FETÖ-linked firms to be nationalized

Trustee-appointed companies affiliated with the Gülenist Terror Group (FETÖ) will be transferred to the Savings Deposit Insurance Fund (TMSF) in accordance with a new legislative decree published in the Official Gazette.

According to an emergency decree, the authority of trustees previously appointed to FETÖ-linked companies will be delegated to the TMSF. The companies include Koza Altın, Koza Madencilik and İpek Doğal Enerji.

Legislative decree no. 674 stipulates that the TMSF is authorized to decide to sell or abolish companies or their assets if they are found to be unable to maintain their existing situation because of financial conditions, partnership structures or market conditions.

The mission of trustees will end after their authority is transferred to the TMSF through a judicial decision.

According to the Habertürk daily, earlier in August, companies found to have ties to FETÖ will be confiscated, and some others will be privatized within the framework of a new legislative decree. To avoid harming small stakeholders, only shares owned by FETÖ-linked bosses will be seized. Company managements will be transferred to the state, and trustees will be removed from these companies, which will be managed by the relevant state institutions. Some of them will be sold through privatization.

The government is gearing up to deal a heavy blow to financial affiliates of the terrorist group after the July 15 coup attempt, when a group of rogue soldiers linked to FETÖ attempted to topple the democratically elected government of Turkey and impose martial law.

The attempt was prevented by members of the military loyal to the government along with police units and millions of people in favor of democracy. Over 230 civilians were killed and 2,191 people were injured.