Turkish Bank Regulator Takes Control of Boydak in Coup Probe

Turkey detained the mayor of the southeastern city of Van on Thursday, replacing him and two other mayors in the region, security sources said, pressing on with a crackdown on pro-Kurdish politicians.

ISTANBUL, Sept 6  – Turkey‘s bank regulator has taken control of Boydak Holding, which features in the Fortune 500 list of top Turkish firms, after the state said it would manage or sell off firms linked to a religious movement it blames for a failed coup, the Dogan News Agency said on Tuesday.

A court in the central Turkish town of Kayseri, where Boydak is based, ordered the Savings Deposit Insurance Fund (TMSF) to take control of the company due to allegations it financially backed Fethullah Gulen, a U.S.-based cleric whose followers the government said staged the July 15 attempted putsch, Dogan said.

TMSF was not immediately available to comment.

Mustafa Boydak, chairman of Boydak Holding and the head of the Kayseri Chamber of Industry, wrote on Twitter the company would pursue its legal rights and denied wrongdoing.

He is being investigated over the coup plot and was freed last month after being briefly detained.

The court last month ordered state-appointed administrators to run Boydak. Prime Minister Binali Yildirim said on Friday firms believed to have links with Gulen that are seized will be managed or sold by TMSF under a post-coup emergency decree.

More than 240 people were killed trying to prevent the military takeover, while at least 100 coup plotters were also killed. President Tayyip Erdogan has vowed to choke off businesses linked to Gulen, describing his schools, firms and charities as “nests of terrorism.”

Closely held Boydak, which has interests in textiles, home furnishings, chemicals, steel and logistics, had sales of 6.9 billion lira ($2.3 billion) last year. Fortune magazine said it ranked 487 on its list of Turkey‘s biggest companies in 2016.

Boydak was established in 1957 and was part of the so-called Anatolian tigers phenomenon: businesses that transformed Turkey‘s conservative and poor heartland during economic liberalisation beginning in the 1980s.

The TMSF is primarily tasked with managing funds related to troubled banks and has occasionally taken over non-financial assets held by banks or their owners.

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