Turkish mobile operator Turkcell has freed TL450m (US$251m) of seized assets, rights and receivables belonging to stakeholder Cukurova Holding following a debt repayment.
Turkcell said in a statement to the Istanbul Stock Exchange its “provisional…
Turkish mobile operator Turkcell has freed TL450m (US$251m) of seized assets, rights and receivables belonging to stakeholder Cukurova Holding following a debt repayment.
Turkcell said in a statement to the Istanbul Stock Exchange its “provisional seizure” of the TL450m will be lifted now the repayment has been made. Turkcell declined to reveal the repayment amount.
Turkcell announced the provisional seizure of Cukurova’s shares, rights and assets in the company in May last year.
A Turkcell spokesperson said at the time it was not too late for Cukurova to pay its outstanding tax liabilities and avoid having its shares seized permanently, although she declined to disclose a deadline for doing so.
Turkcell’s major shareholders – Cukurova, Russian investment firm Altimo and Sweden’s TeliaSonera – have disputed the company’s ownership for several years.
Cukurova Telecom Holdings owns 53% of Turkcell Holding which, in turn, owns 51% of Turkcell Iletisim (the mobile operator). TeliaSonera owns the remaining stake in Turkcell Iletisim. Alfa owns 49% of Cukurova Telecom Holdings and Cukurova Holding controls 51%.
