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).