On Monday, Turkcell's failure to arrange an annual general meeting once again provoked the company's biggest shareholder to react negatively.

Turkey's foremost phone operator previously cancelled an assembly in May due to a clash that involved Russia's Altimo Group and Turkey's Cukurova. The argument between the two prevented the company to actually choose a delegate for the cooperative stockholding.

According to Nordic telecoms group TeliaSonera Chief Executive Per-Arne Blomquist, "We are not happy with the current structure, where a minority shareholder can block majority decision due to a complex holding company structure."

The organization of Turkcell's shareholders allows Cukurova to have the regulatory stake since it owns 13.8%. This seems to be the root of conflict because both Altimo and Cukurova have possession of the conglomerate. In keeping with the records, Altimo took control of Cukurova's 13.2% after the Turkish stakeholder failed to pay its loan while it is entangled with a different row with Teliasonera that holds the biggest share which is 38%.