The number of companies run by the state-run Savings Deposit Insurance Fund (TMSF) has reached to 937, according to the watchdog’s president Muhiddin Gülal.
Speaking to media on Wednesday, Gulal said 937 companies with TL 50 billion [$11 billion] in assets are under TMSF’s control now. The total equity capital of such companies is TL19.4 billion, he added.
The Turkish government has been seizing the private property of non-loyalist businesspeople without due process on unsubstantiated charges of terrorist links. Once the owners of the companies are convicted of the imputed terror charges, their properties, the companies in this case, are confiscated and transferred to the Treasury. Most recently, a Kayseri court sentenced owners of the Boydak Holding, under TMSF control for the recent past, to lengthy prison terms and ruled for confiscation of their shares in the conglomerate.
The companies in question are alleged to be connected to the Gülen movement, with the government coining the term “FETÖ” to designate the movement as a terrorist organization despite the lack of any court verdict to that effect. The government accuses the movement of masterminding the failed coup attempt on July 15, 2016 while the latter denies involvement.
The government’s crackdown against the movement, however, is not limited to the period following the coup attempt since the managements of many organizations affiliated with the movement have already been seized by the TMSF over the course of the past four years.