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Turkey Hires Advisers to Sell $10 Billion of Seized Firms

  • Almost 600 companies confiscated in allegations of terrorism
  • Businessman Akin Ipek vows to sue state for taking over firms
Recep Tayyip Erdogan

Recep Tayyip Erdogan

Photographer: Michael Nagle/Bloomberg
Updated on

Turkey hired three local institutions to advise on the sale of 596 companies it seized because of alleged links to terror organizations.

The Savings Deposit Insurance Fund, known by its Turkish acronym of TMSF, picked Turkiye Sinai Kalkinma Bankasi AS, or TSKB, Vera Varlik Yonetim AS and Garanti Yatirim Menkul Kiymetler AS to advise on the sale of companies, the Istanbul-based fund said in a statement on its website on Wednesday. Firms will be grouped together and sold off in three three separate tranches.