Oct 31 2018

Over 1,000 Turkish businesses worth 55 billion lira under government administration

Over 1,000 Turkish businesses worth almost 60 billion Turkish lira have been placed under government administration, Turkish Vice President Fuat Oktay has announced.

The 1,004 businesses are spread across 42 of Turkey’s 81 provinces, and hold assets worth a combined total of 55.7 billion lira ($9.97 billion), according to Dünya newspaper’s report on the vice president’s statement. The businesses have a combined annual turnover of 21.95 billion lira ($3.93 billion) and profit worth 1.53 billion lira ($273 million).

Turkey’s Justice and Development Party (AKP) government seized a large number of businesses under a state of emergency called in the aftermath of a coup attempt in July 2016.

During the state of emergency, businesses with suspected links to the Gülen movement, which the AKP blames for the coup attempt, were seized and put under the administration of the Saving Deposit Insurance Fund of Turkey.