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Doğan Yayın tax fine talks scheduled for Nov. 24
Doğan Yayın has taken legal action to abrogate a demand for TL 4.8 billion ($3.3 billion) in collateral. Some of its units have also filed suits against the original TL 3.76 billion ($2.5 billion) fine.
Last week, Doğan Yayın said its units Doğan TV Holding, Doğan Prodüksiyon, Alp Görsel İletişim and D Yapım Reklamcılık had received an invitation from the Finance Ministry to discuss a settlement to the tax fine. A company official said on Tuesday that the meeting had been set for Nov. 24.
The tax fine, which is larger than the combined market value of Doğan Yayın and the firm’s parent company, Doğan Holding, threatens the survival of the Doğan media group.
Doğan Yayın denies breaking law in Axel Springer sale
Doğan Yayın Holding announced on Tuesday that a legal notice from the Radio and Television Supreme Council (RTÜK) giving the company three months to comply with a law limiting foreign ownership of private radio and TV stations was received by the holding’s broadcasting companies, but it rejected accusations that the company had violated the law.
In a written statement released on Tuesday through the Public Disclosure Platform (KAP) of the İstanbul Stock Exchange (İMKB), Doğan Yayın said in the notice RTÜK claimed that the ownership structure of media companies operating under the holding are in contravention of Clause 29 of the RTÜK Law and that these companies should revise their ownership structure in accordance with the law within a three-month period of time or that RTÜK will consider revoking their broadcasting licenses.
In a written statement released on Tuesday RTÜK noted that during its meeting on Oct. 13 the council evaluated a Ministry of Finance report on Doğan Yayın Holding irregularities. The report was presented to RTÜK on Sept. 18. “Our experts have determined that the ownership structures of media institutions within the Doğan Media Group run contrary to Clause 29 of the RTÜK Law,” RTÜK stated.
Doğan Yayın has been accused of violating the law in its sale of ownership shares to German publisher Axel Springer in 2006. Clause 29 stipulates that a foreign company can own no more than a 25 percent stake in a private radio or TV station. RTÜK announced last month that during its meeting on Oct. 13 the council evaluated a Ministry of Finance report on Doğan Yayın Holding irregularities. The report presented to RTÜK reportedly states that Doğan Yayın sold a 32.48 percent ownership share to Axel Springer on Dec. 26, 2006, exceeding the 25 percent limit. The same clause also states that a foreign company can only acquire shares in one TV or radio station in Turkey. Audits, however, discovered that Doğan Yayın’s sale to Alex Springer included a combination of shares in 28 firms operating under Doğan Yayın Holding, the same report is described as saying by several dailies.
However, Doğan Yayın said in the statement that the ownership structure of the holding’s broadcasting companies was in conformance with the law, claiming that the shares of its radio and TV stations owned by foreign individuals or institutions do not exceed 25 percent. Doğan Yayın also said RTÜK was informed of the transfer of its shares and the partnership structure at the time of the transaction, complaining that the legal basis for the allegations was unclear.
In regards to RTÜK’s legal notice on Doğan TV Holding, Doğan Yayın said in a statement to KAP that Doğan TV Holding owned shares in broadcasters but that the holding itself is not a broadcaster and does not have a broadcasting license, claiming that RTÜK has no right to make decisions related to a non-broadcasting company. RTÜK’s legal notice will be discussed and legal avenues will be pursued, the statement said.
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