It is not clear when the government will begin auctioning off seized firms. The risk is that the economy may gradually come to resemble Russia’s, where political loyalty is the price for keeping a slice of the pie. “It is like watching a piece of snow roll down a mountain,” says a veteran civil servant ousted in one of the purges. “You think it won’t hit you, until you realise it’s becoming an avalanche.”
Since the attempted military coup on July 15, the government, empowered by a state of emergency, has fired or suspended about 125,000 people, of whom nearly 40,000 have been arrested, and tens of thousands of others taken into custody. As a result, roughly 800,000 people have been completely cut off from any economic safety net.
Critics of the ruling AKP expect it to sell Gulen-linked companies to government allies in the business world at a large discount. In mid-October the AKP-linked Metro Holding applied to the TMSF to acquire all of Koza Ipek Holding’s shares. Akin Ipek, the fugitive former owner of the conglomerate, asked on Twitter how Koza Ipek’s $600 million in cash and $20 billion in mining assets could be acquired by a comparatively unimpressive entity. Metro Holding’s capital comes to just over $95 million.
Thanks to a new decree law released as part of the state of emergency declared late on July 20 following a failed coup, Turkey’s government is now set to seize all the Turkish companies owned by businessmen somehow linked to the US-based Islamic Scholar Fethullah Gülen.
“The business world is where they are the strongest. We will cut off all business links, all revenues of Gulen-linked business. We are not going to show anyone any mercy,” Erdogan said, describing the detentions so far as just the tip of the iceberg. The Turkish authorities had already seized a bank, taken over or closed several media companies, and detained businessmen on allegations of funding the cleric’s movement ahead of the failed coup attempt.
The fight against poverty, ignorance and disunity is a shared responsibility among the government, the private sector, civil society and non-governmental organizations. The reason is that the government alone does not have the requisite human and capital resources to sustain this struggle.
More Turkish investors have expressed their interest to invest in education, the real estate, construction and manufacturing sectors in Ghana. The President of the Ghana-Turkey Cooperation and Development Association (TUDEC), Mr Yusuf Temizkan, says prospective investors would be arriving in the country within the year to inject their capital into the country’s economy. He said […]
The President of the Ghana-Turkey Cooperation and Development Association (TUDEC), Mr Yusuf Temizkan, has disclosed that a prospective investors from Turkey would be arriving in Ghana within the year to inject their capital into the country’s economy. “More Turkish investors have expressed their interest in investing in education, the real estate, construction and manufacturing sectors […]
A report released by the prestigious London-based think tank Chatham House has praised the efforts of the faith-based Gülen movement in Sub-Saharan Africa (SSA), saying that it has been a major driving force of Turkey’s engagement in the region; however, it has warned that the Justice and Development Party’s (AK Party) ongoing battle against the movement may hamper further Turkish presence there.
“Pak Turk Businessmen Association (PTBA) is actively working to enhance bilateral trade between Pakistan and Turkey from present meager US nine million dollars to US three billion dollars in next few years.” PTBA Secretary General Aslam Bhatti stated this while talking to Business Recorder.