Turkish deposit insurer takes over more Cukurova ventures
ISTANBUL - Turkey's deposit insurer announced Friday it had taken over 10 more companies owned by Cukurova Group for the Turkish conglomerate's debt default.
The Savings Deposit Insurance Fund of Turkey (TMSF) said the fresh takeover included Cukurova's satellite provider Digiturk, news channel Skyturk, radio channel Alem FM and daily Gunes, as part of its efforts to liquidate the debt the group, one of the largest in Turkey, owes to the Turkish insurer.
TMSF took over last week the group's two companies -- national television channel Show TV and vehicle manufacturer BMC.
The takeovers are a result of lingering debt owed to the government by Cukurova Group CEO, Mehmet Emin Karamehmet, in relation to a banking sector collapse and severe recession that happened in 2001, when several banks had sustained huge financial losses on loans given to companies within the group. Karamehmet so far has had to pay upwards of $4 billion to the government to settle his debt.
Friday, May 24, 2013