About Hacı Sabancı
Hacı Sabancı, cofounder of Sabancı Holding, recounted a dispute from about five years ago involving a ship chartered by his company. He stated that a payment order arrived for fuel that the chartering company had taken but not paid for. Sabancı said that lawyers advised the company was obliged to pay under English law, and that failure to pay could allow the other party to detain the vessel under Panama law.
Sabancı said he opposed paying, describing the demand as unjust, while his father favored payment. He noted that the ship was held in Panama for three days, and the company had to deposit collateral exceeding the original amount. Sabancı acknowledged that his father turned out to be correct, as the law required payment, and said the situation created tension.
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Transcript (1 segments)
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Hacı Sabancı0:01
Something like this happened. About 1-1.5 years ago... Should I tell the story? I don't know, the story is longer because it doesn't fit into 30 seconds. One of our ships... Actually, we received a payment order. A company that chartered our ship bought fuel, took the fuel, but didn't pay for it. Normally, that's their responsibility. The charter had ended a year or two ago. Then they told us, 'You will pay this.' We said, 'That can't be. How can I put it? You rented a car from a rental company, went to a gas station, bought gas, and didn't pay. Now, how can the gas station go to the car rental company and say, 'Pay this'? That's how it is. It went against our logic. We said, 'What will happen?' Then lawyers got involved. The lawyer said, 'According to the law, English law, you have to pay this.' The ship's flag... English law and Panamanian law are different. The ship was in Panama. 'If you don't pay, the man can detain the ship, tie it up there.' I said, 'I think we shouldn't pay.' My father was in favor of paying. I said, 'Don't pay, because what they're asking from us is unjust.' And indeed, they detained the ship in Panama for 3 days, and we had to deposit more than the amount we would have paid as collateral. So, in that case, my father was actually right. According to the law, we had to pay, and we appeared to be in the wrong. There was some tension.
