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Turkey suspends plan to sell firms seized after failed coup

March 25, 2017 at 11:06 am

The Turkish authorities have suspended a plan to sell almost 600 firms worth about $10 billion which were confiscated in the wake of the failed military coup last year, Bloomberg has reported.

According to sources close to the move, it is not clear whether the Istanbul-based Savings Deposit Insurance Fund would go ahead with the sales or not due to fears of legal disputes related to ownership of the companies. Bloomberg said that the 600 firms in question are among more than 850 with capital of 48 billion Turkish Lira ($13.2b) confiscated by the government last year.

The government in Ankara accuses the companies of supporting Fethullah Gülen, who is blamed for orchestrating the coup attempt.