Italian firm to bring Turkey ‘30 bln euros’

Italian firm to bring Turkey ‘30 bln euros’

An Italian company is considering moving its 30 billion-euro assets from Switzerland to Turkey in a move that could help Turkey’s Central Bank governor’s pledge to protect the Turkish Lira, according to dailies Habertürk and Milliyet.

A company majorly owned by Italians with a minor Bulgarian partner has been in talks with Turkish Finance Ministry officials for over a week in Ankara.

According to reports, the company representatives are considering bringing their 30 billion euros to Turkey from Switzerland due to the Italian government’s recent inquiries, asking Switzerland to divulge its citizens’ banking data.

Led by the United States, many European countries have been urging Switzerland to agree to surrender more information about the clients of its big banking industry as part of a drive to combat tax evasion. Because the Italian government has said 80 percent of the undeclared assets will be seized by the state, the firm steered toward Turkey, where the government introduced a temporary law in an attempt to brings Turkish capital from abroad back to the country.

The Italian company is seeking ways to bring its money, under the name of an Italian citizen residing in Turkey. This Italian-origin person has already received a Turkish Republic identity registry number which is needed for bureaucratic transactions in Turkey, Milliyet reported.

As directed by the Finance Ministry, the cash owners applied to several Turkish lenders. However, lenders including İşbank, ING bank, and Garanti did not accept the asset due to its size and unreliability, Milliyet also said. With the end of the first phase of the cash repatriation law, an estimated 50 billion Turkish Liras ($25.8 billion) in assets has been declared.