Turkish court overturns $452 mln Dogan TV fine

Turkish court overturns $452 mln Dogan TV fine

Turkey's biggest media group, said the top administrative court has overturned tax court rulings against its Dogan TV unit worth 713.3 million lira ($451.5 million), giving a boost to the company in its battle against a series of huge tax fines, Reuters reported.

The court's decision on a further a 917.6 million lira fine is pending, the company said in a statement issued to the Istanbul Stock Exchange on Monday.

Dogan Yayin shares rose 3.9 percent to 2.14 lira by 0750 GMT in Istanbul, after rising 4 percent on Friday.

"This decision will have a positive impact on the stock today. It sets a benchmark for the company's other court cases. The process may linger for a while, the tax court may appeal again, but for now this is positive," said Kenan Turan, an analyst at Tera Brokers.

Turkish tax authorities have imposed some 4 billion lira in back taxes and fines on the company. In legal challenges brought by Dogan, courts have ruled against it to the tune of 2.52 billion lira.

Some commentators have suggested the fines were a punishment for Dogan Yayin's critical coverage of the government. The government has denied that the fines were politically motivated.

Dogan Yayin is selling assets, but has said it will not withdraw from media businesses entirely.

U.S. private equity fund KKR, Time Warner and private equity fund Texas Pacific Group are among shortlisted bidders for Dogan Yayin's assets and will have a month to put forward their final binding offers, sources told Reuters last week.

KKR and Turkish foodmaker Yildiz Holding's unit Gozde Finansal Hizmetler last week formed a consortium to bid for Dogan Yayin assets.

Dogan Yayin is also preparing to sell its flagship Hurriyet daily newspaper separately, another source close to the process told Reuters last month.

In October, parent Dogan Holding sold its controlling stake in fuel retailer Petrol Ofisi to Austrian group OMV, its joint venture partner, for 1 billion euros ($1.36 billion).

Iran ready to provide details of January plane crash to Ukraine
Iran ready to provide details of January plane crash to Ukraine
Armenian missile attack on Ganja - sign of cowardice, says Iranian MP
Armenian missile attack on Ganja - sign of cowardice, says Iranian MP
Iran strongly condemns Armenia's barbaric attack on Azerbaijan - MP
Iran strongly condemns Armenia's barbaric attack on Azerbaijan - MP
Loading Bars
Latest
U.S. and Brazil must reduce dependence on China imports, Pompeo says
Another armored vehicle of Armenian armed forces destroyed (VIDEO)
Argentina’s coronavirus case tally exceeds 1 mln
Israel reports 1,767 new COVID-19 cases, 304,876 in total
Intel nears deal to sell NAND unit to South Korea's SK Hynix
NASA mission to collect sample of asteroid Bennu
U.S. COVID-19 deaths top 220,000 -- Johns Hopkins University
UN Security Council discusses verification of Nagorno-Karabakh ceasefire
Turkey reports 2,026 new COVID-19 cases, 349,519 in total
Magnitude 7.5 quake strikes off Alaska's Aleutians: USGS
New U.S. COVID-19 cases rise 13% last week to nearly 400,000
Trump: U.S. to remove Sudan from state terrorism sponsors list after payment to victims
Belgium says COVID-19 situation serious as infections reach new highs, bars close
OPEC+ countries agree to honor commitments in full scope
Military trophies captured by Azerbaijani army in Jabrail and Fuzuli direction (VIDEO)
President of Italy-Azerbaijan Chamber of Commerce sends letter to Azerbaijani President, First Lady
Azerbaijani, French FMs hold phone conversation
Azerbaijani FM holds phone coversation with President of International Turkic Academy
Our losses sadden me most of all, what pleases me most of all is unbreakable will of Azerbaijani people - President Aliyev
Soros groups played big role in organizing coup in Armenia and Pashinyan always took an anti-Russian position - President Aliyev
Armenia wants to turn Tartar into Stalingrad, into the second Aghdam, Fuzuli, says Azerbaijani president
Turkey is already de facto at the negotiating table, says Azerbaijani president
Vast majority of villages around Fuzuli are with us, says Azerbaijani president
Now we see Fuzuli in front of us, says Azerbaijani president
After this ceasefire, Armenia tried to occupy settlement of Hadrut again and attacked it three times - President Aliyev
184 countries and economies have joined COVAX: WHO chief
Not single issue in region can be resolved without participation and consent of Turkey, says Azerbaijani president
We receive only moral and political support from Turkey, Pakistan and other fraternal countries - President Aliyev
There are people with Canadian and Lebanese passports among those who were killed on Armenian side, says Azerbaijani president
Armenian military equipment worth $1 billion destroyed with help of Turkish drones alone - President Aliyev
I have always tried to be true to my father's path, says Azerbaijani president
Liberation of Shusha occupies a special place among our goals - President Aliyev
Vast majority of villages around Fuzuli are with us - President Aliyev
Weapons are being smuggled to Armenia across Georgian and Russian territories, says Azerbaijani president
Armenia needed ceasefire in order to gather strength, take mobilization measures and launch new attacks on us, says Azerbaijani president
Dastardly attacks on civilians yet another manifestation of Armenian fascism - President Aliyev
Iranian Energy Exchange announces products to be on sale October 20
Iran ready to provide details of January plane crash to Ukraine
UK records another 18,804 new coronavirus cases with 80 deaths
Azerbaijan fully ensures safety of oil and gas projects of international importance
Azerbaijan to send note to German Foreign Ministry due to Bundestag members's visit to Karabakh
Launch of industry, mining projects to open new job spots in Iran
Armenian PM admits defeat and ready for talks with Azerbaijan on Karabakh
Appeal to be sent to relevant structures due to Armenia’s attacks on civilian population of Azerbaijan
Azerbaijan created conditions for Armenian war prisoners to contact their families
Colliers International: apartment buy/sell deals increasein Tbilisi
Georgia's Batumi sees decrease in real estate transactions
Turkish Trade Ministry says carpet exports to Russia rise
Supplies of Turkish carpets to Italy on decline
Azerbaijani armed forces adequately respond to Armenian side’s provocations
Update given on civilian casualties from Armenian shelling of Azerbaijan's Aghdam
Council of Europe Development Bank talks about projects implemented in Georgia
Dutch manufacturer of equipment for poultry farming eyes to enter Uzbek market
China's exports of flat-rolled products of non-alloy steel to Georgia down
Tesla to export China-made Model 3 vehicles to Europe
Demand for Turkish-made carpets in Kazakhstan up
Kazakhstan to reduce flights on int'l routes to battle COVID-19 spreading
Armenian armed forces shelling Azerbaijani settlements
Turkey records contraction in carpet export to Iran
IMF says economy of oil-exporting countries in Caucasus, Central Asia to decline
Export of Turkmen fabrics from synthetic complex yarns to EAEU increased
Russia hopes on quickly agreed mechanism for monitoring ceasefire in Karabakh - FM
This struggle is Azerbaijan’s just struggle - Speaker of Turkey's Grand National Assembly
Iran joins global program to pre-purchase Coronavirus vaccine
National Bank of Georgia sells funds at another foreign exchange auction
Georgia increases export of apples
Turkmengas re-opens tender for provision of laboratory testing services
Import of Turkish carpets by Israel drops marginally
Kazakhstan increases imports from Uzbekistan amid COVID-19
Azerbaijan must not leave Karabakh conflict to future generations - assistant to president
Azerbaijani army seizes more military equipment of Armenian armed forces on battlefield (PHOTO)
AzTV channel crew undergo fire from Armenian troops in Azerbaijan's Aghdam (VIDEO)
Iran’s Bahar Azadi gold coin price falling
USAID raises awareness of fruits and vegetables export from Central Asia
E5P, EBRD support Georgian transport sector
Qatar Airways expects to keep A380s parked for years
Georgian hazelnuts exports up as of October 18
Video instructions issued for foreign visitors crossing Azerbaijan's border
Iran declares value of mobile phone imports
Geostat reveals volume of Russian export to Georgia
Significantly lower prices needed to force OPEC+ cuts
Ten most COVID-impacted countries to cumulatively lose almost $700 billion in real GDP
Armenia grossly violates all laws – Azerbaijani major general
Armenia tries to mislead world community and evade responsibility - Israeli expert
Georgia reveals export statistics of major goods to Russia
Uzbekneftegaz to buy compressor via tender
Iran reveals its trade turnover with Arab countries
Armenia engaged in illegal economic activity in occupied Azerbaijani lands, top official says
Azerbaijani Prosecutor General's Office gives updates on civil casualties, damages
Azerbaijan's banking system has stabilized - MP
BP expresses support for Azerbaijani people in struggle for territorial integrity
It is impossible to find other countries elsewhere in world that would be so close to each other as Turkey and Azerbaijan - President Aliyev
Very good news comes from front every day - President Aliyev
Azerbaijan doesn't target Armenian civilians - assistant to Azerbaijani president
Armenia carrying out acts of terrorism against Azerbaijani civilians at state level - Assistant to president
France lowers import of Turkish-made carpets
Georgian domestic exports down
Azerbaijani MoD shows soldiers who liberated Hadrut from Armenian occupation (PHOTO)
Azerbaijan confirms 107 more COVID-19 recoveries
Armenian missile attack on Ganja - sign of cowardice, says Iranian MP
All news