Foreign Shareholder Cannot Obtain Financial Statements in Turkey: Court and Inspection Remedies – 2026 Updated Guide

Financial Statement Access in Turkey | Foreign Shareholder Rights

Learn how foreign shareholders can obtain financial statements, inspect company records, request a special audit and apply to court when a Turkish company refuses access.

Financial statements are essential for a foreign shareholder who wants to monitor a Turkish company, verify profits, investigate suspicious payments and protect their investment. If directors or majority shareholders refuse to provide financial statements, the foreign investor may have court and inspection remedies.

A company cannot generally reject a legitimate information request merely because the shareholder lives abroad or is a foreign national. However, the scope of the request, the company type and confidentiality concerns may affect the procedure.

This 2026 updated guide explains how foreign shareholders can request financial statements, inspect company records and seek judicial protection in Turkey.

What Financial Information Can a Foreign Shareholder Request?

Depending on the company type and the shareholder’s legal position, the request may concern annual financial statements, income and expense records, balance sheets, auditor reports, general assembly documents, bank transactions, invoices, related-party agreements and management reports.

The shareholder may also need access to documents explaining capital increases, dividend decisions, company loans, asset sales, director payments and transactions with companies connected to the majority shareholder.

A request should be specific and connected to the shareholder’s rights. A broad request for every document belonging to the company may be rejected if it is considered excessive or unrelated to a legitimate corporate purpose.

Can a Turkish Company Refuse to Provide Financial Statements?

A company may have limited grounds to refuse access to certain confidential information, especially where disclosure could harm trade secrets or the company’s legitimate interests. Nevertheless, a general and unexplained refusal may violate the shareholder’s information and inspection rights.

The company should identify the reason for refusing the request. Refusing to provide any financial information, hiding the annual accounts or preventing a shareholder from understanding the company’s financial condition may support a court application.

Foreign nationality, residence outside Turkey or language differences do not by themselves eliminate shareholder rights. The company may request certified documents or an authorized representative, but these requirements should not be used as a pretext to obstruct lawful inspection.

What Should a Foreign Shareholder Do First?

The shareholder should make a written request describing the documents sought, the relevant accounting periods and the reason the information is necessary. The request should be sent through a reliable method that proves delivery.

If the company gives no response or provides an incomplete answer, the shareholder should send a formal follow-up and preserve the refusal. Emails, corporate messages, general assembly notices and previous requests may later demonstrate that the company intentionally withheld information.

The shareholder should also collect all available public and corporate records, including previous financial statements, shareholder resolutions, bank correspondence, invoices, contracts and documents filed with public institutions.

Can a Shareholder Inspect the Company’s Books and Records?

Shareholders may have the right to examine certain company books, records and supporting documents, subject to the rules applicable to the company type. This may include reviewing documents connected with the agenda of a general assembly or examining transactions relevant to suspected misconduct.

Inspection rights are particularly important where the foreign shareholder suspects hidden debts, diverted revenue, false expenses, excessive management payments or transactions with related companies.

The company may impose reasonable arrangements for the inspection, such as scheduling, supervision and confidentiality. It should not, however, make inspection practically impossible or refuse access without a lawful and convincing reason.

Can a Foreign Shareholder Apply to Court?

Yes. A foreign shareholder may apply to the competent commercial court when the company unlawfully refuses information or inspection.

The court application should explain the shareholder’s status, the exact information requested, the company’s refusal and why the documents are necessary. Supporting evidence may include share records, written requests, refusal letters, financial irregularities and general assembly documents.

The court may evaluate whether the request is relevant, proportionate and legally justified. A carefully prepared application is more effective than a general allegation that the company is acting unfairly.

Can a Special Audit Be Requested?

Where ordinary information and inspection rights do not adequately explain suspected misconduct, a foreign shareholder may consider requesting a special audit or another judicial examination mechanism, if the statutory conditions are satisfied.

A special audit may be relevant where there are serious questions about related-party transactions, unexplained payments, asset transfers, capital movements, management expenses or financial statements that do not reflect the company’s actual position.

The shareholder should identify the specific event or transaction to be examined. Courts and company bodies are more likely to consider a focused request supported by documents than an unlimited investigation into the entire history of the company.

Can an Injunction Preserve Financial Records?

An interim injunction or evidence-preservation request may be appropriate if there is a risk that accounting records, electronic files, bank documents or corporate messages will be deleted or altered.

Urgent protection may also be considered where the company is transferring assets, distributing funds, changing management, increasing capital or using inaccurate financial statements to complete a transaction.

The court will generally assess urgency, the apparent strength of the claim and the risk of serious harm. An injunction is not automatic, and the requested measure must be clearly defined.

What Evidence Helps Prove Financial Misconduct?

Useful evidence may include bank statements, accounting records, invoices, payment instructions, contracts, tax documents, audit reports, corporate emails and messages with directors or accountants.

Electronic evidence is increasingly important in 2026 disputes. Accounting software logs, electronic invoices, cloud storage, digital signatures, file metadata and access histories may help establish when a document was created or changed.

A foreign shareholder should preserve original electronic files and avoid relying only on screenshots. If a forensic review may be required, the documents should be kept in a form that allows their origin and integrity to be assessed.

Can Financial Statements Be Challenged?

If financial statements contain false information, conceal important transactions or are prepared to mislead shareholders, the investor may challenge related general assembly resolutions and seek further examination.

A financial statement is not automatically invalid merely because the shareholder disagrees with the accounting treatment. Evidence may be required to show material errors, deliberate concealment, unlawful transactions or a failure to comply with applicable accounting and corporate requirements.

If the statements were used to approve dividends, discharge directors, authorize a capital increase or approve a related-party transaction, the shareholder may need to challenge those resolutions separately.

Can Directors Be Held Liable?

Directors or managers may face liability if they intentionally conceal financial information, approve unlawful payments, misuse company assets or provide misleading statements that cause damage.

Possible claims may concern losses caused by unauthorized transfers, reduced share value, unpaid dividends, improper expenses and transactions made for the benefit of related persons.

The correct claimant must be identified. Losses suffered by the company may need to be claimed in the company’s interest, while a shareholder may have a direct claim where their personal rights or investment were independently harmed.

Is a Criminal Complaint Possible?

A criminal complaint may be considered where the conduct involves forged records, fabricated financial documents, fraud, breach of trust or deliberate misuse of company funds.

A refusal to provide financial statements, by itself, is not automatically a criminal offense. The criminal assessment depends on the evidence, the people involved and the way the company records were created or used.

Criminal proceedings do not replace commercial remedies. A foreign shareholder may also need court action to obtain records, challenge resolutions, protect assets or recover losses.

How Can a Foreign Shareholder Act from Abroad?

A foreign shareholder does not always need to travel to Turkey. A Turkish lawyer may act under a power of attorney issued before a Turkish consulate or a local notary. Legalization, apostille procedures and official translation may be required depending on the country where the document is issued.

A lawyer can prepare the information request, review the company’s records, apply for inspection, seek interim protection, request a special audit and file commercial proceedings.

Lawyer Fırat Fesih Kaya assists foreign shareholders with financial statement disputes, hidden company transactions, director liability, corporate inspections and urgent commercial court applications.

2026 Legal Considerations

In 2026, foreign shareholders should examine both traditional company records and digital financial evidence. Electronic accounting systems, online banking records, electronic invoices, cloud files and corporate communication platforms may be decisive.

The shareholder should also check whether the company has properly delivered general assembly documents and whether financial statements were made available within the applicable period. Legal deadlines may differ according to the company type, the requested remedy and the relevant corporate decision.

The Turkish Commercial Code, civil procedure rules and applicable accounting and registry requirements should be evaluated together before filing a court application.

Frequently Asked Questions (FAQ)

1. Can a foreign shareholder request financial statements from a Turkish company?

Yes. Foreign shareholders may have information and inspection rights, subject to the company type and applicable legal requirements.

2. Can a company refuse because the shareholder lives abroad?

No. Residence abroad or foreign nationality alone should not remove shareholder rights. The company may require proper authorization and formal documents.

3. What should I do if the company ignores my request?

Send a documented written request, preserve proof of delivery and obtain legal advice about a commercial court application.

4. Can I inspect company bank transactions?

Inspection may be possible when the documents are relevant to the shareholder’s rights or to a specific suspected transaction. The scope must be assessed carefully.

5. Can I request a special audit?

A special audit or judicial examination may be available where ordinary inspection does not clarify serious financial concerns and statutory conditions are satisfied.

6. Can a court force a company to provide financial records?

A competent court may provide judicial protection or order appropriate disclosure depending on the legal basis, relevance and circumstances of the request.

7. Can I challenge financial statements approved by the general assembly?

If the statements contain material errors, concealment or unlawful information, related resolutions may be challenged through the appropriate commercial procedure.

8. Can directors be personally responsible for hidden company transactions?

They may be responsible if they knowingly or negligently cause company or shareholder damage through unlawful transactions or concealment.

9. Can I start the process without traveling to Turkey?

In many cases, yes. A Turkish lawyer can act under a properly prepared power of attorney.

10. Is there a deadline for requesting financial statements or inspection?

Deadlines and procedural requirements vary according to the company type and the requested remedy. Prompt action is recommended to avoid loss of evidence or procedural rights.

This article is provided for general informational purposes only and does not constitute legal advice. We recommend consulting a lawyer about your specific circumstances to avoid any loss of rights.

Expert Legal Support for Financial Statement and Inspection Disputes

Failure to provide financial statements may conceal unlawful payments, hidden debts, asset transfers or related-party transactions. Early legal intervention can help preserve evidence and protect a foreign shareholder’s investment.

Fırat Fesih Kaya Law Office provides professional legal support to foreign shareholders in financial statement disputes, company inspections, special audit applications, general assembly challenges, director liability claims and commercial litigation.

Call: +90 312 434 22 22
WhatsApp: +90 532 769 22 22
Email: info@firatfesihkaya.av.tr
Address: Mevlana Boulevard No:221, Yildirim Tower, Balgat, Cankaya, Ankara, Turkey