Once behind massive projects: That construction company has gone bankrupt

Fi Yapı İnşaat AŞ, which undertook some of Turkey's most ambitious housing projects at the time of its establishment, has gone bankrupt following long-standing legal proceedings. It was announced that the company's bankruptcy has been officially ruled by the court.

Fi Yapı had made a name for itself with branded projects such as Fi Tower, Fi Side, and Fi Life.

THOUSANDS OF UNDELIVERED HOMES AND WORKPLACES

With the company's bankruptcy process, it has emerged that nearly 4 thousand apartments and shops have not been delivered to their rightful owners. This situation has left thousands of citizens who made payments in the hope of buying a home or workplace across Turkey aggrieved.

The victims have been fighting both legal and financial battles for years due to the projects not being completed.

TRANSFERRED TO TMSF AFTER JULY 15

Following the July 15, 2016 coup attempt, a lawsuit was filed against the company's owner, Fikret İnan, on charges of "FETÖ membership." During the same period, Fi Yapı was transferred to the Savings Deposit Insurance Fund (TMSF).

Trustees appointed by the TMSF began managing the company. However, the projects largely stalled, and deliveries could not be made.

FİKRET İNAN WAS ACQUITTED BUT COULD NOT RECOVER THE COMPANY

Fikret İnan was acquitted in 2022 of the charges brought against him and regained control of Fi Yapı. However, it was not possible for the company to recover. İnan appealed to the public, claiming that the Fi Side project, in particular, had been "plundered" by the TMSF trustees.

VICTIMS HAVE BEEN SEEKING THEIR RIGHTS FOR YEARS

Many people, including retirees, investors, and young families, have neither been able to move into their homes nor recover the money they paid, despite investing in the projects.

News Source: 12punto