643 companies seized in FETÖ investigations returned to former owners

Journalist Vahap Munyar, in his column in the Ekonomi newspaper today, wrote an article on the anniversary of the July 15 coup attempt.

Vahap Munyar asked TMSF President Fatin Rüştü Karakaş about the latest status of companies whose 'trusteeship' duties were transferred to the Fund as part of the investigations into FETÖ/PDY following the treacherous coup attempt.

The answers he received were striking.

Here is that article;

I asked Savings Deposit Insurance Fund (TMSF) President Fatin Rüştü Karakaş about the latest status of companies whose “trusteeship” duties were transferred to the Fund as part of the investigations conducted into FETÖ/PDY following the treacherous coup attempt on July 15, 2016.

President Karakaş directed me to one of the TMSF Vice Presidents, İsmail Güler. Güler had his team prepare and send an information note on the “latest status of companies under TMSF trusteeship.” The information note first recalled the number of companies transferred after the July 15 treacherous coup attempt:

- Following the July 15 treacherous coup attempt, the “trusteeship” duties of 1,371 companies were transferred to the Fund as part of the investigations conducted into FETÖ/PDY.

The current number of companies was highlighted:

- Currently, the Fund acts as a trustee in a total of 994 companies across 32 provinces of Turkey. Furthermore, the Fund has been appointed as a “share trustee” for 82 companies and as a trustee for the assets of 93 natural persons.

The following data in the information note caught my attention:

- Of the companies for which the Fund was appointed as a trustee by “judgeship” and court decisions, the trusteeship decisions for 643 companies have been completely lifted by courts/judges to date.

Upon reading this section, I requested example names of companies that returned to their former owners, and it came as an additional information note:

- Among the companies returned to their former owners are Karteks Tekstil in Adana, Uğur Soğutma in Nazilli, Hasırcı Tekstil and Işık Ahşap in Gaziantep, Fi Yapı İnşaat in Istanbul, Çobanlar Mermer in Muğla, and Tozlu Tekstil in Samsun.

The following information was provided regarding companies in the liquidation process:

- It has been decided to initiate preparatory procedures for the liquidation and removal from the registry of 97 companies for which the Fund was appointed as a trustee, and the liquidation procedures of 34 companies have been completed and they have been removed from the trade registry.

The following point was underlined:

- The 34 companies whose liquidation procedures have been completed are not included among the 694 companies currently under the Fund's trusteeship.

The following information was conveyed regarding the assets, equity, and turnover of the 694 companies:

- While the asset size of the 694 companies for which we were appointed as trustees was 39.5 billion liras at the time of their transfer to our institution, it grew by 271 percent as of December 31, 2023, reaching 146.5 billion liras.

- Total equity grew by 262 percent, rising from 17.5 billion liras to 63 billion liras.

- As of December 31, 2023, the turnover of the aforementioned 694 companies reached 123.3 billion liras, and their profit reached 10.09 billion liras.

- 26 thousand 914 people are employed in these companies currently under our management.

I wondered about the status of the private jets of the companies whose management was taken over due to the trusteeship duty, and the following information was conveyed:

- 2 aircraft belonging to the Koza Group and 1 aircraft belonging to the Erciyes Anadolu Group (formerly the Boydak-İstikbal-Bellona group), for which our institution was appointed as a trustee, have been sold.

On the occasion of “July 15 Democracy and National Unity Day,” what caught my attention the most among the information I received from the TMSF was that 643 companies returned to their former owners.

The fact that 643 out of 1,371 companies that passed into the trusteeship of the TMSF after July 15, 2016, when the treacherous coup attempt took place, were returned to their former owners reveals the impact of the court processes…

38 commercial and economic integrity units sold, 16.2 billion liras in revenue generated

The information note from Savings Deposit Insurance Fund (TMSF) Vice President İsmail Güler included the following regarding companies that became legally sellable following the trusteeship process:

- The number of companies for which share sales were conducted by the TMSF is 16, and a total of 341 million liras in sales revenue was obtained from these sales.

- Again, in the commercial and economic integrity (TİB) tenders regarding the companies for which our institution was appointed as a trustee, 38 (TİB) units were offered for sale with an estimated value of 12.87 billion liras and 3.5 million dollars.

- As a result of the tenders held, a total of 14.66 billion liras (16.27 billion liras including VAT) and 7 million dollars in sales revenue were reached.

8 companies at the TMSF put up for sale with an estimated value of 38 billion liras

The information note from Savings Deposit Insurance Fund (TMSF) Vice President İsmail Güler underlined the following points regarding companies that have recently come onto the sales agenda:

- Confiscation decisions have been made by the relevant courts regarding 94 of the companies for which the Fund is a trustee, and these decisions have become final, and sales and liquidation processes have begun.

- In this context, sales processes regarding Erciyes Anadolu Group companies are continuing gradually. Sales announcements are published in the Official Gazette, national newspapers, and on the TMSF website.

- To date, the sale of Doqu Ev Tekstili Sanayi ve Ticaret A.Ş., one of the Erciyes Anadolu Group companies, has been completed, and its transfer to the buyer, Anadolu Güçbirliği Holding A.Ş., has taken place.

The companies whose sales processes are ongoing are listed as follows:

- HES Hacılar Elektrik Sanayi ve Ticaret A.Ş. and Erciyes Çelik Halat Tel Sanayi ve Ticaret A.Ş: The tender will be held on August 28, 2024. The estimated value is 22 billion liras.

- Bizim Menkul Değerler A.Ş: The tender will be held on August 13, 2024. The estimated value is 380 million liras.

- RHG Enertürk Enerji Üretim ve Ticaret A.Ş: The tender will be held on August 27, 2024. The estimated value is 6.2 billion liras.

- Sibelres Elektrik Üretim A.Ş: The tender will be held on August 21, 2024. The estimated value is 2.7 billion liras.

- Betim Enerji Yatırım Üretim ve Ticaret A.Ş: The tender will be held on August 20, 2024. The estimated value is 2.6 billion liras.

- Muradiye Elektrik Üretim A.Ş: The tender will be held on August 14, 2024. The estimated value is 2.1 billion liras.

The information note pointed out the following point:

- There are many investors, both domestic and foreign, who are interested in the companies put up for sale.

Koza Altın reached a size of 18.8 billion liras

I requested separate information about Koza Altın from Savings Deposit Insurance Fund (TMSF) Vice President İsmail Güler, and he conveyed the following note:

- The asset size of Koza Altın İşletmeleri A.Ş. has increased by more than 600 percent since the date of transfer, reaching 18.8 billion liras from 2.6 billion liras.

- Its equity also increased at a similar rate, rising from 2.5 billion liras to 17.5 billion liras.

- While the company's share price was 0.74 liras on the date of transfer to the Fund, it increased by nearly 3 thousand percent to reach 23.02 liras. In the same period, the increase in the BIST 100 Index was 1336 percent.

News Source: 12punto