Turkbank sale goes to court

An application was filed for the cancellation of the sale of Türkbank, for which the Savings Deposit Insurance Fund (TMSF) was awaiting approval from the Banking Supervision and Regulation Agency (BDDK) and the Competition Board to sell it to Export Development (İGE) A .Ş for 455 million lira.

The Turkish Commercial Bank Supplementary Social Security Pension and Assistance Fund Foundation protested against the SDIF management and the tender commission, demanding the cancellation of the tender. In the 7-page protest text taken from Istanbul Notary 3, it was stated that if Türkbank were sold for 455 million lira, both the public and the members of the foundation, who would receive a 5.65 percent stake in the sale, they would suffer a loss. . Sources who informed SÖZCÜ said that in order to file a claim in court for the cancellation of the tender, a protest from the notary public must be filed as a first step, and that if a negative response is given to the protest, a nullity is given. The case will be settled. will archive as a second step.

LESS THAN $20 MILLION

In the text of the protest it was said that there were extraordinary situations such as the lack of transparency of Türkbank’s offer and the fact that more than half of the participants were not even included in the offer, and it was said that the estimated value determined for the bank it was 1/5 of the real value of the bank. The text indicates that although Turkbank, which has personal and real estate assets and licenses, does not have an operating license, an independent audit firm estimated an estimated value of 70 million dollars in 2013, while the value determined by the SDIF before of the bidding was below 20 million dollars.

5.65 PERCENT WILL BE CONTRIBUTED TO THE FOUNDATION

In the protest text, it was indicated that with the contract signed in 2013, 5.65 percent of the additional shares of the foundation in Türkbank were transferred to the SDIF, and that 5.65 percent of the income will be paid obtained after the sale of the bank. to the additional base. It was claimed that the foundation made a profit from the sale of Türkbank due to this contract, and that selling the bank below its value would lead to the loss of the foundation’s members.

The following determinations and objections were included in the protest text sent to the SDIF, signed by Meftun Erol, Chairman of the Foundation’s Board of Directors, and Hacı Bayram Solmaz, Vice President:

WEIRD AND HAPPY SALE

“Turkbank has a history of 110 years. It is impossible to accept and explain the hasty sale of such a bank, which has such an important value in the history of Turkey, at the end of such a strange and unusual process, almost at the cost of nothing.

The 2013 evaluation report is based on the protocol concluded between the Munzam Foundation and SDIF. Any sale value below this valuation will never be accepted.

For a bank in liquidation with a value of 70 million dollars as of 2013, an appraisal value that is determined to be below 70 million dollars as of today cannot be accepted or explained, after obtaining the operating permits and banking.

Furthermore, it is quite remarkable that more than half of the participants who submitted bids for the tender were not even included in the tender, and that the tender was conducted between Akın Tekstil ve Çelikler İnşaat, who offered very low bids, and the İGE company. who received the offer.

Our foundation played an important role in obtaining Türkbank’s operating license, however, a large public loss was confirmed with the tender, as well as our Foundation’s rights under the 2014 protocol were violated and our foundation was damaged ”.