Minister Tunç Announces Sale of Seized Goods

October 21, 2023

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Minister Yılmaz Tunç Announces Sale of Seized Goods

In a recent announcement, Minister of Justice Yılmaz Tunç revealed the details of the sale of properties that are no longer required to be legally held in trustees. Minister Tunç emphasized that the sale process will prioritize the rights of the debtors and consider the interests of the rights holders and the public.

According to Minister Tunç, for goods that have had their liens lifted but are still held in trustees, they will first be offered to the debtor, with exceptions for certain legal entities such as customs administration and collection offices. If the debtor chooses not to claim their property, the electronic sales provisions will be implemented for the registered goods. This ensures that the interests of the rights holders and the public are taken into account.

However, in cases where electronic sales fail to find a buyer for the goods and the rights holders do not exercise their rights, the ownership of these goods will be transferred to the trustees and MKE, a public benefit company, in exchange for a fee. This transfer is made in consideration of the public interest, and any proceeds from the sale will be held and paid to the rightful owners.

Minister Tunç also emphasized that if all attempts to transfer ownership fail, the goods in question will be transferred to the Turkish Red Crescent Association free of charge. This step aims to prevent any damage to the country’s economy and the environment.

The procedures and principles for the liquidation process have been published in the Official Gazette, and the liquidation is set to begin on November 1, 2023, as per the determined calendar.

This initiative by Minister Tunç reflects the government’s commitment to ensuring transparency and fairness in the handling of seized goods and prioritizing the rights of individuals and the public interest.