Turkish Builder Fi Yapi in Financial Trouble, Hurriyet Says

Fi Yapi AS, a Turkish low-cost mass housing builder, can’t complete its projects and is having difficulty paying back 20 million liras ($11.1 million) owing to contractors and the tax office, Hurriyet reported, without saying where it got the information.

Fi Yapi, based in Istanbul, has stopped projects in Istanbul, Sakarya and Izmir provinces for about 4,000 apartments in total, the newspaper said. Fikret Inan, owner of the company, told the newspaper there were no financial problems.

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