Number of FETÖ-affiliated companies transferred to state body reaches 500
Nearly 500 companies have been seized by the Savings Deposit Insurance Fund (TMSF) as part of investigations into the Gülenist Terror Group's (FETÖ) July 15 coup attempt. The total size of assets belonging to these companies, including Boydak Holding, Koza İpek Holding, Naksan Holding, Dumankaya Holding, Kaynak Holding, Alfemo Furniture and Kadıoğlu Group, is TL 30 billion ($9.6 billion).
As investigations continue into suspects including businessmen who allegedly provided financial support to FETÖ in the name of benefaction ("hizmet"), some companies whose owners or CEOs have been detained have been transferred to the TMSF as a result of court decisions as of early September.
Small and medium sized enterprises (SMEs) constitute a large portion of the companies that have been transferred to the fund. The total assets of the companies are TL 30 billion, while their equities reach TL 15 billion. Their turnovers exceed TL 10 billion and they employ nearly 30,000 people.
Kayseri-based Boydak Holding has been transferred to the TMSF along with its 30 subsidiaries. The group is largest in terms of asset size, equity, turnover and number of employees. The holding has TL 7.8 billion in assets, a turnover of TL 3.8 billion, TL 5.8 billion in equities and nearly 13,000 employees.
The Boydak group is followed by Naksan Holding, which has been transferred to the TMSF along with its 51 companies. It has TL 6.8 billion in assets, TL 1.2 billion in turnover, TL 1.3 billion in equities and nearly 3,800 employees. Koza İpek Holding and Dumankaya Group are the next largest companies seized. Legal proceedings regarding Kaynak Holding are still ongoing, while hundreds of other FETÖ-affiliated companies are expected to be transferred to the fund in upcoming weeks.
Apparently, if these companies are not transferred to the fund because their owners are either on the run or detained, their bank accounts will be blocked, and a cautionary judgement made against their assets; they will be unable to operate and go bankrupt. However, the fund enables the companies to continue operations by unblocking bank accounts, which provides an element of trust for banks and suppliers that have avoided doing business with these companies.
Following the July 15 coup attempt, the TMSF has come to manage a great number of companies operating in various sectors. With the transfers, working hours for many fund staff have increased. The fund plans to sell operating companies as of 2017 and to liquidate non-operating ones or those with low balance sheets. The TMSF will also be in charge of selling immovable properties belonging to hospitals, schools and media companies, which have been seized by the Finance Ministry.
The revenue derived from sales will be kept in an account until the lawsuit filed against the company owners or managers is finalized. Following the court decision, sales revenue will be transferred to the Treasury if the company owners or managers are found guilty and decides to confiscate it. Revenue will be returned if they are acquitted.
As investigations continue into suspects including businessmen who allegedly provided financial support to FETÖ in the name of benefaction ("hizmet"), some companies whose owners or CEOs have been detained have been transferred to the TMSF as a result of court decisions as of early September.
Small and medium sized enterprises (SMEs) constitute a large portion of the companies that have been transferred to the fund. The total assets of the companies are TL 30 billion, while their equities reach TL 15 billion. Their turnovers exceed TL 10 billion and they employ nearly 30,000 people.
Kayseri-based Boydak Holding has been transferred to the TMSF along with its 30 subsidiaries. The group is largest in terms of asset size, equity, turnover and number of employees. The holding has TL 7.8 billion in assets, a turnover of TL 3.8 billion, TL 5.8 billion in equities and nearly 13,000 employees.
The Boydak group is followed by Naksan Holding, which has been transferred to the TMSF along with its 51 companies. It has TL 6.8 billion in assets, TL 1.2 billion in turnover, TL 1.3 billion in equities and nearly 3,800 employees. Koza İpek Holding and Dumankaya Group are the next largest companies seized. Legal proceedings regarding Kaynak Holding are still ongoing, while hundreds of other FETÖ-affiliated companies are expected to be transferred to the fund in upcoming weeks.
Apparently, if these companies are not transferred to the fund because their owners are either on the run or detained, their bank accounts will be blocked, and a cautionary judgement made against their assets; they will be unable to operate and go bankrupt. However, the fund enables the companies to continue operations by unblocking bank accounts, which provides an element of trust for banks and suppliers that have avoided doing business with these companies.
Following the July 15 coup attempt, the TMSF has come to manage a great number of companies operating in various sectors. With the transfers, working hours for many fund staff have increased. The fund plans to sell operating companies as of 2017 and to liquidate non-operating ones or those with low balance sheets. The TMSF will also be in charge of selling immovable properties belonging to hospitals, schools and media companies, which have been seized by the Finance Ministry.
The revenue derived from sales will be kept in an account until the lawsuit filed against the company owners or managers is finalized. Following the court decision, sales revenue will be transferred to the Treasury if the company owners or managers are found guilty and decides to confiscate it. Revenue will be returned if they are acquitted.
Last Update: November 01, 2016 21:15