Alarms sound for Turkcell

Bloomberg

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Karamehmet, who's sold Turkcell shares to repay debts to the government in recent years while retaining control of the company, said any further changes to the ownership structure would mean a change of control. His Çukurova Group owns about 14 percent of Turkcell, and Russia's Alfa Group has filed lawsuits to seize those shares.

Turkcell should remain a Turkish company, Karamehmet told Vatan. It's unlikely Alfa and the other main shareholder, TeliaSonera, will sell their stakes to each other because of historic tensions between the countries, he said. Karamehmet was speaking in Erbil, northern Iraq, where he's the biggest investor in the company that started exporting oil on June 1, Vatan said. Çukurova expects $15 billion in oil revenue from the region in the next two decades, it added..