German firm may finish construction halted after Turkey’s coup attempt: Fund head

KAYSERİ

The state fund that manages seized companies is in advanced talks with a German firm about completing building projects halted after the 2016 coup attempt, the head of the Savings Deposit Insurance Fund of Turkey (TMSF) said on May 8.

Since the coup attempt the authorities seized the assets of, or took management control over, 960 companies worth 50.3 billion Turkish Liras ($11.7 billion), said TMSF head Muhiddin Gülal, Reuters reported.

The seized companies employed around 48,000 people, Gülal added.

Two major construction groups, Dumankaya and Fi Yapı, halted building work on a number of housing complexes after the companies were taken over by authorities.

The TMSF is now in talks with a German firm interested in taking over those projects, Gülal said at a news conference in the Central Anatolian province of Kayseri without naming the company.

“A Germany-based group has committed to complete unfinished housing projects. The talks are at the final stage and we will take action within 10 days,” he added.

Gülal said that 200 million liras are needed to complete the Fi Yapı projects and 100 million liras are needed for the Dumankaya projects.