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An Istanbul penal (sulh ceza) court has appointed Turkey’s deposit insurance fund TMSF as trustee at cryptocurrency exchange Coino, the Istanbul chief prosecutor’s office (@istanbulCBS) said on November 14.
The company is accused of money laundering.
Since February, Turkey’s government has launched a wide range of judicial operations. Each day, people are arrested and companies are seized.
(See the latest situation with company seizures here and in political operations here).
More Borsa Istanbul companies
Also on November 14, the prosecutor’s office said that TMSF took over Borsa Istanbul-listed Verusa Holding (VERUS), Pamel Elektrik (PAMEL), Aciselsan Acipayam Seluloz (ACSEL), Verusaturk Girisim Sermayesi Yatirim Ortakligi (VERTU) and Innosa Teknoloji (INTEK), in addition to some other companies.
On November 5, TMSF took over Investco Holding (INVES) and Hat Holding over market manipulation allegations. The companies that were taken over on November 14 are related to these holding companies.
Drug trade
Separately, the prosecutor’s office said on November 14 that TMSF took over four more companies, namely Diamond Group Emlak, Karci Ic ve Dis Ticaret, Mavi Okyanus Denizcilik and Karci Lojistik as part of a drug trade prosecution.
Ekoturk TV sold
Local media reports suggested on November 14 that TMSF has sold local television channel Ekoturk TV to Negmar Denizcilik for a consideration of Turkish lira (TRY) 26mn ($0.6mn).
In August, Ekoturk TV was seized under the Papara operation. In May, TMSF took over the management of local fintech Papara. On October 30, the central bank revoked Papara’s licence.
In October, local media reports suggested that Flash TV, seized in March as part of an illegal betting operation, was sold to Oz Er-ka Insaat, owned by Esref Keles.
Fuel retailer files for bankruptcy protection
On November 12, local media reports suggested that fuel retailer TP Petrol has filed for bankruptcy protection, known as "concordato" in Turkey.
In October, directors of local fuel retailer Turkiye Petrolleri (TP Petrol) Dagitim were arrested over a complaint filed by STAR Refinery.
Fourth ‘detention wave’ at Grand Bazaar
On November 11, local media reports suggested that the Istanbul chief prosecutor’s office conducted a fourth detention wave at the Grand Bazaar as part of a money laundering prosecution.
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