Doğan rules out speculation claims

ISTANBUL

Doğan Holding has denied claims that it profits from the rise of the dollar exchange rate in Turkey, stressing that the latest hikes actually hurt it financially.

The corporation’s March 10 statement came after a number of newspapers accused the group of engaging in “crisis-mongering” to profit from the dollar’s rise.

By describing these claims as “unreal and fictional,” Doğan Holding said in the statement that the lira’s weakening against the dollar brought an “additional burden” not only to the Turkish economy, but also to the company due to the fact that some of the raw materials it imports are bought using dollars.

“As can be seen by anyone who is qualified enough to read our balance sheets, which are approved by international independent audit institutions and released, an excessive rise in the value of the dollar against the lira is reflected to our institution as a net loss, not a profit,” the statement said.

“The reason for the latest developments in the value of the exchange rate is clear and it has been explained by the officials of our government,” it continued, adding that “it is an unfair and inexorable deception to link current economic developments to the Doğan Group while knowing this fact.”