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BUSINESS > Turkish PM's son Bilal Erdoğan sells his stakes in cosmetic firm

Neşe Karanfil ANKARA

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The son of Prime Minister Recep Tayyip Erdoğan, Bilal Erdoğan, has terminated his partnership with a local cosmetics trade company.

Erdoğan reportedly sold his 25 percent stake in Maye Dış Ticaret to an investor outside the firm on June 3, six years after becoming a partner of the company, which was founded in 2007.

Erdoğan had joined the firm one year after it was founded by Ali Bahadır Yeşil and Mustaf Esenkal, who have 25 and 50 percent stakes in the firm respectively.

Esenkal had transferred shares worth 16,000 Turkish Liras, from the 66,000 lira stake that he owned, to Erdoğan in 2008, while Yeşil sold shares worth 9,000 liras, from his 34,000 lira stake.

The company deals with wholesale and retail sales, as well as the import and export of all kinds of products in the cosmetic, souvenir, toys and bijouterie sectors.

Maye also distributes U.S. mineral cosmetic company Ballapiere’s products in the Turkish market.

Bilal Erdoğan had testified on corruption allegations as part of the second high-profile graft probe, which was sensationally revealed on Dec. 25, 2013.

June/18/2014

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