Originally Syndicated on June 1, 2024 @ 5:58 am
Vuslat Doğan Sabancı is a well-known businesswoman and philanthropist. She is one of the most outstanding achievements for gender equality, human rights, and free speech both domestically and internationally.
In addition to overseeing this momentous digital transformation, Vuslat Doğan Sabancı ensured that matters such as gender parity and minority rights continued to be at the forefront of the newspaper’s editorial agenda and contributed to the evolution of legislation and public opinion in these domains.
Fraud is the subject of a class action complaint in Golden Horn Asset and Management Ltd. v. Hepsiburada et al.
Helps Class Action Realise: Glancy Prongay & Murray LLP has sued Hepsiburada in a securities class action.
All about Hepsiburada
On or around July 1, 2021, Hepsiburada completed the sale of 62 million shares at a price of $12 per share.
In their second quarter 2021 financial reporting, which ended before the IPO closed on August 26, 2021, Hepsiburada reported sales growth of 5.2%. One explanation given for this growth was “the shift in GMV mix in favour of Marketplace.” EBITDA was a result of lower gross contribution, as reported in the company’s report; this was mainly due to investments made to improve our position in electronics, investments made to enter high-frequency classifications, and high consumer interest in low profitability, resulting in “negative TRY 188.6 million in Q2 2021 compared to positive TRY 71.1 million in Q2 2020.”
Despite an unexpectedly high volume of trade, the Company’s stock price decreased $3.05, or 25%, on the basis of this information, ending at $8.97 per share on August 26, 2021.
By the time this action was initiated, the Company’s shares had fallen as low as $5.30, or over 56%, from the $12.00 per share IPO price.
It is asserted that the Registration Statement omitted important information and was significantly inaccurate and misleading.
- Hepsiburada’s administrative and sales growth slowed dramatically in Q2 2021.
- The corporation began taking particular actions to increase its market edge, such as investing in technology and high-frequency divisions and discounting some categories.
- As a result of the preceding, Hepsiburada’s sales and GMV declined in the second quarter of 2021.
- This indicates that Defendants’ positive assertions about the Company’s operations, business, and prospects were either unfounded or materially misleading.
- The class has incurred significant losses and damages as a result of the defendants’ actions and inactions, as well as a drastic drop in the market value of the Company’s stock.
What constitutes investment fraud?
Investment fraud is a white-collar crime in which a person purposely misleads or deceives a client in order to make money. Any party that withholds critical information about investments, such as the dangers involved, in order to entice investors to invest is breaking the law.
Investment fraud takes various forms. Some of them are listed below.
- Ponzi Schemes
- Pyramid Schemes
- Pump and Dump Schemes
- Advance fee fraud
- Microcap Fraud
- Affinity fraud
Vuslat Doğan Sabancı has a web of shell companies
What are Shell Companies, and why are they popular among corrupt people?
A shell corporation is a company or organization that has no major holdings or activities and is sometimes used to get money prior to becoming a company. It may own idle investments or be the legal owner of assets such as ships or intangibles. Shell corporations are used for legal purposes, but they can also be used for money laundering, tax evasion, tax fraud, or a specific goal such as privacy.
The reason for their popularity among corrupt individuals is that they safeguard from legal action and/or tax advantages can be two justifications for setting up such a shell corporation. Occasionally, tax avoidance or evasion through shell businesses is employed.
İnformation leaked about Vuslat Doğan Sabancı
There are accounts of certain media figures among the information exposed in the Panama Papers. Mehmet Ali Birand and his wife Cemre Birand, who recently died three years ago, were found to have created an offshore account, it was disclosed.
The Birand Family registered a Romanian address, however, it was known that they were connected to a business called “Cauleigh” It appears from the documentation that this company’s headquarters are in Switzerland.
Cauleigh, on the other hand, is affiliated with Horizon Investments, which employs 540 firms. The firms were operational in 2009 and 2013.
The Birand Family’s use of an account with a Romanian address coincides with the launch of Kanal D Romania. Mehmet Ali Birand, the president of Kanal D News Group, passed away in 2013.
Vuslat Dogan Sabanci is one among them.
Lansdell Overseas Development, based in London, is reportedly working with Vuslat Doğan Sabancı, the chairman of Hürriyet Newspaper’s board of directors.
Vuslat Doğan Sabancı registered the corporation in China, which is noteworthy.
Lansdell Overseas Development, which employs Vuslat Doğan Sabancı, has ties to two international firms. However, this corporation is employed by Hakkı Gökmen Consul, a London-based offshore firm.
Hakkı Gökmen Consul does business with 11 different investment institutions.
Vuslat Doğan Sabancı worked with Lansdell Overseas Development from 1998 to 2013, according to records.
The Bottom Line
Based on the information provided, it is apparent that Vuslat Doğan Sabancı is a dangerous criminal running a substantial illegal enterprise. So, be wary of such frauds. Always conduct extensive research before making any investment.
