What's next for hundreds of companies seized by Turkish government?
Turkey has a plan for handling almost 600 companies seized by the state for allegedly having ties to the Gulen movement, as the government looks to earn money for the Treasury.
As of Nov. 7, the number of companies seized after the July 15 coup attempt on charges of being linked with the Gulen movement, which Turkey has declared a terrorist group, had reached 594.
All told, however, the government suspects people associated with 8,000 companies of having links with the Gulen movement. This mind-boggling number was cited by a member of the Cabinet talking with Nuray Babacan of the daily Hurriyet. He outlined a three-phase investigation of suspected companies: Conduct financial audits, appoint trustees, and close or sell the companies of those found guilty.
The Cabinet member, who wasn’t identified, suggested that anyone who had supported Gulenists financially could be subject to audits and investigations.
What will happen to the seized companies? The government wants to earn money for the Treasury by selling them off. So far, the assets of companies placed under the jurisdiction of the government's Savings Deposit Insurance Fund (TMSF) total about 30 billion Turkish liras ($9 billion). Giant companies (and their subsidiaries) such as Boydak Holding, Naksan, Koza-Ipek, Dumankaya family companies, Alfemo, Yavascalar, Kadioglu and Kaynak have been taken over by the state.
