Luxury cars seized from Gülen-linked businessmen sold for less than value

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Audi Q7

A total of 780 luxury cars seized from 1,019 companies across 43 provinces that were seized due to their alleged links to the Gülen movement in the aftermath of a failed coup attempt on July 15, 2016 have been sold at prices lower than their value, according to the Sözcü daily.

The Turkish government accuses the Gülen movement of masterminding the failed coup, although the movement strongly denies any involvement in it.

The cars were sold at auction by Turkey’s state-run Savings Deposit Insurance Fund (TMSF), which took over the companies. There was a huge demand for the luxury cars, which were all Audis and were priced between TL 139,000 and TL 330,000. The cars were sold at 30 percent lower than their market value.

Out of the 780 Audis, 101 were Q3, Q5 and Q7 jeeps that had a market value ranging between TL 330,000 and TL 700,000. All the cars have been sold.

The TMSF has TL 30.9 billion in its reserves thanks to the assets of the seized companies.

The government has been confiscating the private property of non-loyalist businesspeople without due process on unsubstantiated charges of terrorist links.

The companies are alleged to be connected to the Gülen movement, with the government coining the term “FETÖ” to designate the movement a terrorist organization.

The government’s crackdown against the movement, however, is not limited to the period following the coup attempt since the administrations of many organizations affiliated with the movement have already been seized by the TMSF over the course of the past three years.

More than 1,000 companies with a total value of $12 billion in assets have been seized and then transferred to the TMSF since the coup attempt.

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