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23:32, 24 October 2014 Friday
17:19, 16 October 2012 Tuesday

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Galatasaray chairman faces fraud charges
Galatasaray chairman faces fraud charges

The prosecutor's office has commissioned two prosecutors to separately investigate charges of “aggravated fraud” and “manipulation.”

World Bulletin / News Desk

Two separate investigations have been launched against Galatasaray Chairman Ünal Aysal and several club managers over complaints filed by 13 individuals accusing them of bringing down the value of Galatasaray's shares, traded on the İstanbul Stock Exchange (İMKB), through “aggravated fraud” and “manipulation.”

Aysal is accused of bringing about a fall in the share price of the football club by making controversial statements. At the team's general congress on July 9, 2011, Aysal said: “We never recommend the sale of shares. We have plans in place for repurchase agreements.” However, 800,000 shares were later sold by Aysal's administration.

Galatasaray, which was labeled the “dream team” of the Turkish football league at the beginning of the football season this year after the transfer to the team of several successful players, faces difficult days now not only because of the successive defeats it has suffered over the past few weeks but also due to financial difficulties and problems in the club's administration.

Thirteen investors have filed criminal complaints against Aysal and several Galatasaray club administrators with the İstanbul Chief Prosecutor's Office.

The prosecutor's office has commissioned two prosecutors to separately investigate charges of “aggravated fraud” and “manipulation.”

One of the complaints filed is that of lawyer Nejlan Yıldız, according to the investigation file of public prosecutor Mesut Erdinç Bayhan. Yıldız said the value of the Galatasaray shares she owned fell sharply due to contradictory statements Aysal made about the shares. She said her shares in Galatasaray, each of which was valued at TL 430 when she bought them, fell to TL 180 due to Aysal's statements.

Yıldız said investors like her have sustained significant financial loss due to Aysal's actions.

 



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