Court approves local jewelry firm’s default

ISTANBUL - Anatolia News Agency

A court decided for the bankruptcy of local jewelry company Goldaş Kuyumculuk yesterday.

Goldaş announced that the Bakırköy Commercial Court of First Instance in Istanbul had decided for the company’s bankruptcy despite another lawsuit for the suspension of bankruptcy that has not been concluded by the Istanbul Anatolia Commercial Court of First Instance.

The gold-selling company said the lawsuit between them and the Bank of Nova Scotia was ongoing, as the next trial would be held May 7. However, the trial for the lawsuit that began in 2009 between them and Commerzbank International was concluded yesterday and the verdict approved the bankruptcy of Goldaş.

Goldaş said the court had not waited for the verdict of Bank of Nova Scotia case, in which Goldaş demanded suspension of bankruptcy. Goldaş will appeal the verdict, it said.