Turkish Parliament Approves Commerce Code Changes, Dunya Reports

Changes to Turkey’s commerce code were approved by parliament and are due to take effect on July 1, Dunya reported.

Henceforth, shareholders who are relatives of company directors will be able to borrow from companies under certain conditions, the newspaper said. Draft legislation previously discussed by the parliament would have meant board members’ relatives couldn’t owe companies money.

Companies won’t have to announce debts or cash holdings on their websites under the new code; having to make such details public was an aspect of the draft that business objected to, Dunya said. Websites will be compulsory and must contain information such as board members and capital increases, the newspaper said.

The new code has to be approved by President Abdullah Gul and be published in the Official Gazette before it takes effect, the newspaper said.

Click here for web link

To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.