Regarding the Administrative Fine Imposed on Our Bank
Reference: Public disclosures of Türkiye Garanti Bankası A.Ş. (Garanti ) dated 18.08.2015, 30.09.2015, 30.11.2015, 29.01.2016, 29.03.2016, 30.05.2016, 02.08.2016, 03.10.2016, 02.12.2016, 02.02.2017, 03.04.2017, 02.06.2017, 03.08.2017, 03.10.2017, 04.12.2017, 05.02.2018 and 03.04.2018.
With the public disclosures referenced above, it was announced that the Ministry of Customs and Trade has imposed an administrative fine of TRY 110,110,000 on our Bank, our Bank has paid a discounted amount of TRY 82,582,500 of the fine in accordance with the relevant legislation, and filed an annulment action against the decision of the Ministry regarding such fine in due time.
The relevant legal process has been completed and İstanbul Regional Court 8th Administrative Chamber has cancelled the fine. This decision can be appealed at the Council of State. If there will be a new development, further disclosures will be made.