The International Centre for Settlement of Investment Disputes (ICSID) ruled against Akın İpek, a fugitive businessman accused of financing the Gülenist Terror Group (FETÖ), in compensation proceedings.
İpek was claiming compensation from Türkiye over the takeover of his companies in the country by the Savings Deposit Insurance Fund (TMSF), a common procedure when seizing assets of people linked to terrorist groups. A court in Ankara ruled to that extent in October 2015. İpek, on the other hand, claimed that shares of Koza İpek Holding, his seized company, were sold in June 2015 to Ipek Investment Limited, which he founded in the U.K. in May 2015. He asked for stock sales to be registered in the shared ledger and if not, compensation to be paid to him.
Mustafa Doğan İnal, the lawyer representing the Republic of Türkiye, told Anadolu Agency (AA) that a Court of Commerce in Ankara already ruled that the claimed share sales agreement by Ipek Investment Limited was absent. He said Akın İpek’s U.K.-based company went on to file an arbitration lawsuit, claiming that Türkiye nationalized the investment of “a foreign investor.” “Ipek Investment sought compensation amounting to $6 billion approximately, claiming the Republic of Türkiye violated a bilateral investment agreement (between Türkiye and United Kingdom),” İnal claimed.
On the contrary, Türkiye said İpek deliberately changed the nationality of the company to pave the way for proceedings at ICSID and used an invalid share transfer agreement for a purported transfer between Koza İpek and İpek Investment. “This share transfer is invalid under Turkish law. Akın İpek did not have active investments and simply sought share transfer,” he said, noting that his actions contradicted his claims about the violation of the bilateral investment agreement.
İpek, who studied business in the U.K., inherited a printing business from his father. In the 2000s, his business empire considerably expanded, with some critics tying it to his links to FETÖ, branching into the mining sector with a gold mine in western Türkiye that is now run by trustee-appointed Koza Altın. He made a foray into media by buying the Bugün newspaper in 2005. It was followed by more media purchases, including Kanaltürk TV and the establishment of Bugün TV. These outlets were well-known mouthpieces for FETÖ before Türkiye moved to shut them down.
He is currently sought by Turkish authorities for "managing a terror group, financing terrorism, embezzlement and spreading propaganda for a terror group."
