27 October 2009 / TODAY'S ZAMAN WITH WIRES, İSTANBUL
Doğan Yayın Holding, Turkey's largest media company, announced on Monday that a court has rejected a request for a stay of execution filed by its subsidiaries against tax authorities' demand for TL 4.8 billion ($3.3 billion) in collateral to appeal a fine over alleged tax fraud. In a written statement released on Monday through the Public Disclosure Platform (KAP) of the İstanbul Stock Exchange (İMKB), Doğan Yayın said it had learned indirectly of the İstanbul First Tax Court decision against subsidiaries D TV Holding and Alp Görsel İletişim Hizmetleri A.Ş., which had filed a case demanding a stay of execution of a demand by tax offices that collateral be put up for the tax fine.
Doğan Yayın noted that the ruling is an interlocutory decree and that the lawsuit in the First Tax Court is still continuing. Doğan Yayın also announced that the company will exercise its right to appeal the decision within the period stipulated.
The Sabah daily claimed on Sunday that the İstanbul First Tax Court ruled against Doğan Yayın's subsidiaries' request for the stay of execution. The İstanbul Ninth Tax Court had ruled similarly, rejecting a challenge by Doğan Yayın against tax authorities' demand for a guarantee of the tax fine in early October. Doğan Yayın filed an appeal of the Ninth Tax Court ruling and is currently awaiting the decision of the District Administrative Court.
