State fund seizes media assets, motor company of Turkey's Çukurova group
Çukurova Chairman Mehmet Emin Karamehmet is seen in this file photo.
Turkish Saving Deposit Insurance Fund (TMSF) has confiscated the media assets of Çukurova group, a local conglomerate active in various businesses including telecommunications and energy.
Company officials confirmed to the Daily News on May 17 that the takeover had been realized. The TMSF cited in a May 16 decision that the move was aimed at depositing the groups’ debt in the state coffers and preventing irreversible public loss.
Çukurova’s motor company BMC, which has been facing financial difficulties and delivery problems, was also confiscated.