State fund seizes GNC Turkey over link with dodgy businessman
ISTANBULThe Turkish state fund has seized all store products from the health and nutrition brand GNC, claiming the company has a secret partnership with a corruption-charged Turkish businessman.
The Turkish Savings Deposit Insurance Fund (TMSF) reportedly seized Bakara medical goods, the company that handles GNC’s distribution products in Turkey, after proving there was a financial link between former Bayındır Holding owner Kamuran Çörtük and Bakara.
After several years of judicial hearings, Çörtük was eventually charged with a 5-year jail term for alleged fraud at his former bank Bayındırbank.
Bakara had entered the insurance sector in 2002 after acquiring Bayındır Sigorta, which was transferred to the TMSF in 2002.
According to sources, the TMSF has been suspected of a relation between Çörtük and Bakara for some time and recently discovered evidence supporting their suspicions.