a)
Legal liabilities
The new TCC defined the legal
responsibilities in the following matters:
- Documents and declarations are illegal,
- False declaration regarding capital and knowledge regarding insolvency,
- Fraudulent valuation of assets related to the acquisition of a company,
- Raising money from the public,
- Legal liabilities of founders, board members, managers and liquidators,
- Legal responsibilities of independent auditor and special auditor.
In addition, the new TCC defines common provisions which are applied to these liability conditions. One of these common provisions is related to joint and several liability conditions (article 557).
b) Criminal Liabilities
Some criminal liabilities as set out in the new TCC are as follows:
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Failing to fulfill the liabilities related to the maintenance of accounting books that should enable third party experts to evaluate the financial position and performance of the company in case of any investigation within a reasonable time |
Administrative fine of TL4,000 |
|
Failing to submit copies of documents as set out in Article 64 |
Administrative fine of TL4,000 |
|
Failing to obtain necessary approvals with respect to opening and closing of accounting books in accordance with the third paragraph of Article 64 |
Administrative fine of TL4,000 |
|
Failing to carry out bookkeeping activities in accordance with Article 65 |
Administrative fine of TL4,000 |
|
Failing to take inventory in accordance with Article 66 |
Administrative fine of TL4,000 |
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Failing to submit documents as stated in Article 86 |
Administrative fine of TL4,000 |
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Failing in preparing financial statements in accordance with Turkish Accounting Standards as announced by Public Oversight Body |
Administrative fine of TL4,000 |
|
Failing to prepare a report related to the company's relations with the parent company and dependent companies within the first quarter of the year as set out in the first and fourth paragraphs of Article 199 |
Judicial fine not be less than 200 days |
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Failing to provide accounting books, records and the related information to the auditors of Ministry of Customs and Trade or not permitting those auditor to fulfill their duties |
Judicial fine not be less than 300 days |
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Making declarations contrary to Article 349 |
Judicial fine not be less than 300 days |
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Loaning money to shareholders against the Article 358 |
Judicial fine not be less than 300 days |
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Violating the provision preventing board of directors' members who are not shareholders and the relatives of board of directors' members who are not shareholders from borrowing cash from the company, preventing the company from issuing guarantees, pledging and providing assurance to these people, assuming their liability or taking over their debt (Article 395) |
Judicial fine not be less than 300 days |
|
Forging documents as stated in Article 549 or intentional misstatements in commercial books |
Prison sentence from one to three years
|
|
Violating the provision of secrecy as stated in Article 527 |
Article 239 of the Turkish Criminal Code applies |
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Providing misstatements regarding capital
|
Judicial fine or prison sentence from three months to two years |
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If commercial books do not exist or do not include entries or they are not kept in accordance with the new TCC |
Judicial fine not be less than 300 days |
|
Fraudulently overstating capital in kind or misrepresentation of the nature and condition of the company to be acquired or capital in kind (Article 551) |
Judicial fine not be less than 90 days |
|
Collecting money from public without proper permission (Article 552) |
Prison sentence from six months to two years |
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Failing to open a website as stated in Article 1524 |
Judicial fine from 100 to 300 days |
|
Failing to post the required content to the website |
Judicial fine up to 100 days |
