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Having paid 320 million USD to government for taxes and 532 million USD as dividends to account holders during 6-year operating period, our company has gone into liquidation upon the Decree No. 171 of 10.02.2001 of Banking Regulation and Supervision Agency.


Having been liquidated in accordance with the general provisions set forth in the Turkish Commercial Code, our company has held an Ordinary General Assembly meeting on 03.08.2001 to approve the prepared liquidation balance sheet and to determine the principles of the liquidation process and the method of liquidation.


During the Extraordinary General Assembly meeting, the following payments have been decided to be made according to company?s liquidation repayment plan  taking into account the order  of priority receivables set forth in the Law No. 6183 on the Procedure of Collection of Public Claims, Tax Procedure Law, Labor Law, Banking Law, Execution and Bankruptcy Law and Turkish Commercial Code;


a) Debts owed to the government (Taxes and Social Security debts).
b) Personnel payments (those rights of the personnel arising from the labor law).
c) Current Account debts.
d) Sharing Account debts.
e) Other debts.
f) Debts owed to the partners.


In accordance with the decisions taken in the Extraordinary General Assembly meeting held on 03.08.2001, the following payments have been made during the liquidation process in line with the designated order of payment;


a) Total of 20.5 million USD, 18.2 million for taxes and 2.3 million for Social Security debts, was paid for the debts owed to government,

b) Following payment of the tax debts, 8.8 million USD was paid for the employee personal rights of those personnel whose employment contracts are terminated due to Labor Law.

c) In accordance with the decisions made in the General Assembly meeting, the Current Account payments ranked in the third place were started in February 2002 and payment to total of 66.885 current account holders was completed with the payment made in July.

d) Based on the views and proposal of the Ministry of Industry and Commerce, it has been decided in the General Assembly meeting held on 24.02.2003 that payments be made to Sharing Account holders before completing the Current Account payments in order avoid injury to the Profit and Loss Sharing account holders, and these payments to such accounts have been started.


The payments made to Profit and Loss Sharing accounts have been based on the procedure of settling accounts in the order from smaller to larger amounts in the form of one single and full payment. The account holders may withdraw the monies paid into their accounts from any Şekerbank branch.


Due to the payment protocols made between the company and the indebted companies, the payments received from the indebted companies are paid to the account holders as liquidation payment in accordance with the order of priority receivables. The receivables of the company cover the debts in the balance sheet of the company.