Koc Holding's market value drops 1.9 bln liras

Koc Holding has already lost 1.9 billion liras as the Finance Ministry’s inspections regarding inventory count, tax control and monitoring could extend up to a year.

Koc Holding's market value drops 1.9 bln liras

World Bulletin/News Desk

The audit and review progress launched on Turkey Petroleum Refineries Inc. (TUPRAS), ranked at the top of Turkey’s 500 largest industrial corporations by the Istanbul Chamber of Industry (ISO), is ongoing as the Ministry of Finance is conducting a three-pronged investigation into tax control, inventory counts and markers.

The operation, in which a special team of 10 senior expert tax inspectors from the Ministry of Finance and nearly 20 security officers and experts are participating, will develop according to the results.

According to the information obtained, a national marker inspection is being conducted as part of the Opet and TUPRAS review. Upon doubt, samples were sent to the Scientific and Technological Research Council of Turkey (TUBITAK) laboratory in Gebze. A standard inspection was conducted by taking liquefied petroleum gas (LPG) samples from Aygaz and TUPRAS. The LPG samples were sent to the Middle Eastern Technical University (METU).

Can extend for a year

After the results from TUBITAK and METU are recived, details of the tax investigation will also be clarified. A complete or limited tax audit may be performed based on this data. The process will conclude within 6 months in the case of a limited inspection, or one year in the case of a full examination.

Information from the Ministry of Finance indicates that the insepction of TURPAS will not be limited to an inventory count, but will also include an intensive investigation of the Corporation.

TUPRAS suffers loss of 900 million liras

Prior to the spreading of the news, TUPRAS stock prices has trading rates of 43.20 liras with TUPRAS’s total market value listed as 10.8 billion liras. However its stock prices continue to fall since the inspection news yesterday. With its stocks depreciated by about 6.50 percent to 39.60 liras, the corporation’s total market has dropped to 9.9 billion lira after the nearly 900 million lira decline.

The two day loss in market value amounted to 551 million liras.

Yesterday, TUPRAS shares closed with a loss of 3.05 percent, and Koc Holding shares with a loss of 3.87 percent.

Koc Holding suffered a total loss of 1 billion 876 million liras over 2 days.

While the Holding's market value dropped from 24 billion 547 million liras on Tuesday to 23 billion 584 million liras on Wednesday, its market value stood at 22 billion 671 million liras on Thursday.

Last Mod: 26 Temmuz 2013, 16:18
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