85 million lira fine from the CMB to two companies

The Capital Markets Board (CMB) has scrutinized transactions carried out at two companies as part of its ongoing audits. As a result of the investigations, administrative fines totaling 85 million 227 thousand 630 lira were imposed due to irregularities detected in Sanica Isı and İzmir Fırça shares.

INVESTIGATION INTO FUND USAGE AT SANİCA ISI

It was determined that the funds obtained from the initial public offering of Sanica Isı were utilized in a manner contrary to the prospectus and the fund usage report disclosed to the public in its annex. Furthermore, it was found that the board of directors' reports dated March 14, 2023, and May 22, 2023, regarding fund usage contained misleading statements.

In this context, a total administrative fine of 40 million 836 thousand 140 lira was imposed on Sanica Isı Sanayi, as well as Hüseyin Nesimi Fatinoğlu, Ali Fatinoğlu, Uğur Fatinoğlu, Emre Fatinoğlu, and Saadet Fatinoğlu.

REMINDER REGARDING THE GENERAL ASSEMBLY PROCESS

The CMB stated that at the company's first upcoming general assembly meeting, a vote must be held on whether the fines imposed on the board members responsible for these actions should be recouped from them. It was also reminded that the relevant board members, as well as persons and entities connected to them, must not participate in this vote.

IRREGULAR SALES IN İZMİR FIRÇA SHARES

Regarding İzmir Fırça shares, it was determined that the shares were offered for sale on the stock exchange by circumventing the obligation to prepare a share sale information form and to publish a board-approved form.

Administrative fines totaling 44 million 391 thousand 490 lira were imposed on Orhan Dilberoğlu, Natan Kohen, and Yusuf Ege, who were determined to have participated in these transactions.

News Source: 12punto