Share transfer and bankruptcy proceedings crisis at 80-year-old apparel giant Sarar
A legal process has been initiated within the Eskişehir-based Sarar group following disputes between founding partners regarding share transfers and allegations of asset distribution. Ali Emre Sarar has initiated bankruptcy proceedings against family members to collect his receivables.
Internal family disputes regarding management and share structure at the apparel giant Sarar, founded in 1944, have been taken to court. Ali Emre Sarar, son of Celaleddin Sarar, has initiated bankruptcy proceedings against Sebahattin Sarar, Ece Özalp, and Sara Sarar, alleging that company revenues were embezzled.
The legal process is rooted in decisions made during board meetings held on November 30, 2022. According to the allegations, founding partner Cemalettin Sarar's shares in seven companies were transferred to his nieces, Ece Özalp and Sara Sarar. It is claimed that these transactions were approved with Cemalettin Sarar's left thumbprint, but no documentation regarding payment exists.
Ali Emre Sarar has contested these transfers, arguing they are invalid. Following the death of his father, Celaleddin Sarar, on February 8, 2023, Ali Emre Sarar initiated bankruptcy proceedings alleging that partnership revenues were transferred irregularly, and he also filed a lawsuit for guardianship, requesting the appointment of a trustee for Cemalettin Sarar.
Sources
- gazetevatan.com · Link