{"id":686,"date":"2025-12-28T14:16:23","date_gmt":"2025-12-28T11:16:23","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=686"},"modified":"2025-12-31T01:05:09","modified_gmt":"2025-12-30T22:05:09","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-kervn-kervansaray-yatirim-holding-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/686","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KERVN | Kervansaray Yat\u0131r\u0131m Holding 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"KERVN\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/1ajbRAUO8sg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Bir Holdingin Perde Arkas\u0131: Kervansaray&#8217;\u0131n Finansal Raporlar\u0131ndan \u00c7\u0131kan 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikaye<\/h3>\n<p>\u00c7o\u011fumuzun tatil an\u0131lar\u0131nda veya i\u015f seyahatlerinde bir \u015fekilde kar\u015f\u0131s\u0131na \u00e7\u0131kan &#8220;Kervansaray&#8221; markas\u0131, turizm sekt\u00f6r\u00fcn\u00fcn en bilinen isimlerinden biridir. Ancak bu tan\u0131d\u0131k ismin cilal\u0131 y\u00fczeyinin alt\u0131nda, kamuya a\u00e7\u0131k finansal raporlar\u0131n so\u011fuk sat\u0131rlar\u0131nda gizlenen, milyarlarca liral\u0131k bor\u00e7lar, dudak u\u00e7uklatan mahkeme davalar\u0131 ve radikal hayatta kalma stratejileriyle dolu bir d\u00fcnya yat\u0131yor. Finansal raporlar, \u00e7o\u011fu zaman s\u0131k\u0131c\u0131 rakam y\u0131\u011f\u0131nlar\u0131 olarak g\u00f6r\u00fclse de asl\u0131nda bir \u015firketin stratejisini, m\u00fccadelesini ve bazen de inan\u0131lmaz d\u00f6n\u00fc\u015f\u00fcm hikayelerini anlatan birer g\u00fcnl\u00fck gibidir. Bu yaz\u0131da, Kervansaray Yat\u0131r\u0131m Holding&#8217;in son finansal raporlar\u0131n\u0131n derinliklerine inerek, sat\u0131r aralar\u0131nda gizlenmi\u015f en \u00e7arp\u0131c\u0131 ve \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7ekleri birlikte ke\u015ffedece\u011fiz.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. Milyarlarca Liral\u0131k Bor\u00e7 Y\u00fck\u00fc: Varl\u0131klar\u0131n G\u00f6lgesinde Kalan Y\u00fck\u00fcml\u00fcl\u00fckler<\/h3>\n<p>Bir \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 anlaman\u0131n en temel yollar\u0131ndan biri, varl\u0131klar\u0131 ile bor\u00e7lar\u0131 aras\u0131ndaki dengeye bakmakt\u0131r. Kervansaray&#8217;\u0131n bilan\u00e7osu bu konuda ilk ve en b\u00fcy\u00fck s\u00fcrprizi bar\u0131nd\u0131r\u0131yor.<\/p>\n<ul>\n<li><b>Analiz:<\/b> 30 Eyl\u00fcl 2025 tarihli konsolide finansal durum tablosuna g\u00f6re, \u015firketin bir y\u0131l i\u00e7inde \u00f6demesi gereken &#8220;K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler&#8221; tam <b>7.075.118.718 TL<\/b> olarak g\u00f6r\u00fcn\u00fcyor. Buna kar\u015f\u0131l\u0131k, ayn\u0131 d\u00f6nemde \u015firketin \u201c\u2018D\u00f6nen Varl\u0131klar\u2019\u0131 (yani nakit, alacaklar gibi bir y\u0131l i\u00e7inde paraya \u00e7evrilmesi beklenen varl\u0131klar\u0131)\u201d ise sadece <b>97.088.820 TL<\/b>. Aradaki fark yakla\u015f\u0131k <b>6,98 milyar TL<\/b>. Basit bir dille ifade etmek gerekirse, \u015firketin \u00f6n\u00fcm\u00fczdeki bir y\u0131l i\u00e7inde \u00f6demesi gereken bor\u00e7lar, elindeki likit varl\u0131klardan devasa \u00f6l\u00e7\u00fcde daha fazla.<\/li>\n<li><b>Vurgu:<\/b> Bu durum, \u015firketin ne kadar hassas bir finansal denge \u00fczerinde durdu\u011funu a\u00e7\u0131k\u00e7a g\u00f6steriyor. Raporun &#8220;\u0130\u015fletmenin S\u00fcreklili\u011fi&#8221; (Not 2.2) ba\u015fl\u0131kl\u0131 dipnotunda da bu riske dikkat \u00e7ekilerek, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin d\u00f6nen varl\u0131klar\u0131 ne denli a\u015ft\u0131\u011f\u0131 \u00f6zellikle belirtiliyor. Bu tablo, \u015firketin faaliyetlerini s\u00fcrd\u00fcrebilmek i\u00e7in ne denli dikkatli ad\u0131mlar atmak zorunda oldu\u011funun en net kan\u0131t\u0131.<\/li>\n<\/ul>\n<h3>2. Otelcilik Devi Ama Otel \u0130\u015fletmiyor: Kervansaray&#8217;\u0131n De\u011fi\u015fen \u0130\u015f Modeli<\/h3>\n<p>Kervansaray denince akla hemen Antalya, Bursa ve Marmaris&#8217;teki b\u00fcy\u00fck oteller gelir. Ancak finansal raporlar, bu alg\u0131y\u0131 temelden sars\u0131yor. \u015eirket, faaliyet alan\u0131nda sessiz ama k\u00f6kl\u00fc bir de\u011fi\u015fikli\u011fe gitmi\u015f durumda.<\/p>\n<ul>\n<li><b>A\u00e7\u0131klama:<\/b> Faaliyet raporu ve finansal dipnotlar (Not 1), Kervansaray Yat\u0131r\u0131m Holding&#8217;in art\u0131k Bursa, Marmaris, Lara ve Kundu gibi bilinen otellerini kendisinin i\u015fletmedi\u011fini ortaya koyuyor. \u015eirket, bu tesisleri ba\u015fka \u015firketlere kiralayarak gelir elde etme modeline ge\u00e7mi\u015f.<\/li>\n<li><b>Detay:<\/b> Bu i\u015f modeli, Kervansaray&#8217;\u0131 geleneksel bir turizm operat\u00f6r\u00fcnden \u00e7ok, bir <b>gayrimenkul yat\u0131r\u0131m holdingine<\/b> d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor. \u00d6rne\u011fin, Kervansaray Lara oteli Galeri Kristal Turizm&#8217;e, Kervansaray Bursa City oteli ise KSF Y\u0131ld\u0131r\u0131m Turizm&#8217;e kiralanm\u0131\u015f. Bu stratejik d\u00f6n\u00fc\u015f\u00fcm, \u015firketi otel i\u015fletmecili\u011finin y\u00fcksek operasyonel maliyetlerinden ve mevsimsel dalgalanmalar\u0131n getirdi\u011fi risklerden ar\u0131nd\u0131rarak, daha \u00f6ng\u00f6r\u00fclebilir ve istikrarl\u0131 bir kira geliri modeline odaklanmas\u0131n\u0131 sa\u011flar.<\/li>\n<\/ul>\n<h3>3. Gelir Tablosundaki S\u0131r: Has\u0131lat Neredeyse Yok, Sonu\u00e7lar Finansal Giderlerle \u015eekilleniyor<\/h3>\n<p>Bir \u015firketin gelir tablosu, genellikle ne kadar sat\u0131\u015f yapt\u0131\u011f\u0131n\u0131 ve ne kadar kar etti\u011fini g\u00f6sterir. Ancak Kervansaray&#8217;\u0131n tablosu, al\u0131\u015f\u0131lm\u0131\u015f\u0131n \u00e7ok d\u0131\u015f\u0131nda bir yap\u0131 sergiliyor ve \u015firketin kaderini ana faaliyetlerinin de\u011fil, ba\u015fka fakt\u00f6rlerin belirledi\u011fini g\u00f6steriyor.<\/p>\n<ul>\n<li><b>Veri Sunumu:<\/b> 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6nemini kapsayan konsolide kar veya zarar tablosuna g\u00f6re, \u015firketin bu dokuz ayl\u0131k s\u00fcre\u00e7te elde etti\u011fi &#8220;Has\u0131lat&#8221; (yani ana faaliyet geliri) sadece <b>617.955 TL<\/b>.<\/li>\n<li><b>Kar\u015f\u0131la\u015ft\u0131rma:<\/b> Bu sembolik has\u0131lat rakam\u0131na kar\u015f\u0131n, ayn\u0131 d\u00f6nemdeki &#8220;Finansman Giderleri&#8221; (bor\u00e7lar\u0131n faiz ve kur fark\u0131 maliyetleri) <b>1.259.924.391 TL<\/b> gibi devasa bir boyutta. Bu denklemin sonucunda ise \u201c\u2018D\u00f6nem Kar\u0131\/Zarar\u0131\u2019 kaleminde <b>(658.534.750) TL<\/b>\u2019lik bir sonu\u00e7 ortaya \u00e7\u0131k\u0131yor.\u201d<\/li>\n<li><b>Yorum:<\/b> Bu tablo, Kervansaray\u2019\u0131n operasyonel bir \u015firketten ziyade, devasa bor\u00e7lar\u0131yla ve bu bor\u00e7lar\u0131n finansal piyasalardaki yans\u0131malar\u0131yla ya\u015fayan bir yap\u0131ya d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fcn en net foto\u011fraf\u0131d\u0131r. \u015eirketin kaderi, satt\u0131\u011f\u0131 oda say\u0131s\u0131yla de\u011fil, bor\u00e7lar\u0131n\u0131 y\u00f6netme kabiliyetiyle \u00e7izilmektedir.<\/li>\n<\/ul>\n<h3>4. Mahkeme Salonlar\u0131ndan Bilan\u00e7o Notlar\u0131na: Sahtecilik \u0130ddialar\u0131 ve Hukuk Sava\u015flar\u0131<\/h3>\n<p>Finansal raporlar\u0131n dipnotlar\u0131 genellikle s\u0131k\u0131c\u0131d\u0131r, ancak Kervansaray&#8217;\u0131nki bir mahkeme salonu dram\u0131n\u0131 and\u0131r\u0131yor. \u2018Dipnot 10\u2019, sadece riskleri listelemekle kalm\u0131yor; nitelikli doland\u0131r\u0131c\u0131l\u0131k, sahte belgeler ve r\u00fc\u015fvet iddialar\u0131yla dolu \u00e7etin bir hukuk sava\u015f\u0131n\u0131n perdesini aral\u0131yor.<\/p>\n<ul>\n<li><b>\u00d6zet:<\/b> En \u00e7arp\u0131c\u0131 hukuki vakalardan baz\u0131lar\u0131 \u015funlar:\n<ul>\n<li>Eski y\u00f6netim kurulu \u00fcyelerine y\u00f6nelik &#8220;nitelikli doland\u0131r\u0131c\u0131l\u0131k&#8221; ve &#8220;resmi belgede sahtecilik&#8221; su\u00e7lamalar\u0131yla a\u00e7\u0131lm\u0131\u015f ceza davalar\u0131.<\/li>\n<li>Kervansaray Termal otelinin kiralanmas\u0131yla ilgili &#8220;geriye d\u00f6n\u00fck sahte kira s\u00f6zle\u015fmesi&#8221; d\u00fczenlendi\u011fi iddias\u0131. Bu davada eski y\u00f6netici Selim Say\u0131lgan&#8217;\u0131n r\u00fc\u015fvet, doland\u0131r\u0131c\u0131l\u0131k ve sahtecilik gibi su\u00e7lardan hapis cezas\u0131 ald\u0131\u011f\u0131 bilgisi raporda yer al\u0131yor.<\/li>\n<li>\u015eirketin hakim hissedar\u0131 Zeynep T\u00fcmer&#8217;in hisselerini hedef alan &#8220;sahte hisse devir s\u00f6zle\u015fmesi&#8221; iddialar\u0131 ve buna ili\u015fkin a\u00e7\u0131lan davalar.<\/li>\n<\/ul>\n<\/li>\n<li><b>Vurgu:<\/b> Bu hukuki s\u00fcre\u00e7ler, \u015firketin sadece a\u011f\u0131r bir finansal y\u00fckle de\u011fil, ayn\u0131 zamanda son derece \u00e7alkant\u0131l\u0131 bir y\u00f6netimsel ge\u00e7mi\u015f ve bunun getirdi\u011fi davalarla da m\u00fccadele etti\u011fini net bir \u015fekilde ortaya koyuyor. Bu davalar, \u015firketin sadece finansal bir krizle de\u011fil, ayn\u0131 zamanda bu krizi tetiklemi\u015f olabilecek y\u00f6netimsel bir istikrars\u0131zl\u0131k ve g\u00fcven bunal\u0131m\u0131yla da bo\u011fu\u015ftu\u011funu g\u00f6steriyor.<\/li>\n<\/ul>\n<h3>5. Devasa Borca Kar\u015f\u0131l\u0131k Bir Kale: Lara Oteli&#8217;nin \u0130cra Yoluyla Sat\u0131\u015f Hikayesi<\/h3>\n<p>\u015eirketin milyarlarca liral\u0131k bor\u00e7 y\u00fck\u00fcyle nas\u0131l ba\u015fa \u00e7\u0131kt\u0131\u011f\u0131 sorusunun cevab\u0131, yine dipnotlarda gizli. En b\u00fcy\u00fck bor\u00e7 kalemini kapatmak i\u00e7in at\u0131lan radikal ad\u0131m, \u015firketin en de\u011ferli kalesini feda etti\u011fi bir hayatta kalma stratejisinin en somut \u00f6rne\u011fini olu\u015fturuyor.<\/p>\n<ul>\n<li><b>Olay \u00d6rg\u00fcs\u00fc:<\/b> Raporun 5 ve 10 numaral\u0131 dipnotlar\u0131na g\u00f6re, \u015firketin Aareal Bank&#8217;tan kaynaklanan ve <b>100 milyon Euro&#8217;yu a\u015fan<\/b> kredi borcu, daha sonra Galeri Kristal \u015firketine devredilmi\u015f. Bu devasa borcun kapat\u0131lmas\u0131 i\u00e7in alacakl\u0131 firma ile bir uzla\u015fmaya var\u0131lm\u0131\u015f: Grubun adeta ta\u00e7 m\u00fccevheri olan Kervansaray Lara otelinin icra yoluyla sat\u0131lmas\u0131.<\/li>\n<li><b>Sonu\u00e7:<\/b> Yap\u0131lan anla\u015fma \u00e7er\u00e7evesinde otel, 03 \u015eubat 2022&#8217;de yap\u0131lan ihalede alacakl\u0131 firma olan Galeri Kristal&#8217;e toplam <b>521 milyon TL<\/b> bedelle sat\u0131lm\u0131\u015f. Bu stratejik hamle, Kervansaray Yat\u0131r\u0131m Holding&#8217;in en b\u00fcy\u00fck bor\u00e7 kalemlerinden birini tasfiye etmesini sa\u011flam\u0131\u015f. Bu sat\u0131\u015f, \u015firketin ayakta kalabilmek i\u00e7in en de\u011ferli &#8220;kalesini&#8221; feda etti\u011fi, zorlu ama bir o kadar da stratejik bir karar olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>Sonu\u00e7: Rakamlar\u0131n Ard\u0131ndaki Ger\u00e7eklik<\/h3>\n<p>Kervansaray Yat\u0131r\u0131m Holding \u00f6rne\u011fi, bir \u015firketin kamuya a\u00e7\u0131k belgelerinin sadece finansal veriler sunmakla kalmay\u0131p, ayn\u0131 zamanda stratejik d\u00f6n\u00fc\u015f\u00fcmleri, y\u00f6netimsel m\u00fccadeleleri ve hayatta kalma sava\u015flar\u0131n\u0131 da ne kadar net bir \u015fekilde g\u00f6zler \u00f6n\u00fcne serdi\u011fini kan\u0131tl\u0131yor. Rakamlar, do\u011fru okundu\u011funda, bir \u015firketin ge\u00e7mi\u015fini, bug\u00fcn\u00fcn\u00fc ve gelece\u011fe dair ipu\u00e7lar\u0131n\u0131 bar\u0131nd\u0131ran zengin bir hikaye anlat\u0131r.<\/p>\n<p>Peki, bir \u015firketin finansal raporlar\u0131na bir sonraki bak\u0131\u015f\u0131n\u0131zda, sat\u0131r aralar\u0131nda ne gibi beklenmedik hikayeler arars\u0131n\u0131z?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Kervansaray Yat\u0131r\u0131m Holding A.\u015e. 2025 Dokuz Ayl\u0131k Durum De\u011ferlendirmesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Kervansaray Yat\u0131r\u0131m Holding A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (Grup) 30 Eyl\u00fcl 2025 itibar\u0131yla haz\u0131rlanan finansal raporlar\u0131, \u015firketin ciddi finansal zorluklar ve karma\u015f\u0131k hukuki s\u00fcre\u00e7lerle kar\u015f\u0131 kar\u015f\u0131ya oldu\u011funu g\u00f6stermektedir. Grubun k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckleri d\u00f6nen varl\u0131klar\u0131n\u0131 6.978.029.898 TL a\u015fmakta ve 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde 649.859.284 TL net d\u00f6nem zarar\u0131 kaydedilmi\u015ftir. Ge\u00e7mi\u015f y\u0131llardan biriken zararlar ise 8.145.528.596 TL gibi \u00f6nemli bir seviyededir. Bu finansal tabloya ra\u011fmen, \u015firket y\u00f6netimi ana pay sahiplerinin deste\u011fi ve en b\u00fcy\u00fck alacakl\u0131 olan Galeri Kristal Turizm ile yap\u0131lan bor\u00e7 yap\u0131land\u0131rma protokol\u00fc sayesinde faaliyetlerin devaml\u0131l\u0131\u011f\u0131n\u0131 \u00f6ng\u00f6rmektedir.<\/p>\n<p>Operasyonel olarak Holding, otel portf\u00f6y\u00fcn\u00fc (Bursa City, Marmaris, Kundu, Lara, Uluda\u011f) kiralama yoluyla gelir elde etme modeline odaklanm\u0131\u015ft\u0131r. Ancak Kervansaray Termal Oteli, eski ortaklarla devam eden hukuki anla\u015fmazl\u0131klar nedeniyle kullan\u0131lamamaktad\u0131r. Ba\u011fl\u0131 ortakl\u0131klardan Mintay Tekstil tasfiye s\u00fcrecindeyken, Melis Yap\u0131&#8217;n\u0131n faaliyeti bulunmamaktad\u0131r.<\/p>\n<p>Hukuki alanda \u015eirket, \u00e7ok say\u0131da ve karma\u015f\u0131k dava ile m\u00fccadele etmektedir. En kritik s\u00fcre\u00e7, Aareal Bank&#8217;tan devral\u0131nan ve Galeri Kristal Turizm&#8217;e olan 100,7 milyon Euro&#8217;luk borcun tasfiyesi amac\u0131yla Kervansaray Lara Oteli&#8217;nin icra yoluyla sat\u0131lmas\u0131d\u0131r. Bu sat\u0131\u015f 2022&#8217;de ger\u00e7ekle\u015fmi\u015f ve 2025 ba\u015f\u0131nda kesinle\u015fmi\u015ftir. Dan\u0131\u015f Turizm taraf\u0131ndan a\u00e7\u0131lan iflas davas\u0131, \u015eirket&#8217;in 17,6 milyon TL&#8217;lik bir \u00f6deme yapmas\u0131yla reddedilmi\u015ftir. \u00d6te yandan, eski y\u00f6netim kurulu \u00fcyeleriyle &#8220;sahte kira s\u00f6zle\u015fmesi&#8221; ve &#8220;sahte hisse devri&#8221; gibi iddialarla ilgili ceza ve hukuk davalar\u0131 devam etmektedir.<\/p>\n<p>2025 y\u0131l\u0131 i\u00e7inde \u00f6ne \u00e7\u0131kan di\u011fer \u00f6nemli geli\u015fmeler aras\u0131nda, Kervansaray Marmaris Oteli&#8217;nin icra sat\u0131\u015f\u0131n\u0131n mahkeme taraf\u0131ndan iptal edilmesi ve Mart 2025&#8217;te Kervansaray Uluda\u011f Oteli&#8217;nde \u00e7\u0131kan ve iki ki\u015finin hayat\u0131n\u0131 kaybetti\u011fi yang\u0131n bulunmaktad\u0131r. Bu olaylar, \u015eirket&#8217;in operasyonel ve hukuki risk ortam\u0131n\u0131n devam etti\u011fini g\u00f6stermektedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. \u015eirket Profili ve Faaliyet Alanlar\u0131<\/h3>\n<h4>Kurumsal Bilgiler<\/h4>\n<p>Kervansaray Yat\u0131r\u0131m Holding A.\u015e., 1976 y\u0131l\u0131nda Ceylan Giyim Sanayi ve Ticaret A.\u015e. ad\u0131yla kurulmu\u015f ve ba\u015flang\u0131\u00e7ta tekstil sekt\u00f6r\u00fcnde faaliyet g\u00f6stermi\u015ftir. 2010 y\u0131l\u0131nda unvan\u0131n\u0131 ve faaliyet alan\u0131n\u0131 de\u011fi\u015ftirerek bir yat\u0131r\u0131m holdingine d\u00f6n\u00fc\u015fm\u00fc\u015ft\u00fcr. \u015eirket hisseleri Borsa \u0130stanbul&#8217;da (B\u0130ST) Yak\u0131n \u0130zleme Pazar\u0131&#8217;nda i\u015flem g\u00f6rmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilgi<\/td>\n<td>Detay<\/td>\n<\/tr>\n<tr>\n<td><b>Ticaret Unvan\u0131<\/b><\/td>\n<td>Kervansaray Yat\u0131r\u0131m Holding A.\u015e.<\/td>\n<\/tr>\n<tr>\n<td><b>Kurulu\u015f Tarihi<\/b><\/td>\n<td>23 Ocak 1976<\/td>\n<\/tr>\n<tr>\n<td><b>Merkez Adresi<\/b><\/td>\n<td>Ayaza\u011fa Mahallesi, S\u00f6\u011f\u00fct Sokak, A\u011fao\u011flu Maslak 1453, T2 Blok Daire: 2, Sar\u0131yer\/\u0130stanbul<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6denmi\u015f Sermaye<\/b><\/td>\n<td>588.505.080 TL<\/td>\n<\/tr>\n<tr>\n<td><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131<\/b><\/td>\n<td>2.900.000.000 TL (2028&#8217;e kadar ge\u00e7erli)<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130nternet Sitesi<\/b><\/td>\n<td>www.kervansarayholding.com.tr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>Ortakl\u0131k Yap\u0131s\u0131 ve Y\u00f6netim Kurulu<\/h4>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015eirket&#8217;in ortakl\u0131k yap\u0131s\u0131nda Zeynep T\u00fcmer %62,06&#8217;l\u0131k pay ile hakim ortakt\u0131r. Geriye kalan %37,94&#8217;l\u00fck pay ise &#8220;Di\u011fer&#8221; olarak s\u0131n\u0131fland\u0131r\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>03 Eyl\u00fcl 2025 tarihli Genel Kurul karar\u0131 ile 2028 y\u0131l\u0131na kadar g\u00f6rev yapmak \u00fczere se\u00e7ilen Y\u00f6netim Kurulu \u00fcyeleri a\u015fa\u011f\u0131daki gibidir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>Unvan\u0131<\/td>\n<\/tr>\n<tr>\n<td>Zeynep T\u00fcmer<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td>\u00c7etin T\u00fcmer<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131<\/td>\n<\/tr>\n<tr>\n<td>Ahmet Muhammet G\u00fclp\u0131nar<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Miray Ercan<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td>Meryem Bayar<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4>Otel Portf\u00f6y\u00fc ve Operasyonel Durum<\/h4>\n<p>Holding&#8217;in ana faaliyet alan\u0131, sahip oldu\u011fu otelleri kiraya vermektir. Otel portf\u00f6y\u00fc ve kiralama detaylar\u0131 \u015f\u00f6yledir:<\/p>\n<ul>\n<li><b>Kervansaray Bursa City:<\/b> 3 y\u0131ld\u0131zl\u0131, 250 yatak kapasiteli otel. 23 Mart 2020&#8217;de KSF Y\u0131ld\u0131r\u0131m Turizm&#8217;e 5+5+5 y\u0131l s\u00fcreyle kiralanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kervansaray Marmaris:<\/b> 4 y\u0131ld\u0131zl\u0131, 436 yatak kapasiteli otel. 2 Temmuz 2020&#8217;de Bay Arma Turizm&#8217;e KDV dahil ayl\u0131k 34.000 Euro bedelle 10+5 y\u0131l s\u00fcreyle kiralanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kervansaray Kundu:<\/b> 5 y\u0131ld\u0131zl\u0131, 800 yatak kapasiteli otel. Tesisi, K\u00fclt\u00fcr ve Turizm Bakanl\u0131\u011f\u0131&#8217;ndan 2052&#8217;ye kadar kiralanan arazi \u00fczerindedir. Galeri Kristal&#8217;e KDV dahil y\u0131ll\u0131k 2.000.000 Euro bedelle kiralanm\u0131\u015f, yap\u0131lan ek s\u00f6zle\u015fmelerle kira s\u00fcresi uzat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kervansaray Lara:<\/b> 5 y\u0131ld\u0131zl\u0131, 1.162 yatak kapasiteli otel. Galeri Kristal&#8217;e KDV hari\u00e7 y\u0131ll\u0131k 3.000.000 Euro bedelle 3 y\u0131ll\u0131\u011f\u0131na kiralanm\u0131\u015ft\u0131r. Bu otel, icra yoluyla sat\u0131lm\u0131\u015f ve Galeri Kristal taraf\u0131ndan sat\u0131n al\u0131nm\u0131\u015ft\u0131r (Detaylar Hukuki S\u00fcre\u00e7ler b\u00f6l\u00fcm\u00fcndedir).<\/li>\n<li><b>Kervansaray Uluda\u011f:<\/b> 306 yatak kapasiteli otel. Tesis, Tar\u0131m ve Orman Bakanl\u0131\u011f\u0131&#8217;ndan 2076&#8217;ya kadar kiralanan arazi \u00fczerindedir. 25 Eyl\u00fcl 2020&#8217;de \u00fc\u00e7\u00fcnc\u00fc bir tarafa kiralanm\u0131\u015ft\u0131r. 27 Mart 2025&#8217;te otelde yang\u0131n \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Kervansaray Termal:<\/b> 500 yatak kapasiteli otel. \u015eirket&#8217;in eski orta\u011f\u0131 ile devam eden davalar nedeniyle \u015eirket taraf\u0131ndan kullan\u0131lamamaktad\u0131r.<\/li>\n<\/ul>\n<h4>Ba\u011fl\u0131 Ortakl\u0131klar<\/h4>\n<ul>\n<li><b>Mintay Tekstil Konfeksiyon San. Tic. A.\u015e.:<\/b> Faaliyeti bulunmayan \u015firket i\u00e7in 20 A\u011fustos 2024&#8217;te tasfiye karar\u0131 al\u0131nm\u0131\u015f ve s\u00fcre\u00e7 04 Eyl\u00fcl 2024&#8217;te tescil edilerek ba\u015flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Melis Yap\u0131 Sanayi ve Ticaret A.\u015e.:<\/b> Faaliyeti bulunmamaktad\u0131r.<\/li>\n<li><b>Konsolidasyon D\u0131\u015f\u0131 B\u0131rak\u0131lan Ortakl\u0131klar:<\/b> Akayteks Dokumac\u0131l\u0131k ve Emprimecilik A.\u015e. ile Bahar D\u00f6\u015fem Tekstil Sanayi ve Ticaret A.\u015e.&#8217;nin yasal ve fiili kontrol\u00fc 2024&#8217;te geri al\u0131nm\u0131\u015f olsa da, finansal verilerine tam eri\u015fim sa\u011flanamad\u0131\u011f\u0131 i\u00e7in 30 Eyl\u00fcl 2025 konsolide tablolar\u0131na dahil edilmemi\u015flerdir.<\/li>\n<\/ul>\n<h3>2. Finansal Durum Analizi<\/h3>\n<h4>Konsolide Finansal Durum Tablosu (\u00d6zet)<\/h4>\n<p>A\u015fa\u011f\u0131daki tablo, Grubun 30 Eyl\u00fcl 2025 ve 31 Aral\u0131k 2024 tarihlerindeki finansal durumunu \u00f6zetlemektedir (Tutarlar TL cinsindendir).<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30.09.2025<\/td>\n<td>31.12.2024<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>97.088.820<\/td>\n<td>134.446.699<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>9.581.379.805<\/td>\n<td>9.633.000.577<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>9.678.468.625<\/b><\/td>\n<td><b>9.767.447.276<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>7.075.118.718<\/td>\n<td>6.729.786.779<\/td>\n<\/tr>\n<tr>\n<td><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/b><\/td>\n<td>1.251.386.801<\/td>\n<td>995.550.885<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>8.326.505.519<\/b><\/td>\n<td><b>7.725.337.664<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td>1.351.963.106<\/td>\n<td>2.042.109.612<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>9.678.468.625<\/b><\/td>\n<td><b>9.767.447.276<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Negatif \u00c7al\u0131\u015fma Sermayesi:<\/b> K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler, d\u00f6nen varl\u0131klar\u0131 <b>6.978.029.898 TL<\/b> a\u015fmaktad\u0131r. Bu durum, \u015firketin k\u0131sa vadeli bor\u00e7lar\u0131n\u0131 \u00e7evirmede ciddi likidite riski ta\u015f\u0131d\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/li>\n<li><b>Azalan \u00d6zkaynaklar:<\/b> \u00d6zkaynaklar, 2024 y\u0131l sonuna g\u00f6re yakla\u015f\u0131k 690 milyon TL azalarak 1,35 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Y\u00fcksek Bor\u00e7luluk:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fcklerin toplam varl\u0131klara oran\u0131 %86&#8217;n\u0131n \u00fczerindedir.<\/li>\n<\/ul>\n<h4>Konsolide Kar\/Zarar Tablosu (\u00d6zet)<\/h4>\n<p>Grubun 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki performans\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re belirgin bir bozulma g\u00f6stermektedir (Tutarlar TL cinsindendir).<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>01.01 &#8211; 30.09.2025<\/td>\n<td>01.01 &#8211; 30.09.2024<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>617.955<\/td>\n<td>1.569.634<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct Kar\/(Zarar)<\/td>\n<td>38.772<\/td>\n<td>146.233<\/td>\n<\/tr>\n<tr>\n<td>Faaliyet Kar\u0131\/Zarar\u0131<\/td>\n<td>(418.479.131)<\/td>\n<td>(520.287.603)<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(1.259.924.391)<\/td>\n<td>(895.322.595)<\/td>\n<\/tr>\n<tr>\n<td>Parasal Pozisyon Kazan\u00e7lar\u0131<\/td>\n<td>1.399.531.859<\/td>\n<td>1.658.058.301<\/td>\n<\/tr>\n<tr>\n<td>Vergi \u00d6ncesi Kar\/(Zarar)<\/td>\n<td>(229.099.659)<\/td>\n<td>362.347.210<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131\/(Zarar\u0131)<\/b><\/td>\n<td><b>(658.534.750)<\/b><\/td>\n<td><b>155.469.434<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131k Paylar\u0131<\/td>\n<td>(649.859.284)<\/td>\n<td>288.592.215<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Temel Bulgular:<\/b><\/p>\n<ul>\n<li><b>Zarar:<\/b> Grup, 2025&#8217;in ilk dokuz ay\u0131nda <b>658,5 milyon TL<\/b> zarar etmi\u015ftir. Bu, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 155,5 milyon TL&#8217;lik kar\u0131n tam tersi bir durumdur.<\/li>\n<li><b>Finansman Giderleri:<\/b> Y\u00fcksek bor\u00e7luluk nedeniyle finansman giderleri 1,26 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Enflasyon muhasebesi kaynakl\u0131 &#8220;Parasal Pozisyon Kazan\u00e7lar\u0131&#8221; olmasayd\u0131, zarar \u00e7ok daha y\u00fcksek olacakt\u0131.<\/li>\n<\/ul>\n<h4>\u0130\u015fletmenin S\u00fcreklili\u011fi ve Bor\u00e7 Yap\u0131s\u0131<\/h4>\n<p>Finansal tablolardaki dipnotlarda (Not 2.2), Grubun i\u015fletme s\u00fcreklili\u011fine ili\u015fkin \u00f6nemli belirsizliklere dikkat \u00e7ekilmektedir. Vadesi ge\u00e7mi\u015f kredi bor\u00e7lar\u0131, \u00f6denemeyen personel maa\u015flar\u0131 ve ticari bor\u00e7lar, k\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fcklerin ana kalemlerini olu\u015fturmaktad\u0131r.<\/p>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla Grubun toplam bor\u00e7lanmalar\u0131 <b>5.032.081.632 TL<\/b> olup, bu borcun alacakl\u0131 baz\u0131nda da\u011f\u0131l\u0131m\u0131 \u015f\u00f6yledir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Alacakl\u0131<\/td>\n<td>Bor\u00e7 Tutar\u0131 (TL)<\/td>\n<td>Vade<\/td>\n<td>Notlar<\/td>\n<\/tr>\n<tr>\n<td>Galeri Kristal Tur. A.\u015e.<\/td>\n<td>4.909.163.502<\/td>\n<td>K\u0131sa (Vadesi Ge\u00e7mi\u015f)<\/td>\n<td>Aareal Bank&#8217;tan devral\u0131nan 100,7 milyon Euro&#8217;luk ana bor\u00e7.<\/td>\n<\/tr>\n<tr>\n<td>Denizbank A.\u015e.<\/td>\n<td>114.382.657<\/td>\n<td>Uzun<\/td>\n<td>2,3 milyon Euro&#8217;luk yap\u0131land\u0131r\u0131lm\u0131\u015f bor\u00e7.<\/td>\n<\/tr>\n<tr>\n<td>Deniz Faktoring A.\u015e.<\/td>\n<td>8.191.738<\/td>\n<td>K\u0131sa ve Uzun<\/td>\n<td>Toplam 8,2 milyon TL&#8217;lik faktoring borcu.<\/td>\n<\/tr>\n<tr>\n<td>T\u00fcrkiye \u0130\u015f Bankas\u0131 A.\u015e.<\/td>\n<td>343.735<\/td>\n<td>K\u0131sa (Vadesi Ge\u00e7mi\u015f)<\/td>\n<td>Ta\u015f\u0131t kredisinden kalan temerr\u00fct borcu.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>3. \u00d6nemli Hukuki S\u00fcre\u00e7ler ve Davalar<\/h3>\n<p>\u015eirket, hem alacakl\u0131lar hem de eski ortak ve y\u00f6neticilerle ilgili \u00e7ok say\u0131da kritik hukuki s\u00fcre\u00e7 y\u00fcr\u00fctmektedir.<\/p>\n<h4>Kredi Bor\u00e7lar\u0131na \u0130li\u015fkin Davalar<\/h4>\n<ul>\n<li><b>Aareal Bank \/ Galeri Kristal S\u00fcreci:<\/b> Grubun en b\u00fcy\u00fck borcu olan 100,7 milyon Euro&#8217;luk kredi, Aareal Bank&#8217;tan Galeri Kristal&#8217;e devredilmi\u015ftir. Borcun tasfiyesi i\u00e7in 29 Ocak 2020&#8217;de imzalanan protokole g\u00f6re, Kervansaray Lara Oteli&#8217;nin icra yoluyla sat\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r. Otel, 3 \u015eubat 2022&#8217;de toplam 521 milyon TL bedelle Galeri Kristal&#8217;e ihale edilmi\u015ftir. Bu ihalenin feshine y\u00f6nelik a\u00e7\u0131lan t\u00fcm davalar reddedilmi\u015f ve sat\u0131\u015f 2025 y\u0131l\u0131 ba\u015f\u0131nda kesinle\u015fmi\u015ftir. Protokol uyar\u0131nca, bu sat\u0131\u015f\u0131n kesinle\u015fmesiyle \u015eirket&#8217;in Galeri Kristal&#8217;e olan t\u00fcm bor\u00e7lar\u0131n\u0131n tasfiye edilmi\u015f say\u0131lmas\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/li>\n<li><b>Dan\u0131\u015f Turizm \u0130flas Davas\u0131:<\/b> Dan\u0131\u015f Turizm&#8217;in, i\u015ftirak S\u0130S Dokuma ile yapt\u0131\u011f\u0131 bir s\u00f6zle\u015fmeden kaynaklanan alaca\u011f\u0131 i\u00e7in \u015eirket aleyhine a\u00e7t\u0131\u011f\u0131 iflas davas\u0131nda, mahkeme \u015eirket&#8217;e 17.657.363,62 TL&#8217;lik bir depo emri \u00e7\u0131karm\u0131\u015ft\u0131r. \u015eirket, yasal haklar\u0131 sakl\u0131 kalmak kayd\u0131yla bu bedeli 03.02.2025&#8217;te mahkeme veznesine depo etmi\u015f ve 13.02.2025 tarihli duru\u015fmada iflas davas\u0131n\u0131n reddine karar verilmi\u015ftir. Karara kar\u015f\u0131 istinaf ba\u015fvurular\u0131 da reddedilmi\u015f olup, temyiz s\u00fcreci devam etmektedir.<\/li>\n<li><b>Denizbank Bor\u00e7lar\u0131 ve Marmaris Oteli \u0130halesi:<\/b> Denizbank&#8217;a olan bor\u00e7lar nedeniyle Kervansaray Marmaris Oteli icra yoluyla sat\u0131lm\u0131\u015ft\u0131. Ancak \u015eirket&#8217;in a\u00e7t\u0131\u011f\u0131 ihalenin feshi davas\u0131 sonucunda, Marmaris \u0130cra Hukuk Mahkemesi 08.01.2025 tarihli KAP duyurusuna g\u00f6re ihalenin feshine karar vermi\u015ftir.<\/li>\n<\/ul>\n<h4>Y\u00f6netim ve Ortakl\u0131k Yap\u0131s\u0131na \u0130li\u015fkin Davalar<\/h4>\n<ul>\n<li><b>Sahte Belge ve Doland\u0131r\u0131c\u0131l\u0131k Davalar\u0131:<\/b>\n<ul>\n<li><b>Geriye D\u00f6n\u00fck Sahte Kira S\u00f6zle\u015fmesi:<\/b> Eski y\u00f6neticiler Selim Say\u0131lgan ve Ertan Say\u0131lgan aleyhine, Grup otellerinin sahte bir s\u00f6zle\u015fme ile kiralanmaya \u00e7al\u0131\u015f\u0131ld\u0131\u011f\u0131 iddias\u0131yla a\u00e7\u0131lan ceza davas\u0131 sonu\u00e7lanm\u0131\u015ft\u0131r. Ankara 10. A\u011f\u0131r Ceza Mahkemesi, san\u0131k Selim Say\u0131lgan&#8217;\u0131 r\u00fc\u015fvet, nitelikli doland\u0131r\u0131c\u0131l\u0131k ve resmi belgede sahtecilik su\u00e7lar\u0131ndan toplamda 18 y\u0131l\u0131 a\u015fan hapis cezalar\u0131na \u00e7arpt\u0131rm\u0131\u015ft\u0131r. Karar\u0131n bir k\u0131sm\u0131 kesinle\u015fmi\u015f, bir k\u0131sm\u0131 temyiz a\u015famas\u0131ndad\u0131r.<\/li>\n<li><b>Sahte Hisse Devir S\u00f6zle\u015fmesi:<\/b> Zeynep T\u00fcmer&#8217;in hisselerinin sahte bir s\u00f6zle\u015fmeyle eski ortaklara devredildi\u011fi iddias\u0131yla Selim Say\u0131lgan ve di\u011fer san\u0131klar hakk\u0131nda a\u00e7\u0131lan ceza davas\u0131 \u0130stanbul 49. Asliye Ceza Mahkemesi&#8217;nde devam etmektedir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Genel Kurul Kararlar\u0131n\u0131n \u0130ptali Davalar\u0131:<\/b> Eski ortaklar taraf\u0131ndan 2017, 2018, 2019 ve 2020 y\u0131l\u0131 Genel Kurul toplant\u0131lar\u0131nda al\u0131nan kararlar\u0131n iptali i\u00e7in a\u00e7\u0131lan davalar devam etmektedir. Bu s\u00fcre\u00e7te mahkemeler taraf\u0131ndan y\u00f6netim kayy\u0131m\u0131 atanmas\u0131 ve sonras\u0131nda bu karar\u0131n kald\u0131r\u0131lmas\u0131 gibi \u00f6nemli geli\u015fmeler ya\u015fanm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>4. 2025 Y\u0131l\u0131ndaki \u00d6nemli Geli\u015fmeler ve KAP Duyurular\u0131<\/h3>\n<ul>\n<li><b>08.01.2025:<\/b> Kervansaray Lara Oteli&#8217;nin Galeri Kristal&#8217;e yap\u0131lan icra sat\u0131\u015f\u0131na kar\u015f\u0131 a\u00e7\u0131lan ihalenin feshi davalar\u0131n\u0131n kesinle\u015fti\u011fi duyuruldu.<\/li>\n<li><b>08.01.2025:<\/b> Kervansaray Marmaris Oteli&#8217;nin icra sat\u0131\u015f\u0131na ili\u015fkin ihalenin mahkeme taraf\u0131ndan feshine (iptaline) karar verildi\u011fi a\u00e7\u0131kland\u0131.<\/li>\n<li><b>28.01.2025:<\/b> Eski ortaklar Ertan Say\u0131lgan ve Selim Say\u0131lgan&#8217;\u0131n, \u015eirket aleyhine a\u00e7t\u0131klar\u0131 pay defterinin d\u00fczeltilmesi davas\u0131ndan feragat ettikleri ve davan\u0131n reddedildi\u011fi bildirildi.<\/li>\n<li><b>13.02.2025:<\/b> Dan\u0131\u015f Turizm taraf\u0131ndan a\u00e7\u0131lan iflas davas\u0131n\u0131n, \u015eirket&#8217;in mahkeme veznesine gerekli \u00f6demeyi yapmas\u0131n\u0131n ard\u0131ndan reddedildi\u011fi kamuoyuna duyuruldu.<\/li>\n<li><b>27.03.2025:<\/b> Kirada olan Kervansaray Uluda\u011f Oteli&#8217;nde bir yang\u0131n \u00e7\u0131kt\u0131\u011f\u0131, otelin sigortal\u0131 oldu\u011fu ancak olayda iki ki\u015finin hayat\u0131n\u0131 kaybetti\u011fi a\u00e7\u0131kland\u0131. Yang\u0131n\u0131n, otelin kayak okulu i\u015fletmecisinin yakt\u0131\u011f\u0131 ate\u015ften \u00e7\u0131kt\u0131\u011f\u0131na dair ilk bilgiler payla\u015f\u0131ld\u0131.<\/li>\n<li><b>03.09.2025:<\/b> \u015eirket&#8217;in 2024 y\u0131l\u0131 Ola\u011fan Genel Kurul Toplant\u0131s\u0131 ger\u00e7ekle\u015ftirildi. 2024 y\u0131l\u0131 net d\u00f6nem k\u00e2r\u0131n\u0131n ge\u00e7mi\u015f y\u0131llar zararlar\u0131na mahsup edilmesine karar verildi. Yeni Y\u00f6netim Kurulu se\u00e7ildi.<\/li>\n<li><b>05.09.2025:<\/b> 2025 y\u0131l\u0131 denetimi i\u00e7in MEGA GLOBAL ULUSLARARASI BA\u011eIMSIZ DENET\u0130M A.\u015e.&#8217;nin ba\u011f\u0131ms\u0131z denetim firmas\u0131 olarak onayland\u0131\u011f\u0131 bildirildi.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"686\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bu belgeler, **Kervansaray Yat\u0131r\u0131m Holding** ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n **2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131na** ait finansal performans\u0131n\u0131, y\u00f6netim yap\u0131s\u0131n\u0131 ve kar\u015f\u0131la\u015ft\u0131\u011f\u0131 hukuki s\u00fcre\u00e7leri kapsaml\u0131 bir \u015fekilde sunmaktad\u0131r. Raporda, \u015firketin turizm odakl\u0131 faaliyetleri \u00e7er\u00e7evesinde sahip oldu\u011fu **otel portf\u00f6y\u00fc**, bu tesislerin kira s\u00f6zle\u015fmeleri ve **Kervansaray Uluda\u011f**&#8217;da meydana gelen yang\u0131n gibi kritik olaylar detayland\u0131r\u0131lmaktad\u0131r. Grubun y\u00fcksek enflasyon muhasebesi uygulad\u0131\u011f\u0131 finansal tablolar\u0131n yan\u0131 s\u0131ra, **y\u00f6netim kurulu \u00fcyelerine** y\u00f6nelik nitelikli doland\u0131r\u0131c\u0131l\u0131k ve sahtecilik iddialar\u0131n\u0131 i\u00e7eren derdest **ceza davalar\u0131** ile icra takiplerine dair bilgiler payla\u015f\u0131lmaktad\u0131r. Ayr\u0131ca, **Zeynep T\u00fcmer** ba\u015fkanl\u0131\u011f\u0131ndaki mevcut y\u00f6netim kurulunun g\u00f6rev da\u011f\u0131l\u0131m\u0131 ve 2024 y\u0131l\u0131na dair ger\u00e7ekle\u015ftirilen **ola\u011fan genel kurul** toplant\u0131s\u0131n\u0131n sonu\u00e7lar\u0131 aktar\u0131lmaktad\u0131r. \u015eirketin bor\u00e7 yap\u0131land\u0131rma \u00e7al\u0131\u015fmalar\u0131, **Galeri Kristal** gibi taraflarla imzalanan ibra protokolleri ve tasfiye s\u00fcrecindeki i\u015ftirakler de belgenin ana unsurlar\u0131 aras\u0131nda yer almaktad\u0131r. Sonu\u00e7 olarak kaynaklar, holdingin mali darbo\u011fazdan \u00e7\u0131k\u0131\u015f \u00e7abalar\u0131n\u0131 ve **hukuki ihtilaflar** g\u00f6lgesindeki operasyonel durumunu yans\u0131tmaktad\u0131r.<\/p>\n","protected":false},"author":1,"featured_media":781,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[164],"class_list":["post-686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-kervn"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=686"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/686\/revisions"}],"predecessor-version":[{"id":782,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/686\/revisions\/782"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/781"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}