Doğan Receives Record Fine

The largest Turkish media group Doğan Yayın Holding (DYH) which owns such Turkish newspapers as Hürriyet and Milliyet as well as CNN Türk and Star TV among others has been handed a record taxes and tax-fines of TRY 3.755.000.000 (USD 2.5 billon). The fine is worth more than four-fifth of this media conglomerate which controls more than half of Turkeys non-state media.
After the news the share price of Doğan tanked by some 20%.

The FT thinks that this ¨raises questions about political interference in business and the media that could tarnish the country’s image among foreign investors.¨

Methinks that this might also be a case of Turkey deciding to uphold its laws regardless of the influence of the group concerned and the economic impact. You can call that political interference if you want. Personally, I like that approach. However, this is Turkey so things are probably a bit more complicated than that…

[Source Financial Times and Sabah]