Every kind of libel, falsified news, and manipulation about public companies is free. It seems there is no monitoring and punishment for this issue. While even minor comments have been sentenced to huge fines until 3 to 5 years ago, today we have this situation. Now being non-public is in fashion.
Until a short while ago, going public was in fashion. And trading on the stock exchange used to bring huge prestige. There were ambitious targets; the Public Offering Campaign would expand the stock market and contribute to the national economy. If it succeeded, Turkey would be able to run for much higher targets. Of course, some people have not liked that at all. The campaign should not succeed. And it could not… Those international powers hostile to Turkey have worked much for this outcome. Henchmen were given money and made to lobby. Bosses of public companies, who have no vision, have played into these people’s hands by seeing the capital obtained from public offering as theirs. These bosses were in a hurry to pocket the money as soon as possible and walk away.
The stock exchange was portrayed as a profiteering ground and all the public companies going public portrayed as those opportunists intending to profit from this looting. Some of these firms have really fit this description.Social engineering about the concept of public offering was conducted. Companies going public have allowed this as well. And it would not make any difference if they did not allow, though. On platformscalled as social media, henchmen ofanti-Turkey organizations have ruined the guilty and innocent alike while no one could call any to account.Every kind of libel, falsified news, and manipulation about public companies is free. It seems there is no monitoring and punishment for this issue. While even minor comments have been sentenced to huge fines until 3 to 5 years ago, today we have this situation. Do you think there is a small organization behind all these? Is it a coincidence that the perpetrators have not been put on trial anyhow?
“Companies should be able to file class action lawsuits”
Public companiesshould immediately band together under a nongovernmental organization that defends their rights and interests and be able to file class action lawsuits.They should also create a structure among themselves to punish wrongdoers. The government called for public offering and companies went public. Those that made mistakes should accept the punishment, but why does not anyone protect those who try to do the right thing?
Bosses are held responsible for every price movement on the stock exchange. They are demanded to intervene in these movements; buy when share price falls, and sell when price goes up. However, this is a crime. The Capital Markets Board lawconsiders intervening in prices as a crime. That is to say, you can buy when prices fall and sell when they rise but only at reasonable levels. In other words, the law says “You cannot determine the price.” Can the boss or shareholders be accused of not determining the price? In a word, of doing the right thing. Yes, it is possible in Turkey.Social media say “The boss bought and sold” first,and if you did not do it actually then call you to account by asking “Why haven’t you bought and sold?” The boss or the shareholder is guilty in any case.
Every type of libel against you is free on Internet sites. Which one can you sue and how can you obtain a result? Especially when foreign public relations companies step in and funnel money to social media henchmen…
Bosses are held responsible for every price movement on the stock exchange. They are demanded to intervene in these movements; buy when share price falls, and sell when price goes up. However, this is a crime.The Capital Markets Board law considers intervening in prices as a crime. That is to say, you can buy when prices fall and sell when they rise but only at reasonable levels. In other words, the law says “You cannot determine the price.” Can the boss or shareholders be accused of not determining the price? In a word, of doing the right thing. Yes, it is possible in Turkey.
“Growing? Through owners’ equity”
In the current situation, “Being non-public” is in fashion. “Growing? Throughowners’ equity or receiving loan…” So say, those bosses who pay attention to their name and reputation rather than to money.Some public companies complain as “Market conditions are already difficult, and why should I prepare the ground for our rivals to stab us in the back unfairly? We cannot do our own job because of stock exchange and we are always under suspicion.”Imagine a company that has received millions of liras as support through KOSGEB (Small and Medium Enterprises Development Organization)-TÜBİTAK (Scientific and Technological Research Council of Turkey) projects, completed the projects, and launched products. Comments on the Internet are appalling: “Our fitter can do these things as well.”It seems that TÜBİTAK does not know about the issue as much as fitters do.
“If you can be deaf to falsified news…”