Turkey’s crackdown on Gülen-linked entities seized 1,326 firms and $32 billion in assets

According to a study by Stichting Justice Square, Turkish officials have seized control of 1,326 companies and assets worth roughly $32 billion by invoking alleged connections to the Gülen movement after the July 2016 coup attempt. The investigation shows that emergency decrees evolved into a permanent trusteeship regime, with the Savings Deposit Insurance Fund (TMSF) appointed as trustee for firms suspected of money-laundering or terrorism, even without a conviction.

The law adopted in February 2025 permits TMSF to sell, dissolve or liquidate these assets, and many were disposed of at prices far below their reported market values. The crackdown also encompassed the closure of thousands of schools, dormitories, hospitals, universities, unions and 187 media outlets, transferring their property to the Treasury. Prominent industrial groups such as Boydak Holding, Koza İpek Holding and Naksan Holding were among those affected, with notable brands and a third of Turkey’s gold production taken over by the state. The report argues that these actions violate property rights and legal certainty, turning temporary emergency powers into a lasting mechanism of state-driven expropriation.