Monday, May 02, 2011
Asia Pulse Pte Ltd
Prospects of public offering of Turkey's national oil company went uncertain after a Turkish court ruled to reestablish stakes of a former shareholder.
Turkey's Social Security Institution (SGK) has won a lawsuit and re-claimed its 6 percent share in the Turkish Petroleum Company (TPAO) -- nationalized back in 1983 by a government decree, which the court said unlawfully seized stakes of several shareholders.
"There can be no public offering in a company in which the partnership structure is unknown," a TPAO official told the Anadolu Agency on the condition of anonymity because the official was not authorized to speak publicly on the issue.
More such court rulings were likely to follow as Turkey's Is Bankasi has also filed a similar lawsuit to take back its three per cent share and the dividends it failed to receive since 1983.
Around 20 individual shareholders also own shares in the TPAO, which is one of the biggest and the most profitable companies in Turkey.
"We do not know if those individual shareholders are still alive or who their lawful heirs are. We do not know where they live," the official said.
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