Shareholders of seized Kaynak urge trustees to protect company’s reputation

Shareholders warned in a press release they issued on Saturday that making unfounded accusations against company personnel violates universal norms of law and vowed legal action if the company sustains any damage to its reputation.

The shareholders noted in the statement that trustee İmran Okumus continues to use unfair and baseless accusations against Kaynak personnel in both statements to the media and in internal emails, adding, “We reiterate once more that we will keep track of any and all damage they cause and every transaction they engage in while at the company.”

“Even Okumus had to concede that the personnel at all buildings owned by Kaynak were polite to the trustees. If this is the case, how can they immediately be terrorists?” the shareholders asked.

An İstanbul court on Nov. 18 appointed seven trustees to take over the management of Kaynak Holding and 21 companies under the conglomerate on suspicions of affiliation with the so-called “parallel state,” an infamous term invented by President Recep Tayyip Erdogan to refer to sympathizers of the Hizmet movement, a faith-based community inspired by Turkish Islamic scholar Fethullah Gulen.

Salary of trustees dropped on request

Ever since the court decided that the trustees would receive TL 105,000 ($36,624) per month each for their duty at subsidiaries of the holding, criticisms have snowballed in many spheres, with the trustees ultimately asking the court to order a lower salary.

The court said on Friday that the trustees’ monthly salary has been reduced to TL 42,000 per person, on request.

The salaries of the trustees are met from the budgets of the companies to which they have been appointed.