One of the five largest sock companies in Turkey, Akın Çorap, which has an annual turnover of $50 million, has been transferred to Turkey’s state-run Savings Deposit Insurance Fund (TMSF) due to its alleged links to the faith-based Gülen movement.
The company’s owner, Ali Yarkın, is accused of financing the activities of the Gülen movement, and his three sons are behind bars due to Gülen links.
Akın Çorap was established in İstanbul 45 years ago and has factories in İstanbul and Giresun. The company has 650 employees and manufactures 85 million pairs of socks every year.
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, which the government accuses of masterminding a coup attempt on July 15.
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 three years.