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Doğan Yayın says won partial victory in fine case
In a written statement released through the Public Disclosure Forum (KAP) of the İstanbul Stock Exchange (İMKB) on Monday, Doğan Yayın said the court had made its final decision on the company’s appeal to reverse a TL 4.8 billion tax fine.
According to information provided by the company’s lawyers from the National Judicial Network Project (UYAP), the company announced that the court ruled in its favor in cases worth TL 864.78 million and against it in cases worth TL 1.88 million. In cases worth TL 2.25 billion, the court ruled partially in its favor and partially against it, the statement read, adding that the value of the rulings in its favor was not clear. A written verdict has not yet been sent to the company.
Following Doğan Yayın’s statement to KAP, the holding’s shares suffered a significant drop in the first trading session yesterday, declining in value by 3.87 percent to TL 1.49.
Aydın Sözübir of Tacirler Menkul Değerler said they expect a significant change in Doğan Yayın’s shares. “The figures are not yet clear, but the conclusion of the cases will create a big change. What is most important here is how big of a fine will be levied on the company. If the court imposes a high fine on Doğan Yayın in the cases worth $2.25 billion, it will put the company into trouble, as it does not have enough funds to handle that. We can then expect many of its shares to be sold,” he said.
A fine of TL 3.76 billion ($2.53 billion) was levied on Doğan Yayın by the Finance Ministry in early September of last year for evading taxes in a time period covering 2005, 2006 and 2007. The tax office requested that Doğan Holding units Doğan TV Holding, D Yapım Reklamcılık, Doğan Produksiyon and Alp Görsel Communications put up a guarantee equal to the total fine of TL 4.8 billion. The guarantee was to cover the fine itself plus interest. Doğan reacted by launching a court challenge to the guarantee requirement.
In mid-October, Doğan Yayın said it had provided collateral in the form of shares in Doğan companies and 44 properties to the tax office to cover the fine. The tax office then imposed a preliminary injunction on the sale of shares in three of Doğan’s units, and one day after this, Doğan Yayın said the tax office had rejected the guarantees.
On Oct. 30, Doğan said the company had received an invitation from the Finance Ministry to hold talks on settling the tax fines. On Nov. 4, Doğan Yayın said its companies Doğan TV Holding, Doğan Prodüksiyon, Alp Görsel İletişim and D Yapım Reklamcılık would have talks with the Finance Ministry on Nov. 24 to discuss a possible settlement. However, talks between Doğan Yayın Holding and the Finance Ministry ended without any settlement on the fines, and the company said the court process for the stay would continue from where it had left off.
In February, another court annulled TL 772.5 million of a TL 862.4 million fine levied on Doğan Yayın for alleged tax irregularities.
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