The new management of FTX stated that it wants to keep the Turkish subsidiary of the exchange out of the bankruptcy process. FTX lawyers, who made a new request to the court judge at the court hearing on Friday, argued that the US courts had no influence in Turkey, and therefore they wanted FTX Turkey to be excluded from the bankruptcy process.
“There is no guarantee that the Turkish government will comply”
In the request submitted to the court judge, it also stated, “There is no reason to believe that the Turkish government will abide by the decisions taken. Therefore, we may not have sufficient control mechanisms for the company in Turkey.
“Working with both would not be strategic”
In the request file submitted to the court, it was also stated that 80% of FTX Turkey is owned by FTX Trading and 20% by SNG Investments, which belongs to Alameda. While it was stated that SNG Investments served as a market maker for the stock market, it was claimed that working with both companies would not be strategic.
“It causes a waste of time and money”
In addition to all these, it was emphasized that Turkish citizens made claims against FTX Turkey and that, with the decisions of the Turkish court, there is a possibility that the assets held in the stock market will be given to these people. For these reasons, FTX lawyers stated that keeping the Turkish side out of court would save both time and money and said, “This is the best option for both creditors and debtors. The continuation of the process will cause waste of scarce resources and waste of time.
As will be remembered, immediately after FTX filed for bankruptcy, the Ministry of Treasury and Finance also launched an investigation on the subject and seized the assets of FTX Turkey.
