Nov 14 2017

Turnover of Turkish companies seized by state up by 30%, fund says

The turnover of 1,019 companies seized by the Turkish state and controlled by the Savings Deposit Insurance Fund has increased by 30 percent, Sabah newspaper quoted the head of the fund, Muhiddin Günal, as saying.

The companies, including a bank, heavy industries, construction and media conglomerates were seized due to links to U.S.-based Islamic preacher Fethullah Gülen, the man Turkey accuses of being behind the July 2016 coup attempt.

Günal said none of the 50,000 employees of the companies had been laid off and he said the value of the companies had increased by 5 percent to 46.8 billion Turkish lira ($12 billion).