Crisis at Katılımevim's main shareholder: Fled abroad by boat

While the sales process of Pusula Finans Holding, which holds the majority shares of Katılımevim, to the Tera Group continues, new developments regarding the company's management have created a stir in financial circles. According to information reflected in the public domain, it is alleged that Muhammet Yarız, Chairman of the Board of Pusula Portföy, left his mobile phone at his office and fled abroad by boat from Marmaris.

Following this development, it was stated that a travel ban was imposed on Serdar Turhan, Chairman of the Board of Pusula Holding and Katılımevim, by the decision of the Istanbul Chief Public Prosecutor's Office. In the assessments made by the prosecutor's office, allegations that Turhan had recently obtained a residence permit and a mansion in Greece, as well as real estate in Dubai, also came to the fore.

The process began on Friday with a notification made to the Public Disclosure Platform (KAP). The statement announced that an agreement had been reached between the parties regarding the transfer of Pusula Finans Holding, which also includes the majority shares of Katılımevim, to the Tera Group. For the transaction to be completed, approvals must be obtained from regulatory bodies such as the Capital Markets Board (SPK), the Banking Regulation and Supervision Agency (BDDK), and the Competition Authority.

TERA GROUP: TRANSFER PROCESS CONTINUES

Following these developments, the question on investors' minds was whether the sales process would be affected. Katılımevim shares had recorded 10 percent gains over two trading days following the announcement of the sale news. In its statement, the Tera Group reported that there was no change in its strategic and financial assessments regarding the planned acquisition.

It has become necessary to inform our investors that the aforementioned developments reflected in the public domain are independent of the legal entities, operations, and corporate structures of Pusula Finans Holding AŞ and its subsidiaries; therefore, no change has occurred in the Tera Group's strategic and financial assessment regarding the planned acquisition.

In the Tera Group statement, it was expressed that the planned acquisition is part of the goal to expand operations in the field of financial services, increase scale, and consolidate different financial services under an integrated structure. The company emphasized that the operational areas, corporate capacities, and financial infrastructures of Pusula Finans Holding and its subsidiaries were taken as the basis for the assessment.

The statement noted that the completion of the transaction is subject to obtaining the necessary permits and approvals from the relevant regulatory and supervisory authorities, as well as the fulfillment of other closing conditions agreed upon by the parties. The Tera Group announced that developments regarding the process that need to be disclosed to the public will be shared with investors within the framework of the provisions of the SPK's Communiqué on Material Events.

News Source: 12punto