Controversies between the shareholders of Turkcell delay BTC deal

Controversies between the major shareholders in the Turkish mobile operator Turkcell paralyse the company’s decisions, delaying its eventual deal with the Bulgarian Telecommunications Company (BTC), reported The Economist magazine. The contradictions are between Turkcell’s co-founder Mehmet Emin Karamehmet and the two major foreign investors - TeliaSonera (a Nordic telecom group) and Altimo (a big Russian investor). According to The Economist, the operator is unable to act or take any decisions because of these controversies. Smaller shareholders comment that they are pressed, while the second-richest man in the country - Karamehmet is struggling to maintain control over the company whose co-founder he is. This clash between the parties frustrates all plans of the operator, because decisions are made at a meeting of the seven-member management board and any move has to be approved by at least five board members. The board includes two representatives of each investor and the seventh member is independent. However, the Nordic telecom group TeliaSonera doubts that the position of this independent member is impartial. Turkcell currently provides services to 35,000,000 subscribers in Turkey and 30,000,000 subscribers in other countries, and has annual proceeds of $5.6 bn. These figures, however, will probably increase. Last year alone, the company attracted more than 3,500,000 new subscribers, specified The Economist.

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