TP Petrol Requests Concordat: Financial Problems Are Increasing

TP Petrol Distribution Inc. Faces Financial Crisis

Being a significant player in Turkey's fuel sector, TP Petrol Distribution Inc. has filed for concordat due to financial difficulties and ongoing legal investigations. It is reported that the company is facing allegations of fuel smuggling worth over 1 billion TL from its refineries in Antalya and Hatay.

Allegations and Arrests

Recently, serious allegations have emerged regarding top executives of this large company known as Türkiye Petrolleri. Three executives have been arrested, while a detention order has been issued for the Chairman of the Board, İsfendiyar Zülfikari. Zülfikari's status as a fugitive abroad adds further complexity to the situation.

Concordat Application and Court Process

Following the latest developments, TP Petrol Distribution Inc. applied to the Istanbul 1st Commercial Court, resulting in a precautionary measure on the company's active assets. The company requested a definite period of time to maintain its current financial situation.

Bankruptcy Risk and Temporary Suspension Review

The court evaluated the company's application and issued a temporary suspension order, stating that the current financial statements will be examined in detail. If the request is denied, TP Petrol Distribution Inc. faces the risk of entering into bankruptcy proceedings. Establishing a concordat commissioner board is also on the agenda after the investigations to be conducted on the company.

Effects on the Sector

This financial crisis faced by TP Petrol may have broad repercussions on the Turkish fuel sector. These developments are of concern not only for the company's future but also for other players in the sector.