Financial inspectors, police raid Koç-owned largest Turkish firm

ISTANBUL

DHA Photo

Finance inspectors reportedly staged a raid at Koç Holding’s Tüpraş July 24 on allegations of manufacturing smuggled fuel, just a day after the oil refiner was named as the country’s top 500 company.

Officials at the Finance Ministry carried out searches at Tüpraş with 20 police officers and fuel specialists starting July 24 morning following a court decision, according to reports.

While Tüpraş CEO Yavuz Erkut said the raids were routine audits done by the Energy Market Regulatory Authority (EPDK) authorities, the watchdog ruled out involvement in the probe.
Erkut also spoke to the Wall Street Journal over the claims, saying authorities were making a “regular” inquiry.

“This is a physical inventory audit done by Energy Market Regulatory Authority (EPDK) authorities. It’s being done as always. These audits are done in groups,” he said.

The samples obtained from Tüpraş as a result of the probe have been sent to Turkey’s science watchdog Tübitak to be examined and some documents have been seized, the same reports said.

Tüpraş, the majority stake in which is owned by Turkish conglomerate Koç Holding, was named as the largest company of Turkey in the list of the Top 500 Turkish companies for 2012, the Istanbul Chamber of Industry (İSO) announced on July 23. 

Five of Koç Holding’s companies appeared in the top 10 list in 2012, as was the case in 2011.