Hacı Sabancı on legal compliance
From Hacı Sabancı · · NEXTGENCLUB
“My father turned out to be right — although we looked unjust, according to the law we were obliged to pay, and that created tension.”
On , Hacı Sabancı, Cofounder at Sabancı Holding, spoke about legal compliance during Hacı Sabancı on NEXTGENCLUB.
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.