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Turkey is set to establish a privately managed arbitration center in Istanbul in which companies can apply to solve their problems before filing lawsuits at courts, the deputy prime minister has said reports Hurriyet Daily.
“We’re establishing a new body which will be mainly managed by private-sector representatives for companies to be able solve their problems and disputes at a center also headed by the private sector,” Deputy Prime Minister Ali Babacan said.
The body will not sideline the judiciary but will help solve problems if both parties are willing.
The minister also hinted that Turkey may conduct a secondary public offering for state-run
lender Vakıfbank in the second half of the year, adding that its free float could be raised from 25 to
“Vakıfbank is the priority in public offerings. I see the possibility of an initial public offering for Ziraat Bank this year as quite low,” Babacan said.
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