Turkey says assets of seized firms worth $11.3 billion

The value of assets belonging to companies seized by the Turkish state during the ongoing state of emergency is nearly 41 billion Turkish Liras (around $11.3 billion), Deputy Prime Minister Nurettin Canikli stated on July 7.      
 
In a statement, Canikli said the Savings Deposit Insurance Fund (TMSF), operating through state of emergency decree laws, has been given power of trustee over 965 seized institutions.
       
The TMSF was also appointed as a trustee for the seized assets of 107 individuals.  
     
This insurance fund also paid nearly 438 million liras ($120 million) to deposit holders of a seized bank - Bank Asya - by June 12 this year, through the state-owned Vakıf Participation Bank.      
 
Bank Asya is a participation bank affiliated with U.S.-based Islamic preacher Fethullah Gülen, widely believed to have been behind the failed July 15, 2016 coup attempt, 

On May 29 last year, Turkey’s Banking Regulation and Supervision Agency, the country’s banking watchdog, ruled for the complete takeover of all shares of Bank Asya by the TMSF.    
   
According to Canikli, 537 million liras ($149 million) remain to be paid to Bank Asya deposit holders.

However, there are “no obstacles” to paying 118.8 million liras ($32.8 million) from this amount, he added.

Meanwhile, the Turkish Cabinet has appointed a new head to the TMSF, according to a notice published in Turkey’s Official Gazette on July 7.

Muhiddin Gülal has been a member of Turkey’s banking watchdog, the Banking Regulation and Supervision Agency (BDDK), since 2013.      

He started his career in 1997 at Sümerbank as a deputy inspector. Gülal worked in the inspection departments of both Etibank and Anadolubank until 2010 before joining the TMSF.