416.5 million dollar tender: SDIF puts company under trusteeship up for sale

The Savings Deposit Insurance Fund (SDIF) has offered the Assan Group Commercial and Economic Integrity, formed from the assets of Assan Group Makine Savunma Sanayi Anonim Şirketi, which it manages as a trustee, for sale through forced execution.

The scope of the sale includes the real estate, pre-allocated lands, machinery and equipment, fixtures, assets subject to financial leasing contracts, trademarks, domain names, and contracts to which the company is a party, all of which are used in the company's defense industry operations.

TENDER PRICE 416.5 MILLION DOLLARS

The estimated value determined for the tender was announced as 416 million 500 thousand US dollars. Real and legal persons participating in the tender are required to deposit a guarantee of 41 million 650 thousand US dollars.

Those wishing to examine or purchase the specifications are required to pay 50 thousand US dollars, while those wishing to benefit from the data room and facility visits are required to pay 100 thousand US dollars. The data room will be open for access between June 10, 2026, and July 6, 2026.

BIDS TO BE SUBMITTED BY JULY 7

Bids in the tender will be submitted in US dollars based on a cash payment principle. Both closed-envelope and open-auction methods will be applied in the process.

Bid files, consisting of administrative and financial envelopes, must be delivered by hand to the Sales Commission no later than 16:00 on July 7, 2026.

AUCTION TO BE HELD ON JULY 8

The tender will be held on July 8, 2026, at 11:00 at the SDIF building in Esentepe, Istanbul. After the opening of the closed envelopes, the auction phase will begin.

If the highest bid remains below the estimated value, the sales process may continue on July 10, 2026, through a bargaining procedure in accordance with the decision of the Fund Board.

HOW DID THE TRUSTEESHIP PROCESS BEGIN?

In 2025, within the scope of a military espionage investigation conducted by the Istanbul Chief Public Prosecutor's Office, ASSAN Group owner Emin Öner and the company's general manager Gürcan Okumuş were detained on charges of "membership in an armed terrorist organization" and "military espionage," taking into account the nature of their fields of activity.

Within the framework of the investigation, the SDIF was appointed as a trustee to 10 companies operating under the ASSAN Group.

News Source: 12punto