The new Turkey
4 December 2020:
The company’s partners have objected to the sale on the grounds that the seizure has not yet been finalized in court. However, the state authority in charge of the sale, the Savings Deposit Insurance Fund (TMSF), has not taken any action to halt or annul the decision.
The partners warned in their petition that the sale would be unlawful and that it would lead to irreparable damage. Read the full article
UK court paves the way for seizing assets of FETÖ figure
A British court has rejected an appeal by Akın İpek, a prominent member of the Gülenist Terror Group (FETÖ), against the seizure of 60 million pounds ($72.84 million) the Turkish government says he funneled into his U.K.-based company after his businesses in Turkey were confiscated.
The court also ruled for the eviction of his five luxury flats in Britain he is accused of purchasing with funds from his Koza Ltd. Koza Altın is currently run by trustees appointed by Turkey after a court ordered its seizure from İpek.
Akın İpek was detained last year at Turkey's request for his extradition over charges related to the July 15, 2016 coup attempt orchestrated by FETÖ. Last November, a court rejected his extradition to Turkey, to the chagrin of Ankara which pursues global efforts for the extradition of FETÖ members who fled abroad to escape prosecution.
The suspect left Turkey prior to the seizure of his Koza Holding by court order in October 2015. He lost lawsuits filed in U.K. courts for the return of his assets seized by Turkey. Read the full article
885 private companies transferred to TMSF since failed 2016 coup
Eight hundred eighty-five private companies have been transferred to Turkey’s Savings Deposit Insurance Fund (TMSF) since a 2016 failed coup due to their alleged affiliation with the Gülen movement, according to the Dünya news website. Turkey accuses the movement of orchestrating the abortive putsch, although it strongly denies any involvement.
In addition to these companies, valued at close to TL 60 billion ($10.5 billion), the TMSF seized the shares of 123 companies and the properties of 108 individuals. These companies, shares and individual properties are now controlled by trustees appointed by the TMSF. Among these companies, Boydak, İpek and Aydınlı were the largest with some 20,000 employees.
Jailed businessmen Hacı Boydak and Memduh Boydak, former board members and the owners of Boydak Holding, were given lengthy prison sentences on charges of Gülen links in July 2018. Akın İpek, the founder of İpek Holding, is living in the UK, which recently denied a request from Turkey for extradition.
31 October 2018:
Over 1,000 Turkish businesses worth 55 billion lira under government administration
Over 1,000 Turkish businesses worth almost 60 billion Turkish lira have been placed under government administration, Turkish Vice President Fuat Oktay has announced.
The 1,004 businesses are spread across 42 of Turkey’s 81 provinces, and hold assets worth a combined total of 55.7 billion lira ($9.97 billion), according to Dünya newspaper’s report on the vice president’s statement. The businesses have a combined annual turnover of 21.95 billion lira ($3.93 billion) and profit worth 1.53 billion lira ($273 million).
Turkey’s Justice and Development Party (AKP) government seized a large number of businesses under a state of emergency called in the aftermath of a coup attempt in July 2016. During the state of emergency, businesses with suspected links to the Gülen movement, which the AKP blames for the coup attempt, were seized and put under the administration of the Saving Deposit Insurance Fund of Turkey.
31 October 2018:
13 October 2018:
3 October 2018:
30 July 2018:
12 July 2018:
6 June 20128:
By 5 June 2018:
State of Emergency: Insecure property rights threaten Turkish economy
27 April 2018:
27 March 2018:
19 March 2018:
8 March 2018:
2 February 2018:
Prosecutor demands confiscation of billion-dollar holding over Gülen links.
24 March 2017:
16 March 2017:
1 January 2018:
30 October 2016:
20 October 2016:
1 October 2016:
17 September 2016:
6 September 2016:
Turkey downplays risks from Gulen-linked companies as new firm seized
2 September 2016:
Companies under trusteeship for terror links to be transferred to Turkish state fund
All companies that have been submitted to the control of trustee panels due to their alleged ties with terror organizations will be transferred to the Saving Deposit Insurance Fund (TMSF), according to a new state of emergency decree.
12 August 2016: