Russian investment firm Altimo will reportedly join efforts next week to strip Colin Williams of his chairmanship of Turkish mobile operator Turkcell.
Altimo will join fellow Turkcell shareholder TeliaSonera, the Swedish incumbent operator, in seeking to…
Russian investment firm Altimo will reportedly join efforts next week to strip Colin Williams of his chairmanship of Turkish mobile operator Turkcell.
Altimo will join fellow Turkcell shareholder TeliaSonera, the Swedish incumbent operator, in seeking to remove Williams over alleged impartiality violations, reported the Financial Times.
Ultimately, they are seeking to dilute the influence of Mehmet Emin Karamehmet, Turkcell’s founder, who owns only 13% of the group through investment vehicle Cukurova, but controls it due to a complex ownership structure.
TeliaSonera has accused Williams of blocking attempts to increase the number of its independent board members.
According to a statement released by TeliaSonera on 24 March, Williams, the only independent member of Turkcell’s Board, has acted against the law by failing to hold an AGM on the issue.
A shareholder meeting next week will seek to remove Williams, and elect two more independent members to Turkcell’s board, the Financial Times report adds.
