To read more please follow the link.

To read what Uroš Popović quoted for Data Guidance about the new Law on Personal Data Protection please follow this link.