Companies transferred to the SDIF experience tripling growth in just 7 years

Title: Growth of Companies Under the Trustee of the Savings Deposit Insurance Fund

Date: July 15, 2023

The Savings Deposit Insurance Fund (TMSF) has taken over the management of 620 companies from 35 provinces in Turkey. The previous owners or managers of these companies were detained and arrested due to their involvement in the FETO coup attempt that took place on July 15. The TMSF operates as a trustee for these companies, which are involved in various sectors such as furniture, gold, and textiles.

Additionally, the TMSF has also been appointed as a trustee for 84 additional companies and the assets of 104 individuals. Preparatory procedures have been initiated for the liquidation and cancellation of 93 companies under the TMSF’s trust, along with the preparation of announcements and balance sheets. Moreover, the liquidation procedures of 30 companies have been completed and they have been withdrawn from the trade registry.

One noteworthy aspect is the significant increase in the equity of these 620 companies. At the time of transfer to the TMSF, their asset size was 39.6 billion TL. However, as of March 31, 2023, the asset size has grown by 197 percent to reach 117.7 billion TL. The total shareholders’ equity has also increased by 209 percent, rising from TL 4 billion to TL 53.7 billion. The companies’ turnover experienced a surge of 90 percent, reaching 92.15 billion TL, compared to 48.54 billion TL at the end of December 2021. Moreover, the profits of these companies have increased by 131 percent, reaching TL 8.99 billion during the same period.

Currently, these 620 companies managed by the TMSF employ a total of 27,185 individuals. The TMSF’s role as a trustee has not only ensured the stability of these companies but also fostered their growth and economic impact.

Source: TRT News.

 

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