Control Board Initiatives

Side 7. July 2016

One of the major duties of the Control Board is to make sure that our property, Arcadia, is managed according to the Turkish Condominium Law and the decisions made by the homeowners at the Annual General Meeting. In addition the Control Board should control the validity of the account transactions and make sure that payments and expenditures are correctly reported.

Unfortunately the Control Board found some irregularities while auditing the accounts for the fiscal year 2015 – 2016. As a consequence the Control Board demanded higher transparency in the accounting. Especially the Control Board urges that financial transactions should be done via the Arcadia bank account to improve the future quality of auditing.

Details on the situation can be seen at our internet page here>> (login needed)

Regards / Control Board

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