The Arabs' Emphasis on Türk Telekom and the Deception of the Turkish Government

I'd like to begin this post with news of the biggest legal hit of the century. The Arabs have locked up exactly 4.75 billion dollars in Turkey and left. Congratulations…

In 2005, Turkey accomplished its largest privatization as Türk Telekom was successfully privatized. The contract was signed by none other than the Minister of Finance at that time, Kemal Unakıtan, demonstrating his unwavering confidence in this historic moment.

The rate at which it was sold was an astonishing 55%, and the price was so low that it could be considered almost a giveaway, or even a case of government privatization. Saudi Oger Telekom, the acquiring company, did not pay the agreed price of 6.55 billion dollars in one go. Instead, they opted to pay in installments, and after making the first installment, they acquired Türk Telekom with confidence.

Türk Telekom, a company that has been undergoing privatization since 1990, was initially valued at $20 billion in 1993. Despite this lofty valuation, the AKP government sold the company 12 years later for a mere $6.55 billion, significantly below the estimated value from over a decade prior.

OTAS's Sly Project

OTAŞ, also known as Ojer Telekomünikasyon A.Ş., confidently secured a $4.75 billion loan from Turkish banks in 2013. The loan was provided by reputable banks such as Akbank, Garanti, and İşbank, with $1.5 billion, $1 billion, and $500 million respectively.

Technically speaking, OTAŞ agreed to purchase for $6.55 billion.

He paid $1.31 billion and now owns Türk Telekom after making the first installment.

OTAŞ consistently reaped profits from Türk Telekom on an annual basis. In an unprecedented move, they emptied the safes, liquidated assets, and even secured a loan of 4.75 billion dollars from Turkish banks before absconding. It is without a doubt the most audacious financial heist of the century.

Undoubtedly, they provided a boost to someone in the background, allocated additional funds to undisclosed parties, and surpassed the budget of 6.55 billion. No matter the circumstances, those responsible for inflicting financial damage on the country must face the consequences and be penalized with imprisonment and other sanctions. Thus, during the privatization process, individuals should be held criminally liable, even if they form companies with limited liability, as their responsibility should match their share in the company.

What will happen to Türk Telekom?

* First of all, this situation will adversely affect the market value of Türk Telekom, which it possesses.

* OGER Telekom's debt to Turkish banks has resulted in the banks acquiring 55% of OGER's shares. The shares will be divided among the banks based on their loan ratios, with Akbank, Garanti, and İş Bankası emerging as the new owners of Türk Telekom, each holding a 55% stake in the company. This transaction demonstrates the banks' confidence in the future growth prospects of Türk Telekom, and their ability to make sound investment decisions.

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While under OTAŞ's ownership, Türk Telekom's properties were sold, their safe was emptied, and they left without paying the 4.75 billion dollars they had withdrawn from banks.

We will learn from this unfortunate event that has befallen our country. We will ensure that such stupid acts will not be attempted again merely to enrich a few individuals, while our country's wealth is not shared among its citizens.

Resources:
* https://tr.wikipedia.org/wiki/T%C3%BCrk_Telekom
* http://finans.mynet.com/haber/detay/ekonomi/bankalar-turk-telekom-a-ortak-oluyor/200680/