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The Administrative Fine Imposed to Our Bank by Governorship of İstanbul (Provincial Directorate of Trade)

The Administrative Fine Imposed to Our Bank by Governorship of İstanbul (Provincial Directorate of Trade)

Reference: Public disclosures dated 18.08.2015, 24.09.2015 and various other public disclosures of Türkiye Garanti Bankası A.Ş.

With the public disclosures referenced above, it was announced that the Governorship of İstanbul (Provincial Directorate of Trade) has imposed an administrative fine of TRY 110,110,000 on our Bank as a result of the audit conducted by the auditors of Ministry of Trade; 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 such fine in due time before İstanbul Administrative Court 11th Chamber; our Bank has appealed the decision of the court of first instance regarding the rejection of annulment action and upon our appeal, Istanbul Regional Court 8th Administrative Chamber has cancelled the fine; the Governorship of İstanbul (Provincial Directorate of Trade) has appealed such decision before the Council of State where the relevant appeal has been rejected and the Regional Administrative Court's decision regarding the annulment of the administrative fine has been approved; thus the relevant legal process has come to an end in favour of our Bank.

In relation with the above mentioned process, as a result of the audit started again by the Ministry of Trade, an administrative fine of TL 110.110.000 has been imposed on our Bank under the Law no. 6502.

Any further development regarding the issue will be disclosed in accordance with the relevant legislation.

*In contradiction between the Turkish and English versions of this public disclosure, the Turkish version shall prevail.

 

The Administrative Fine Imposed to Our Bank by Governorship of İstanbul (Provincial Directorate of Trade)

 

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