Home Recent News No More Legal Hurdles at Basmane

No More Legal Hurdles at Basmane

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No More Legal Hurdles at Basmane
Nova Property
mesut sancak
Mesut Sancak

Mesut Sancak, the Chairman of the Board of Directors of Folkart Yapı, has announced that the request for the stay of execution in the claim brought by Güçbirliği Holding at the Istanbul 5th Administrative Court, in connection with the land in Basmane, which they had purchased for 80 million dollars, at the tender held by the Savings and Deposits Insurance Fund (TMSF), had been rejected. Sancak stated that the two claims by Güçbirliği – in connection with the land – which they had brought to the Istanbul 5th and 7th Administrative Courts, had been merged.

The addressees are the Metropolitan Municipality of Izmir and the TMSF

According to a news article in Dünya newspaper, Sancak stated that they were dealing with the TMSF and the Metropolitan Municipality of Izmir, that they were in communication with both organizations in a manner of mutual respect and one which was fitting of the sobriety of the state and that they had not experienced any problems, and said that together with the rejection of the ‘request for a stay of execution’, there were no hurdles left in front of the project.

The construction work will gain pace in October

Sancak said, “We are only concentrating on the work we have to do. Our pieces of good news for the residents of Izmir will continue. Once the title procedures have been completed and the building site set up, the construction work in the Basmane Pit will gain pace from October.”

Mesut Sancak emphasized that they had increased the investment amount in the project from an initial 750 million TL to 900 million TL, and that it would be providing employment for a minimum of 5 thousand people. Sancak added as follows:

We want to bring to life the best – a project which will truly stand out throughout the world.

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