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English Last updated 13:44
13.06.2003
State confiscates Cukurova and Kepez Electric

The Energy Ministry cancelled the preferential contracts of the Cukurova Electric (CEAS) and Kepez Electric companies and confiscated its plants. The Ministry said that both companies belonging to the Uzan Group had constantly violated terms of agreements.

Tension in the plants
Ministry officials, who entered the headquarters of the two companies in Adana with gendarme and police forces on Thursday, seized many documents in the building. There was big tension between security forces and the administrators of the companies. Those administrators, who refused to get out of their buildings, were taken out by force. The administrators will reportedly petition the Security, Governorship and Prosecution against security forces, which threw them out from their building.

The operations in the bourse closed
The operations of the share certificates of the two companies in the Bourse were closed. There are 12 thousand Bourse investors owning shares of the companies.

Coskun: It shall not affect Petkim
Industry and Trade Minister Ali Coskun said that the termination of the contracts with Cukurova and Kepez Electric would create no problem about the ownership of Petkim. The Uzan group had given the highest bid in the privatization tender of Petkim with 605 million dollars.

 
(Hürriyetim)


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