Stadium row gets fueled

Stadium row gets fueled

ISTANBUL - Hürriyet
Stadium row gets fueled

Aşçıoğlu owner Yaşar Aşçıoğlu stands in front of the rubble that was once the stadium. Hürriyet photo AA photo

Independent administrators have been appointed to manage the project that will be developed on the former Galatasaray football stadium Ali Sami Yen in the Mecidiyeköy neighborhood of Istanbul.

The move comes as the three project partners Torunlar REIT, Aşçıoğlu, and Kapıcıoğlu have been mired in disagreements. To protect the interests of the three partners, independent accountant Nihat İncekara and lawyer Halil İbrahim Koca will be the new administrators. 

The three partners that signed up to develop the 1 billion Turkish Lira residential and office space project on the Mecidiyeköy lot, have taken each other to court. The court recently appointed Professor Hasan İşgüzar, Professor Mehment Ali Erten and Professor Mehmet Demir to the board of judges overseeing the case. The judges then saw fit to appoint administrators to the case. 

Torunlar has a 65 percent stake in the project, Aşçıoğlu a 35 percent stake and Kapıcıoğlu a five percent stake. In March 2012 Aşçıoğlu claimed that there was a discrepancy in the project’s financial books and that decisions which were taken by the other project partners were not conveyed to them. Aşçıoğlu opened a court case against the other two partners, but Torunlar and Kapıcıoğlu argue that Aşçıoğlu’s claims are unfounded.