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Annual Reports of the Board of Directors




01.01.2008 - 31.12.2008 PERIOD



The operating license of our company was revoked by the Decree No. 171 of 10.02.2001 of the Banking Regulation and Supervision Agency and the company went into liquidation process on 11.02.2001. Due to the necessity to comply with the provisions of the Turkish Commercial Code, the Board of Directors has conducted the supervision activities as required by the Turkish Commercial Code and the liquidation procedures have been carried out in coordination with the Liquidation Board.

The Board was composed of İrfan Hattatoğlu, Ali Tubay Gölbaşı, Ahmet Koç, Osman Şap, Ahmet Çağlar, Cevat Karadayı and Hasan Demirhan between 01.01.2008-31.12.2008 to carry out the liquidation procedures.


As in the first periods of the liquidation process, all procedures related to liquidation of the company are carried out through the General Directorate.


Due to company's entering into a liquidation process, the total number of employees was reduced from 184 to 32. Likewise, the salary payments reaching to 678 billion TL on the date of liquidation was reduced to 82 billion TL through the reduction and economizing measures taken during the liquidation process. Thus, the personnel expenses have been reduced to a minimum level.


Due to the ranking order established by the General Assembly, the debts of the company owed to the government have been paid off and the payments for receivables of the current account holders ranked in the third place have been started after having settled all the personnel receivables ranked in the second place. As of July 2007 current accounts were closed. In the 2003 Ordinary General Assembly meeting, decision has been made to make payment to the profit-loss account holders and the 74th payment has been made to the profit-loss account holders in September 2008.


Our company continues to pay the accrued tax dues every month on a regular basis and does not have any debts owed to the government. Likewise, the accrued social security premiums are being paid and the company does not have any debts owed to the government concerning these premiums.


The executive proceedings, lawsuits, complaints and tax cases brought against our company have been responded properly under supervision of the Legal Consultancy unit and such cases have been concluded in favor of our company. Legal opinions and assistance have been received from the legal experts in all these lawsuits and legal proceedings. The actions filed against our company have been concluded in favor of the company with the approvals received from 9th, 11th, 12th and 19th Judicial Offices of the Supreme Court. Finally, based on the decision of the 19th Judicial Office of the Supreme Court, it has been decided that the account holders who have collected receivables from the profit-loss accounts by way of compulsory execution especially in the beginning of the liquidation process must pay back the collected amounts to the corporation in accordance with the current payment conditions.


Necessary attachment and maintenance measures have been taken by enforcing executive proceedings for the indebted companies, credit card debtors and specialty debts and large amounts of payments have been received from such persons and companies. In addition, protocols have been signed with some companies to secure settlement of payments on a monthly regular basis.


The incentive procedures of the company have been completed and the mortgages have been released, notes have been returned and accounts have been closed for those companies which have paid off their debts. Efforts have been made to collect all letters of guarantee to reset the letter of guarantee risks in the balance sheet.


Following the inspection performed by the Ministry of Industry and Commerce to audit and monitor the liquidation process, the measures specified in the audit report have been taken, and the files and documents related to the transactions, payments and all other activities conducted in relation to the liquidation process have been sent to the Ministry of Industry and Commerce on a monthly basis.



The first inspection made by the Ministry of Industry and Commerce starting from November 2002 for all the operations and decisions from the first day of the liquidation process was carried out in February 2003. The second inspection took place in February 2004 and the third inspection started in September 2004 was completed by the end of 2004. The fourth inspection was made in May 2005 and the last inspection was made in July 2008 and the report given in relation to management and procedures of the liquidation process has shown no failure or disputable acts that require investigation and the accuracy and reasonableness of the procedures have been evidenced with the above mentioned final audit report.


The information and documents requested by the Capital Markets Board and the Banking Regulation and Supervision Agency have been sent to the relevant Board in accordance with the transparency principles to enable regular information flow with the relevant Boards.


Since 11.02.2001, the beginning of the liquidation process, our Liquidation Board has acted in compliance with the prudent businessman principles during execution of these extensive liquidation procedures which stand out as a first in our country, and our company has fulfilled its obligations in timely and proper payment of the receivables of its depositors in coordination with the Board of Directors.


With best regards,