Companies under trusteeship for terror links to be transferred to Turkish state fund

The decree, which was published in the Official Gazette late Sept. 1, also stipulated that bankruptcies cannot be suspended during the state of emergency. 

Publicly traded companies such as Boydak Holding, Koza Gold and Koza Mining have all been put under the control of trustees for their alleged links to the Fethullahist Terror Organization (FETÖ), which has been blamed for the failed coup attempt of July 15.

After the companies are transferred to the TMSF, the trustees’ services will no longer be required, according to the decree. 

“The services of the trustees, who have been appointed to all companies as a result of their ownership, connection or links to terror organizations in accordance with Article 133 of the Criminal Procedure Law No. 5271 dated Dec. 4, 2004, will end after the law becomes effective,” said the decree numbered 674. 

“If it is seen that the related companies cannot be sustained due to their poor financials, partnership structure, other problems or market conditions, the TMSF will be able to sell or abolish these companies or their assets,” added the decree. 

Turkish authorities have seized hundreds of businesses as part of a probe into the failed July 15 military coup attempt, issuing detention orders for dozens of businesspeople, some of whom have been arrested. 

The authorities said 4,262 companies and institutions have been shut for alleged ties with FETÖ. 

Companies in Turkey have also been banned from demanding any suspension of bankruptcy as long as the current state of emergency continues.

If any suspension of bankruptcy decision was made during the state of emergency, these decisions will immediately be annulled, according to the decree.