In a huge blow for Turkey and a slew of employees, a major conglomerate has pulled its shipping company out of the country – and reportedly relocated to its tourism rival of Athens, Greece
Turkey has faced a major economic blow after a huge conglomerate has pulled out of the country. Ciner Group is a Turkish family-owned enterprise that employs almost 10,000 – and has operated in the country since 1978.
It spans across multiple sectors including energy and mining, natural soda ash, glass and chemicals, and shipping. Last year, it sold off its media branch for $800 million (around £632 million), which included acclaimed titles like Bloomberg HT, Show TV, and Haberturk.
The business empire, worth an estimated $1.6bn (£1.3bn), also owns Ciner Shipping – one the country’s largest shipping companies in terms of deadweight carrying capacity, gross and net tonnage, and operates a staggering 24 vessels. The company’s substantial fleet consists of 20 bulk carriers with a combined capacity of around 1.4 million tons, as well as four Suezmax crude oil tankers, which serves the likes of BP and Chevron.
But, according to Turkiye Today, Ciner Shipping will now be relocating to Greece – one of Turkey’s biggest tourism rivals. It is widely reported that all employees have been informed via email that their contracts would be terminated with ‘full legal compensation’. It is also believed that CEO Vasileios Papakalodoukas is stepping away from the Turkish arm of the company and ‘establishing a management firm’ in Greece’s capital, Athens. On Companies House, Vasileios is listed as the Director of Ciner Shipping UK Ltd: his country of residence is listed as Turkey but his Nationality is Greek.
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As per the Express, the move comes as one of Turkey’s largest corporations, Dogus Holding, has actually sold its 33.75 per cent stake in the Astir Palace Hotel in Athens to Greek shipowner George. “A consortium, including Dogus Holding, won the bid for the property 15 years ago with an offer of €400 million ($419 million),” added Turkiye Today. “The consortium, known as AGC, included firms from Abu Dhabi, Kuwait, and Qatar.”
The peninsula boasts two hotels, a whopping 1,950-meter-long coastline, two beaches, and a marina with a capacity of 120 yachts, along with a restaurant and a nightclub. George is believed to have participated in the bidding process during this time. However, he was unsuccessful.
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