Specht Böhm Attorney Publishes about New Turkish Commercial Code

SPECHT BÖHM Turkish attorney, Ceyda Akbal Schwimann, writes about changes to the Turkish Commercial Code regarding group companies in the April edition of the Austrian legal journal Eastlex.

On 1 July 2012, Turkey introduced a new Commercial Code along with a new Code of Obligations. One of the most important changes introduced by the new Turkish Commercial Code concerns the regulation of group companies. Turkish law now defines a “group company” according to control of an enterprise. In particular, the law addresses and strengthens the position of minority shareholders by granting them more information rights through the introduction of a number of announcement, registration and reporting requirements for the group. The law also foresees audit requirements at a group level and has made it easier for minority shareholders to exercise their rights to a court appointed auditor in certain cases. Furthermore, minority shareholders, creditors and consumers are given more protection vis à vis controlling shareholders.

Download PDF of article in German: Das neue türkische Konzernrecht

For more information on Turkish law matters, contact Ceyda at: .

Eastlex, is a law and taxation journal specializes in matters involving Central and Eastern Europe and is published by MANZ in Vienna (www.manz.at).