Reminding that the postponed ordinary general meetings of Galatasaray will be held on Saturday and Sunday, Elmas said, “We consulted with the previous board of directors, and I gave them the following information. Since the general assembly concerns their period, we will not sit on the stage, at the board of directors’ table. We made this offer to them, if they wish, they can sit there whenever they want.”
In the continuation of the meeting, Kaan Kançal, who served as the vice president under the management of Mustafa Cengiz, presented the financial statements and activity reports dated 1 January-30 June 2021.
Dursun Özbek: “Tell us what it cost us to spoil the Riva-Florya composition”
Dursun Özbek, one of the former presidents of the yellow-red club, stated that he read the independent auditor report of the period in question and was surprised, “I don’t want to make any comments. I’m just asking today’s supervisory board, please look carefully inside the independent auditor’s reports” he commented.
Speaking about the Florya land, Özbek said, “Kaan Kançal says, ‘We bought Florya back for 120 million with the money 4 years ago, its current value is 500-600 million.’ It means that we have made a magnificent profit. How to use such an expression even though it was explained in last month’s divan? Tell us what the Riva-Florya decomposition cost us. We bought it at that price, we sell it at that price, we make this much profit, you can’t say that. Let the president come and explain what your operation has cost Galatasaray.‘ he evaluated.
Burak Elmas: “About 130 million lira was paid for the interest of the loan”
President Elmas, who came to the podium to answer Özbek, reminded that an agreement was signed with Emlak Konut for the Riva and Florya lands.
“In return for this agreement, Galatasaray was guaranteed a loan that it would use for some capital increase and fulfill its obligation to remove its mortgages here.” Elmas continued his words as follows:
“This loan had a planned payment term to be paid with the cash flow from Riva and Florya. As a result of Florya’s inability to evacuate and its exclusion from the agreement, the guaranteed amount in the payment terms of these loans could not be paid. What caused this? We got our own land back. At the moment, we are currently paying him 20.8% interest on TL. Emlak Konut also makes our payments to the banks since those revenues are not received. However, due to the lack of payment in the due dates, he pays these loans by using loans on our behalf. So we actually pay the interest on the interest on the interest. We are in talks with the current Emlak Konut management to sort this out. If we continue to pay the interest on this interest, unfortunately, there is a possibility that no money will enter Galatasaray’s safe, except for the first money we received. Due to the disruption of the Florya-Riva plan, Galatasaray faced a serious interest payment and paid a large part of it. Due to the inaccuracy of the cash flow, approximately 130 million lira was paid for the interest of the loan received for the financing of the first loan. That’s the story.”
“If you have an accusation, it is written very clearly in the statute, do what is necessary”
Elmas also reacted to the news of Ayhan Yeğinsu, a member of the council board, that Romanian football player Olimpiu Morutan was paid a high testimonial fee.
“Come out clearly and tell us, and we’ll answer you.” President Elmas concluded his speech as follows:
“You have attributed something here with newspaper clippings. Which newspaper, where did you get those numbers? Let me go around the internet and open those numbers on the same site for you here. If you are accusing a crime, do what is necessary, apply to the disciplinary committee. If you are accusing ‘The board of directors deliberately paid high fees in the transfer, and here also gave extra money to the intermediaries’, come out and tell them here. If you have an accusation, it is written very clearly in the statute, do what is necessary.”
The meeting, in which some members of the council board also spoke on the agenda, lasted about 4 hours.
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