Capital Markets Board wades into Turkcell dispute by appointing two new board members

19 Aug 2013

Turkey’s Capital Markets Board (CMB, or SPK) has reportedly appointed two new members to the board of Turkcell, the country’s leading mobile operator by subscribers, in an effort to curtail the boardroom impasse that has derailed the company in recent months. The mobile giant has been unable to agree on the make-up of its board, or pay dividends, due to an ongoing dispute between major shareholders Altimo of Russia and Turkey’s Cukurova. The new board members have been named as Mehmet Bostan and Bekir Pakdemirli. The former is the chairman of state-run Vak fbank’s pension arm, while the latter is the deputy provincial head of the ruling Justice and Development Party (AKP).

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