[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
Related Companies
[]
Related Funds
[]
English
oda_MaterialEventDisclosureGeneralAbstract|
Material Event Disclosure General
oda_UpdateAnnouncementFlag|
Update Notification Flag
Evet (Yes)
oda_CorrectionAnnouncementFlag|
Correction Notification Flag
Hayır (No)
oda_DateOfThePreviousNotificationAboutTheSameSubject|
Date Of The Previous Notification About The Same Subject
17.12.2014, 11.07.2018, 27.01.2021, 24.07.2023
oda_DelayedAnnouncementFlag|
Postponed Notification Flag
Hayır (No)
oda_AnnouncementContentSection|
Announcement Content
oda_ExplanationSection|
Explanations
oda_ExplanationTextBlock|

In our public disclosure dated 24.07.2023 we have disclosed;

"The Joint Venture including Global Investment Holdings attended a tender offer regarding Başkent Doğalgaz privatization in 2008. Our Company filed a lawsuit against Ankara Metropolitan Municipality before the 4th Chamber of Ankara Commercial Court in 2009 in order to prevent the liquidation of the letter of guarantee which is submitted by our Company in relation to the tender. Upon the actual liquidation of the letter of guarantee in 2013 the lawsuit is converted to restitution of the paid amount which was USD 50.000.000. The 4th Chamber of Ankara Commercial Court dismissed the lawsuit in 2020 on the grounds that the administrative courts should have seen this lawsuit not the civil courts. Our Company appealed the court decision before the Court of Cassation.

The 11th Chamber of Court of Cassation overturned the decision of 4th Chamber of Ankara Commercial Court in favor of our Company in 2023 on the grounds that this lawsuit should be seen before the civil courts and not the administrative courts."

Upon Ankara Metropolitan Municipality's request of the rectification of the decision, the 11th Chamber of Court of Cassation changed its decision which is given by its Chamber just one year ago and approved the decision of the 4th Chamber of Ankara Commercial Court. The verdict is final, not served officially yet, but is learned from UYAP (Turkish National Judicial Network System).

As this final verdict of the 11th Chamber of Court of Cassation breaches the right of a fair trial, with most sub titles, described in the Constitution our Company filed its individual application with the Constitutional Court.

On the other hand, although defendant municipality's objections regarding this lawsuit should be seen before the administrative courts have been rejected by the first instance and cassation courts repeatedly and the lawsuit, being pending before the civil cours for the last 15 years, is now rejected due to the reason that administrative courts should have seen this lawsuit, our Company is now making necessary preparations in order to start a new trial before the administrative courts.

As a result we kindly remind the investors that the legal process which our Company started in 2009 is still pending, the amount of USD 50.000.000 which our Company paid in 2013 is already written off in the relevant year financial statements, therefore the recent legal developments do not have an effect on our Company's financial statements nor the operations.

This statement has been translated into English for informational purposes. In case of a discrepancy between the Turkish and the English versions of this disclosure statement, the Turkish version shall prevail.

Respectfully announced to the public.