Turkcell Warning To Erdogan By Foreign Investors

Three prominent investment institutions of the world, Brandes Investment Partners LLC, Pictet Asset management UK LTD, and Morgan Stanley, that own 2% shares of Turkcell, warned Prime Minister Tayyip Erdogan about the initiative of Turkcell, a GSM company having its shares exchanged in the New York Stock Exchange, to by-pass its foreign partner Telia Sonera so as to buy Digiturk.These three institutions sent a letter to Erdogan and stated that the initiative of Turkcell would further damage the trust of foreign investors in the investment climate of Turkey, which had already been shaken because of the actions of Telsim (another GSM company, owned by Uzans). According to these institutions the rights of the minority shareholders should be protected in the corporate decisions of Turkcell. The three big international investment institutions also stated that the developments in Turkcell might threaten Turkey’s bid for EU as well in terms of increasing foreign capital so as to accelerate privatization process.Â