Office rejects Doğan’s collateral

Bloomberg

refid:11205674 ilişkili resim dosyası

DMG said the stakes it offered as collateral in Kanal D TV and Star TV channels were worth over 1 billion Turkish Liras ($589 million). The Istanbul-based company was ordered to put up an assurance for 914.8 million liras of tax.

The tax office rejected the application because the assets’ value is open to dispute, Salih Yendi, a spokesman for the tax office’s headquarters in Ankara, said in a telephone interview Friday. DMG should register assets such as shares, property or treasury bills instead, he said.

DMG offered the brand names of the TV channels, worth a total of 1.12 billion liras, as collateral after its previous application was rejected, the company said in the filing. The tax office is examining the new offer, it said.

Daily News is a Doğan Media Group publication.