Turkish fast grocery delivery company Getir and its largest shareholder, Mubadala, remain in disagreement over a restructuring plan that Abu Dhabi's state investment fund argues is crucial for securing Getir's future.
Mubadala said in a statement on Sunday that Getir's shareholders had voted to approve the restructuring, but one of Getir's co-founders told Reuters he would continue to pursue legal action against the fund after a vote that he had called an "illegal coup."
In a dramatic escalation of a power struggle for Getir, Nazim Salur, one of the two founders, last week said Mubadala was breaching a June restructuring agreement. "Now they want to bully us and grab all Founders' shares through an illegal coup," Salur wrote. "We are pursuing legal action through the courts. Details will follow."
Mubadala said Getir's independent directors had unanimously approved the restructuring, which Reuters previously reported would separate noncore businesses from the profitable local grocery delivery operations, which Mubadala would acquire in return for a $250 million investment.
The remaining subsidiaries would be placed in a structure controlled by Getir's founders, Salur and Serkan Borançılı.
"The approval of this restructuring plan marks a significant milestone for Getir, enabling access to critical funding and resources necessary to execute against the existing long-term strategy," Mubadala said, without giving any further details of the vote.
Yet, Salur said the founders had applied to the Enterprise Chamber of the Amsterdam Court of Appeal, which will hold a hearing on the issue on Friday. The founders will also take legal action in Türkiye and Britain, Salur said.
"We'll continue fighting," he said. Getir also said only two of its nine shareholders had taken part in the vote, which he said was "convened unlawfully."
Mubabala previously told Reuters it had promoted its plan after Getir's founders "demonstrated an inability" to complete a June agreement for funding and splitting the company in two.
Getir, a pioneer of fast grocery delivery, was once valued at more than $10 billion but has been bruised as consumer demand for deliverables waned.
The company closed down its overseas operations last summer to secure $250 million in funding from Mubadala.
A source with direct knowledge of the planned lawsuit said the company's founders viewed Mubadala as having "intentionally delayed" transferring units to them and then, at the end of last year, had told them it would renege on the deal.
Mudabala has suggested its plan "will secure Getir's financial stability and allow for the execution of its long-term business plan, protecting and sustaining employment for over 18,000 Turkish employees."
