Most companies seized by state see financial rebound: Turkish minister

ANKARA

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More than 800 companies with total revenue of 30 billion liras have been seized by the Turkish state, mainly in probes related to the July 15 coup attempt, Deputy Prime Minister Nurettin Canikli has said, adding that “most of these companies’ financials have seen a rebound since being taken over.”

More than 800 companies were appointed with trustee board members before being transferred to the Saving Deposits Insurance Fund (TMSF), Canikli said in a televised interview on March 9. 

“They have assets worth 48 billion liras and make annual revenue over 30 billion liras. If we had not intervened, most of them could have seen a serious deterioration in their financials and even bankruptcies. So far, none of them have experienced any financial deterioration, and most of them have even seen a financial rebound,” he said, as quoted by state-run Anadolu Agency. 

Canikli added that the TMSF would continue to run these companies until the related courts finalize their ownership. 

“If the courts find them guilty, these companies will be permanently transferred to the state in lawful terms. If not, they will be given back to their owners,” he added. 

According to Canikli, the “worst is over” for Turkey’s financial markets and a healthy recovery will be observed in the second half of the year. 

“The period of high volatility [in foreign exchange rates] is over,” he said, stressing that Turkey’s economy had “already hit the bottom” and is now on the path to recovery.    
   
Canikli particularly noted the recovery in domestic demand and production thanks to recent measures introduced by the government, saying this trend was expected to show itself in other economic figures by this summer.