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Boydak Holding subsidiary HES Kablo transferred to TMSF

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HES Kablo, a subsidiary of leading business group Boydak Holding, has been transferred to the Savings Deposit Insurance Fund (TMSF) due to its alleged links to the faith-based Gülen movement.

The decision for the transfer was made by the Kayseri 2nd High Criminal Court on Tuesday.

HES Kablo, a cable manufacturer, was established in Kayseri by Boydak Holding in 1974 and had a turnover of TL1.2 billion last year.

Thanks to decrees issued as part of the state of emergency declared on July 20 following a failed coup, Turkey’s government is now seizing all the Turkish companies and properties owned by businessmen allegedly linked to Turkish Islamic scholar Fethullah Gülen.

Turkey survived a military coup attempt on July 15 that killed over 240 people and wounded more than a thousand others. Immediately after the putsch, the government along with President Recep Tayyip Erdoğan pinned the blame on the Gülen movement although the movement denies any involvement.

In September the TMSF seized all property and assets of Boydak Holding over links with Gülen. Several executives of the holding were also arrested due to their alleged ties to Gülen.

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