As previously disclosed, our Company filed a lawsuit before the Muğla 3rd Administrative Court under Case No. 2025/350 seeking the annulment of the demolition order and the administrative fine of TL 43,059.91 imposed by the decision of the Marmaris Municipal Executive Committee (Encümen) dated 22 January 2025 and numbered 2025/177, as well as the penalty notice dated 18 February 2025 and numbered 71, which was issued for the collection of such administrative fine, in relation to the hotel timeshare project developed by our Company in Marmaris.
With its Decision No. 2026/662, the Muğla 3rd Administrative Court ruled that, since the construction suspension report (yapı tatil zaptı) forming the basis of the disputed administrative actions had previously been annulled by a court decision, the demolition order, the administrative fine, and the related penalty notice issued for the collection of such fine were not in compliance with the law. Accordingly, the Court decided to annul the disputed administrative actions in favor of our Company.
Respectfully announced to the public.
Kızılbük REIT Inc.