Turkcell results delayed due to ‘lack of board members’

25 Jul 2013

Turkcell is reportedly delaying the announcement of its second quarter earnings because its board does not have enough members to approve the data. The quarterly financials, which were previously set to be announced on 18 July, are ready, but will not be released until at least five members approve them, a Turkcell official told Bloomberg, asking not to be named because of the sensitivity of the issue. The company, which is controlled by Russia’s Alfa Group, Sweden’s TeliaSonera and Cukurova Holding of Turkey, currently has just three valid members on its board after the terms for four others expired, the official admitted.

TeleGeography notes that the matter is complicated by the long-running boardroom animosity between Cukurova and Alfa. Earlier this month the UK’s Privy Council decided that Cukurova must pay Alfa USD1.56 billion to recover a contested 13.7% stake in Turkcell, as part of a dispute that dates back to 2005.

Turkey, Altimo (part of the Alfa Group), Telia Company, Turkcell