Turkey's Dogan says court rejects collateral appeal

Turkey's largest media company Dogan Yayin Holding on Monday said a court rejected its appeal for two units to provide collateral.

Turkey's Dogan says court rejects collateral appeal

Turkey's largest media company Dogan Yayin Holding on Monday said a court rejected its appeal for two units to provide collateral.

The interim court decision came after Dogan said on Friday it was seeking new partners or would sell part or all of its subsidiaries in the face of the record fine.

The latest tax court ruling, announced by Dogan in a statement to the stock exchange, applies to a court challenge made by Dogan Yayin units Dogan TV Holding and Alp Gorsel Iletisim Hizmetleri.

Last week Dogan Yayin said it was trying to reach a settlement with authorities over the tax fine.

Turkish Finance Ministry fined Dogan Yayin Holding 3.75 billion TL (2.52 billion USD) for tax irregularities in a second such penalty last month

The AK Party government, in power since 2002, has stepped up tax inspections as it tackles the vast unregistered economy.

Turkish courts have already imposed an injunction on the bank accounts and some assets of Dogan units.

Dogan units has foreign partners including Time Warner and Germany's Axel Springer.


Reuters

Last Mod: 26 Ekim 2009, 14:18
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