A Kayseri court ruled on Thursday that Boydak Holding’s five subsidiaries be seized over ties to the Gulen movement.
Active in several sectors, including energy, furniture and banking, Kayseri’s Boydak Holding was taken over by the Savings Deposit Insurance Fund (TMSF) over its ties to the Gulen movement in September 2016. With an annual turnover of some $2 billion, Boydak employs over 13,000 people.
The government blames the movement for the July 15, 2016 coup attempt while the group denies any role.
During a trial over Boydak’s involvement in the movement, owners as well as former executives of the conglomerate appeared before the court on Thursday. The court released the suspect Bekir Boydak pending trial whereas ruling to put in pretrial detention 6 others in the same case who stood trial without arrest up until now.
Meanwhile, 5 subsidiary companies were seized.
Nearly 1,000 companies with a total value of $12 billion in assets have been seized and then transferred to TMSF since the coup attempt. The companies in question were mostly targeted as part of the government crackdown against the movement.