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BUSINESS >Asset volume of seized companies hits over $11 billion in Turkey: Deputy PM

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The asset volume of companies seized by the state has surpassed 40.5 billion Turkish Liras ($11.1 billion), Deputy Prime Minister Nurettin Canikli has said, adding that the state fund in charge of running these companies has become “one of the largest business holdings in the country.”

More than 850 companies have been appointed with trustee board members before being transferred to the Saving Deposits Insurance Fund (TMSF).

“The asset volume of companies so far transferred to the TMSF has hit over 40.5 billion liras,” Canikli told state-run Anadolu Agency on March 16. 

“In terms of asset volume, the fund has become the largest holding in the country,” he added. 

The seized companies employ a total of over 44,000 people, Canikli said, adding that with the exception of the Koza Group, “most of these companies’ financials have seen a rebound since being taken over.”

These companies have lured huge interest from both local and global players, he added. 

Turkey will repay all foreign loan obligations of seized Islamic lender Bank Asya, including a coupon payment on a $250 million sukuk that was due in September, Canikli also stated. 

Bank Asya was founded by followers of the U.S.-based Islamic preacher Fethullah Gülen, believed to have masterminded the July 15 failed coup attempt.

A tender last year to sell the bank did not attract any bids, prompting the government to start a process to liquidate it. 

Canikli said the process was underway and would be completed within three years.

The bank’s foreign loan payments would be paid back, he said, adding that included the coupon on the sukuk.
“Bank Asya has an outstanding sukuk of around $250 million. The coupon payment which was due for September has been delayed but it will be made,” Canikli stated.

March/16/2017

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