Even Koç, Turkey’s largest holding company, cannot find a foreign partner. How could he find that!
As if not recognizing the Constitutional Court’s decision to release Can Atalay was not enough, the Third Criminal Chamber of the Supreme Court of Appeal filed a criminal complaint against 9 members of the Supreme Court who signed the decision.
The judicial coup that occurred on November 8 cannot be explained solely by the Supreme Court’s disregard for the hierarchy of standards.
President Recep Tayyip Erdogan; “The decision taken by the Supreme Court should not be taken lightly,” he said, stressing the need to take steps that would make the Constitutional Court worse than closing it.
Get well soon to those who do not want to see in the coffin a symbol that there is no longer room to hammer nails into the coffin. The main path Turkey is taking is not advanced democracy, but many forms of authoritarianism.
Foreign capital will not come to a country where there is no legal security, where even the decisions of the Constitutional Court are not taken into account, and those who preceded it will leave.
The South Korean partner escapes before arriving
If Koç Holding has difficulty convincing foreign partners, the situation is serious.
American auto giant Ford Motor Company, of which Koç owns half a stake in Ford Otosan, shook hands with SK On before South Korea.
On January 13, 2023, SK On sought refuge in the United States because it found Turkey too risky.
Koç Holding Chairman of the Board of Directors Omar M. Coach
I pointed out that in those days, Koç was negotiating with another South Korean to impress LG. You can’t build a $2 billion facility alone, even if you are Koç.
Even if you have the money, you need an international partner with a battery license.
Land has also been allocated in the Ankara Organized Industrial Zone. However, rumors have spread that LG refrained from the final signing due to reports that there is no trace of the rule of law in Turkey.
When LG said no, this laptop shut down without opening it
On Thursday, November 9, South Korean media published a report stating that the investment had been “cancelled.” The news that would severely shake the markets was published on the Kronos website that same day with the headline “$2 billion shock from LG to Coach.”
In short, LG was not coming to Türkiye for an electric vehicle battery facility.
Koç Holding (KCHOL) and Ford Otosan (FROTO) shares are bought and sold on Borsa Istanbul (BIST). However, neither Ford Otosan nor Coach mentioned the cancellation for nearly two days.
Transparency has become a nostalgic word not only in the public sector but also in the private sector. The Capital Markets Board (CMB) also monitored what was happening.
breakthrough? What is this!
One word in Coach’s statement posted on the Public Disclosure Platform (KAP) caught my attention. It turns out that LG abandoned its $2 billion investment due to the “hack.”
Penetration from French to Turkish; It means “to penetrate” or “to penetrate”. Penetration without entering the market!
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Although there is no direct connection between the meaning of the hack and LG’s decision, Koç could only have avoided such a crisis through this subtle wordplay.
Koç Holding Chairman Omer Koç should congratulate the company’s communications director. It is not appropriate for everyone to include a word in a general statement that they know no one will understand.
No hacking, no integration. It’s all about licensing. LG’s board cannot be unaware that Turkey is becoming increasingly authoritarian.
Maybe they took a step back from licensing because they didn’t want to intentionally waste billions of dollars.
Foreign capital is not coming in, and insiders are worried
From now on, Treasury and Finance Minister Mehmet Simsek’s door-to-door visits to find hot money will be just a courtesy visit. If the money had come, it would have continued on the path of democratic transformation, even if only for a while.
time is over. The phase of commissioning Millia (national commands) began. The phrase “outside residential areas” has been removed from Law No. 6.306.
From now on, the Ministry of Environment and Urbanization will be able to seize even solid buildings. Those who object will be shown a “reserve zone” baton.
The date on which LG decided not to come to Turkey coincides with the date on which this law was adopted in the Turkish Grand National Assembly (TBMM).
On the same day, Japanese auto giant Mazda announced its decision to withdraw from Türkiye. In 2019, another Japanese giant, Honda, stopped manufacturing Civic sedans in the Gebze district of Kocaeli since 1997.
Just as Simsek cannot convince foreigners to invest in Turkey, he cannot prevent those who came years ago from packing their bags and leaving.
Even Coach could not and could not tell this painful truth. How could he say that!
After seeing how even members of the Constitutional Court turned miserable next to him, wouldn’t it be possible to sign his death warrant?
Thanks to the hack, the crisis has subsided.
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(Tags for translation)koç Holding