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As previously announced in our Company's Public Disclosures dated 26 September 2018 and 13 March 2020, Competition Authority had launched an investigation on various fuel distribution companies, including our 30% subsidiary Shell & Turcas Petrol A.Ş (STAŞ) following preliminary enquiries regarding violation of Law Numbered 4054, 4th article and Competition Authority had fined STAŞ 348,154,458.54 TL, which is 1% of previous year's revenues. Our Company has been informed that Competition Authority's reasoned decision has been received by STAŞ. STAŞ is fully compliant with related legislation and agreements while running its operations. STAŞ does not accept the allegations stated in Competition Authority's reasoned decision. Accordingly, STAŞ is considering to benefit from early payment discount of 25% and make the payment in 60 days (261,115,843.91 TL, 75% of penalty) and / or take legal action within the relevant period. Further information regarding the process will be shared with the public in a timely manner. Kind regards,
Note: In case of discrepancy between Turkish and English version, Turkish version shall prevail. |
We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.