Turkey Transfers Management of 608 Companies to State Fund After Coup Attempt

Following the failed coup attempt in Turkey on July 15, 2016, the Turkish government transferred management of 608 companies to the TMSF (Savings Deposit Insurance Fund). These companies were seized due to alleged links to the Gülen movement, which the government holds responsible for the coup. The move is part of a broader crackdown that has affected thousands of businesses and individuals. The TMSF now oversees these firms, which span various sectors including construction, media, and manufacturing. The government states the action is necessary to protect the economy and national security. Critics argue it undermines property rights and due process. The transfer represents one of the largest state seizures in modern Turkish history.

Global Impact

Politically, the seizure reinforces the government's consolidation of power and suppression of dissent, drawing criticism from international human rights organizations and some Western governments. Economically, the transfer disrupts normal market operations and could deter foreign direct investment due to concerns over property rights and legal predictability.