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885 private companies transferred to TMSF since failed 2016 coup: report

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Eight hundred eighty-five private companies have been transferred to Turkey’s Savings Deposit Insurance Fund (TMSF) since a 2016 failed coup due to their alleged affiliation with the Gülen movement, according to the Dünya news website.

Turkey accuses the movement of orchestrating the abortive putsch, although it strongly denies any involvement.

In addition to these companies, valued at close to TL 60 billion ($10.5 billion), the TMSF seized the shares of 123 companies and the properties of 108 individuals.

These companies, shares and individual properties are now controlled by trustees appointed by the TMSF.

Among these companies, Boydak, İpek and Aydınlı were the largest with some 20,000 employees.

Jailed businessmen Hacı Boydak and Memduh Boydak, former board members and the owners of Boydak Holding, were given lengthy prison sentences on charges of Gülen links in July 2018.

Akın İpek, the founder of İpek Holding, is living in the UK, which recently denied a request from Turkey for extradition.

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