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Press statements made in relation to the Liquidation Process
Press Statement – April 5th, 2001
İHLAS FİNANS IN LIQUIDATION
PUBLIC STATEMENT - 5
As known, the operating license of our company was revoked upon the Decree No. 171 of 10.02.2001 of Banking Regulation and Supervision Agency, and the Liquidation Order has been registered with the letter no. 5367 of 23.02.2001 of the Trade Registry and the Liquidators have been appointed accordingly.
Activities of the Liquidation Board
The following activities have been carried out since February 10th, 2001, the beginning of the liquidation period:
● The Receivables and Payables of the company have been fixed.
● Economizing measures have been taken and enforced by the company to reduce the personnel, leasing, communication and other current expenses of the company for the purpose of facilitating the settlement of the receivables of the depositors. Some of our branches are being consolidated for this purpose.
● Although it has been announced several times in our previous public statements; most of our depositors have commenced executive proceedings for attachment and bankruptcy actions, and the necessary legal measures have been taken by our Headquarters and Branches and the necessary pleas and defenses have been filed through the competent bodies.
● Our company have made best efforts to provide response to all the queries received by way of telephone, fax and letters everyday.
● Official warnings have been sent to the debtors who have used funds to inform them about the attachment procedures to be commenced.
General Assembly
In order to be able to provide a payment plan to our depositors, the Liquidation Board has to be authorized by the General Assembly and the Balance Sheet must be approved.
In order to be able to hold a General Assembly meeting, it is essential that financial reports be received from the independent audit company.
According to Capital Markets Board legislation, the independent audit company must be granted minimum two-month time to prepare this report.
Our company has made the necessary attempts for preparation of the above mentioned report by the independent audit company and the said report will be prepared and delivered to us in June. After this, a General Assembly meeting will be held to grant authority and approval for the enforcements and the payment plan.
After the said meeting, the depositors will be informed about the payment plan.
With best regards,
