Turkish Competition Board Imposes Administrative Monetary Fine For Gun-Jumping During Phase II Review

(1) Introduction

The Turkish Competition Board (the "Board" ) imposed an administrative monetary fine on Yılmaz Family for implementing its acquisition of sole control over Kartek Holding A.Ş. ("Kartek" ) through Param Holding International Coöperatief U.A. ("Param" ) before obtaining the Board's approval. ¹ Further to the complaints lodged by third parties before the Turkish Competition Authority (the "Authority" ) that Param already started to exercise control over Kartek while the Board's review of the transaction is ongoing, the Authority conducted on-site inspections at the premises of Param, Kartek and their subsidiaries. Based on the evidence obtained during the on-site inspections, the Board determined that the transaction was closed while the Board's review was ongoing and imposed an administrative fine on Yılmaz Family, who ultimately controls Param. The transaction was eventually conditionally approved by the Board subject to behavioural commitments