Goldaş

History

Goldaş Jewellery was founded in Istanbul, Turkey in 1993 by the Yalınkaya Group. In 1997, Goldaş was reorganized as a subsidiary of a new subsidiary Goldart Holding under a new company Yalınkaya Holding A.Ş.For the date of company reorganization, see www.yalinkaya.com Corporate Milestones Retrieved 2011-01-05 For structure of new company, see Arslaner, S. (n.d.). Corporate Social Responsibility And Initial Public Offerings [PowerPoint Slides]. 10. www.britishcouncil.org Retrieved 2011-01-05. From 1998 to 2008, Goldaş saw rapid growth as a company as measured by a 5,609% increase or $955 million in its turnover and was recognized by CNBC-e Business Magazine as first among Turkey's 100 fastest growing companies.

On January 22, 2009, and January 23, 2009, Goldart Holding bought 1.6 million shares of public stock to increase its stake to 55.5% or 80 million shares of Goldaş. After the stock appreciated by 59% in three months time, Goldart Holding sold 11.4 million shares of Goldaş for 14.14 million Turkish liras to three investment funds: Regulus Emerging Market Fund, Neos Emerging Capital Investment, and Porrima Investment.

Financial disputes

Goldaş has been involved in several major financial disputes since 2008. In March 2008, Société Générale filed suit against Goldaş for not returning a large consignment of gold. In September 2009, Bank of Nova Scotia and Commerzbank filed suits against Goldaş for US$10.9 million and US$11.1 million, respectively. In April 2013, a judgment from the Bakırköy Commercial Court of First Instance in Istanbul had been made in favor of Commerzbank to force the bankruptcy of Goldaş; they announced their plans to appeal the verdict while still engaged with Bank of Nova Scotia in the Istanbul Anatolia Commercial Court of First Instance. Later that year, Turkey's High Court of Appeals effectively reversed the bankruptcy judgment of the lower Turkish court by heeding Goldaş's request for adjudication under British law before subjugation under Turkish bankruptcy law.

Notes

References

References

1. [https://archive.today/20120910015808/http://www.reuters.com/finance/stocks/companyProfile?symbol=GOLDS.IS www.reuters.com Company Profile] Retrieved 2011-01-05
2. [http://www.goldas.com/Kurumsal/eng/corporate/milestones.aspx www.goldas.com Corporate Milestones] {{Webarchive. link. (2010-08-21 Retrieved 2011-01-06)
3. link. (October 12, 2012 Retrieved 2011-01-06)
4. Ӧzer, F., Işık, E. "En Hizli Büyüyen 100 Şirket." Anadolu Agency. [http://www.aa.com.tr/en/en-hizli-buyuyen-100-sirket.html www.aa.com.tr] {{Webarchive. link. (2014-05-29 Retrieved 2011-01-06)
5. Referans. "Goldaş shares sold to three funds." June 26, 2009. [http://www.hurriyetdailynews.com/n.php?n=goldas-shares-sold-to-three-funds-2009-06-26 www.hurriyetdailynews.com] Retrieved 2011-01-06
6. [[Societe Generale#March 2008. en.wikipedia.org Missing consignment of gold by Goldaş]] Retrieved 2011-01-05
7. [http://www.hurriyetdailynews.com/n.php?n=goldas-in-deep-trouble-2009-09-03 www.hurriyetdailynews.com Goldaş in deep trouble] Retrieved 2011-01-05
8. The Anatolia News Agency. "Court approves local jewelry firm’s default." April 3, 2013. [http://www.hurriyetdailynews.com/court-approves-local-jewelry-firms-default.aspx?pageID=238&nID=44156&NewsCatID=345 www.hurriyetdailynews.com] Retrieved 2013-06-03
9. The Anatolia News Agency. "High court rejects Goldaş bankruptcy in legal row." September 10, 2013. [http://www.hurriyetdailynews.com/high-court-rejects-goldas-bankruptcy-in-legal-row.aspx?pageID=238&nID=54215&NewsCatID=345 www.hurriyetdailynews.com] Retrieved 2016-02-21