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International Corporate Governance

A Case Study Approach

Edited by Christine A. Mallin

Corporate governance has become a global phenomenon. This book highlights, through various case studies, how corporate governance has evolved in a number of countries around the world. The international cast of contributors, from varying professional backgrounds including academics, lawyers and company directors, focus on different regions around the globe, reflecting various ownership structures, legal systems, and political and cultural aspirations. Some of the case studies used include: Standard Life; Telecom Italia; and Eskom.
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Chapter 11: v-NET: A Case of Family Owned Conglomerates

Melsa Ararat, Burcu Sener and Esin Taboglu


11. v-NET: a case of family-owned conglomerates Melsa Ararat, Burcu Sener and Esin Taboglu Bulent Kaya, the Chief Executive Officer of v-NET Bilisim A.S. (‘v-NET’ or the ‘Company’), was not the person Emel knew any more. He had put on weight, consumed more alcohol than ever, often came home early and spent most of his time watching football games on TV. Emel did not quite understand what was wrong with her husband and made jokes about Bulent losing his ‘Mojo’. Yes, v-NET, the company he co-founded with the Vakur family, recently had not been doing very well and their foreign partner was causing some problems, but after all, Bulent was offered a shareholding in v-TEK, the new venture of Vakur Holding A.S. (‘Vakur Holding’), and his job was secure. He was a respected professional and was elected to the board of the highly acclaimed Turkish Informatics Foundation for the 2003 term. Emel, hoping that it would help, invited Bulent’s best friend Celal to visit them. Celal, Bulent’s classmate from Eindhoven University, flew from Amsterdam for the weekend. Bulent gradually opened up during dinner. Most of the core team members in v-NET that he had personally selected had been transferred to v-TEK despite his objections, all the investment plans which were already approved by the board of directors of the company and had received the blessing of Vakur Holding’s Investment Committee had been suspended and the largest contract the company signed last year with a major retail chain had to...

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