Turkcell’s Russian Partner Requests a Change in the Board of Directors

Russian company LetterOne, Turkcell’s second largest partner, wrote a letter to other shareholders. In this letter, it was stated that Turkcell’s performance was low and that the board of directors had to be changed. LetterOne used very harsh expressions in the letter in question.

Turkcell, one of Turkey’s largest mobile operators, internal turmoil started to happen. Russian company LetterOne, which is the company’s second largest shareholder after Turkey Wealth Fund (TVF), wrote an important letter to Turkcell shareholders. Russian Mikhail Fridman’s company is on the board of Turkcell to make changes wanted. So why did the Russians have such an opinion about Turkcell?

Holding 19.8 percent of Turkcell LetterOne In the letter written by Turkcell, it was stated that Turkcell’s performance was not at the desired level. Moreover, the Russians, Turkcell’s 75% of net profit in 2021 They want it to be distributed among the shareholders. Although the Turkey Wealth Fund has not made a statement on the subject, the Russians’ request for support from other shareholders, Turkcell’s to a painful process It looks like it might get in.

“Noticeably poor corporate governance”

The strategy created to create value from valuable infrastructure and digital assets. failure to executeits international subsidiaries and activities that degrade the company’s value in TOGG, low dividend distribution, management compensation policy is not in line with the interests of the shareholders, and conspicuously weak corporate governance It is effective on Turkcell’s undervaluation and weak stock performance. This cannot be allowed to continue..The details in the letter, in which the expressions “” are used, are not known for now.

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In the letter written by Turkcell’s Russian partner, the names that should be on the board of directors were also announced. Names that should be on Turkcell’s board of directors, according to LetterOne Serdar Cetin, Gonenc Gurkaynak, Canan Ozsoy and Alejandro Plater. If there is a statement from TVF on the subject, we will keep you informed.

Source :
https://t24.com.tr/haber/turkcell-in-rus-ortagindan-diger-hissedarlara-cagri-yonetim-kurulu-degismeli,1012422


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