OTHER TOPICSREMARKS ON PRIVATE AUDIT AND THE PUBLIC AUDIT
Başaran Nas Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. has been the external audit company for TEB A.Ş. and its subsidiaries for 2014. On the other hand, routine audits have been carried out by Banking Regulation and Supervision Agency (BRSA) and Turkish Republic Central Bank.INFORMATION ABOUT THE LAWSUITS FILED AGAINST THE BANK
There were 15,518 law cases against the bank totaling amount TRY 31,291,453 in 2014. Total 29,451 of cases sued before and during 2014 still proceeds, and TRY 37,355,454 provision has been reserved as of 31.12.2014.INFORMATION ON JURIDICAL AND ADMINISTRATIVE SANCTIONS AGAINST THE BANK AND BOARD MEMBERS
Total amount of fine imposed on the bank by regulatory organizations and auditors is TRY 239,841.62 during 2014. There are no juridical or administrative lawsuits applied against our Board of Directors.
INFORMATION ON SUBSIDIARY SHARES
Following resolution was passed during Ordinary General Meeting dated on March 27th, 2014 that TEB Faktoring A.Ş.’s capital shall be increased by a total amount of TRY. 11,000.000.-,through payment of TRY. 9,379,369.32.-from Undistributed Profits under Extraordinary Reserve Accounts, TRY. 973,164.36.-from the Inflation Adjustment to Primary Reserve, and TRY. 647,446.32.- from the Inflation Adjustment to Secondary Reserve, from TRY.19,000,000.-to TRY.30,000,000.-. All procedures were completed and registered to Istanbul Trade Register. As a result of mentioned capital increase, TEB A.Ş.’s share in TEB Factoring increased to TRY 29,999. 993. 68 from TRY 18,999.996.
INFORMATION/REMARKS REGARDING PARENT COMPANY
During 2014, there are no legal actions taken that would ultimately benefit parent company directly or indirectly. All the transactions between parent company and our Bank were carried out under the principles of market practices, commercial prudence and integrity, and trustworthiness. The Bank did not experience loss, therefore compensation was not necessary.
During 2014, there are no legal actions taken that would ultimately benefit parent company’s subsidiaries. All the transactions between parent company’s subsidiaries and our Bank were carried out under the principles of market practices, commercial prudence and integrity, and trustworthiness. The Bank did not experience loss, therefore compensation was not necessary.
There was no need to take precautions that would benefit our direct or indirect parent companies; therefore no action/loss occurred against our Bank in 2014.
There was no need to take precautions that would benefit parent companies subsidiaries, therefore no action/loss occurred against our Bank.