Asset sales bring in $18 bln

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Asset sales bring in $18 bln
Oluşturulma Tarihi: Kasım 20, 2008 20:00

ISTANBUL - The Savings Deposit Insurance Fund, or TMSF, has collected $18 billion by selling assets it collected from owners of confiscated banks and corporations over the last five years.

Haberin Devamı

Since 2003, when Ahmet Ertürk became the TMSF chairman, the fund has sold 11 radio stations, 11 television stations, and six newspapers via tender. The fund has also sold one bank, two football clubs, 25 factories, two ports, 11 marine vessels, five helicopters, 6,100 real estate properties, 2,000 vehicles, 300 items of heavy construction machinery, 500 guns, 145,000 household goods, 5,000 wines, 844 boxes of cigars, 500 oil paintings, 9,500 items of jewellery, 275 copyright licenses and 500 livestock.

Having sold 41 companies via tender, TMSF attained its highest income, $4.5 billion, from Telsim, a mobile phone operator acquired by Vodafone. The sale of daily Sabah and the Atv channel to Çalık Group followed for $1.1 billion.

The fund, the first to use glass boxes as bidding envelopes, collected revenue from Murat Demirel, former boss of Egebank, and Cavit Çağlar. In return for Demirel's cash debt of $451 million, the fund collected $131 million for the companies major shares, which had belonged to Demirel's family. Çağlar, on the other hand, paid only $233 million in return for his $1.6 billion debt stemming from Interbank.

TMSF collected $44 million from Korkmaz Yiğit, former owner of Bank Ekspress, in return for his $423 million debt and $80 million from the Ceylan Group for its debts of $379 million. Çukurova Group, on the verge of a new protocol with TMSF due to Interbank, drew attention as providing the highest payment to the fund.

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