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TMSF, Garipoğlu Group sign protocol over debt payment
In a written statement released yesterday, the TMSF announced that the protocol was signed on April 9. According to the protocol, the group will start payment of its debts, totaling $307.12 million, on Sept. 30. The principal will be paid off in the first four years in equal installments, with the company scheduled to pay interest in the fifth year.
The TMSF confiscated all 70 of the companies owned by famous businessman Hayyam Garipoğlu for violating a contract with the TMSF and failing to make payments on his debt to the fund in July of last year. The TMSF also appointed new managers to the boards to all 70 companies, while members of the Garipoğlu family lost all their rights to the companies and were expelled from any managerial capacity.
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