TODAY’S – Bilal ErdoIan’s firm purchases new tanker for $18 mln, won’t pay taxes

Bilal ErdoIan’s firm purchases new tanker for $18 mln, won’t pay taxesThe BMZ Group, a company run by President Recep Tayyip ErdoIanand#39s son Bilal, alongside other family members, has purchased an $18 million tanker which will carry a Maltese flag, thus exempting the company from paying taxes in Turkey, according to a report in the Cumhuriyet daily on Friday.The company is reportedly taking aantage of the flag of convenience practice, that is, when a shipand#39s owner registers it in another country, enabling the owner to avoid paying taxes.

The registered countryand#39s flag is subsequently flown from the ship.The Begim Aslanova is the second in a series of 10 tankers to be purchased by BMZ, the total cost of which will be around $180 million.

Earlier this year, the company purchased the first tanker, which had a price tag of $35 million.The Szcu daily reported earlier this year that ErdoIanand#39s other son, Burak, who owns a fleet of ships, had a vessel anchored in Israel.

The daily said that ErdoIanand#39s ship Safran 1 was anchored in Israeland#39s Port of Ashdod. According to Szcu, one of Burak ErdoIanand#39s ships was transporting American goods to Egypt even after relations between Turkey and Egypt deteriorated.

Several years ago, ErdoIan was criticized after his son Bilal bought a 96-meter ship, which ErdoIan attempted to downplay, calling it a andldquoshiplet,andrdquo (gemicik) a term that has since been frequently used in the media in a humorous fashion when describing the ErdoIansand#39 maritime dealings.

SOURCE: Today’s Zaman