ECONOMY

Turkey says assets of seized firms worth $11.3B

TURKEY SAYS ASSETS OF SEIZED FIRMS WORTH $11.3B

Asset volume of companies seized by Turkish state has reached nearly 41 billion Turkish liras, says deputy PM

The value of assets belonging to companies seized by the Turkish state is nearly 41 billion Turkish liras (about $11.3 billion), Deputy Prime Minister Nurettin Canikli said on Friday.

In a statement, Canikli said a Savings Deposit Insurance Fund (TMSF) -- operating on decrees as part of Turkey's ongoing state of emergency -- had been given power of trustee over 965 seized institutions.

The TMSF had also been appointed as a trustee for the seized assets of 107 individuals.

This insurance fund also paid nearly 438 million Turkish liras ($120 million) to deposit holders of a seized bank -- Bank Asya -- by June 12 this year, through state-owned Vakif Participation Bank.

Bank Asya is a participation bank affiliated with U.S.-based cleric Fetullah Gulen, whom the Turkish authorities accuse of leading a clandestine parallel state to undermine the Turkish government.

The Turkish government said the failed coup on July 15, 2016 was organized by Gulen's followers.

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 Turkish 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.

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