Turkish SDIC authorized to run private companies

A string of new legislation  grants two Erdogan-appointed regulatory agencies to sack elected officials and take over the management of private companies for a wide range of suspected crimes, all very nebulously defined. Erdogan-appointed State Inspection Board now is added to Ministry of Interior with the authority to sack opposition    mayors. Savings and  Deposit Insurance Corporation is also authorized to appoint trustees to the board of directors of private companies, which don’t to the line in operating in line with Erdogan’s crony regime.  

TRUSTEE AUTHORITY TO TMSF FOR 5 YEARS

  According to the law published in the Official Gazette, the Savings Deposit Insurance Fund (TMSF) can be appointed as trustee of companies or assets in case there is a strong suspicion that crimes determined within the scope of the Turkish Penal Code and the Law on the Prevention of Financing of Terrorism have been committed. This authority will be valid for 5 years.   SDIF will be able to exercise the general assembly powers of the companies to which it is appointed as trustee, without being subject to the provisions of the Turkish Commercial Code. The management of the companies will be carried out by managers appointed by SDIF in accordance with commercial practices and as a prudent merchant. In addition, taking into account the companies' financial situation, partnership structure and market conditions, it may be decided to partially or completely sell, terminate or liquidate their assets. The consent of minority shareholders will not be required in sales and liquidation transactions.  

AUDITING AUTHORITY TO DDK IN FOUNDATIONS AND ASSOCIATIONS

  With the law, the powers of the State Inspection Board (DDK) were also expanded. With the regulation made in line with the annulment decision of the Constitutional Court, DDK will be able to conduct all kinds of administrative investigations, examinations, investigations and inspections in public beneficial associations, foundations, cooperatives, unions and their partnerships and affiliates.  

LOWEST RETIREMENT PENSION INCREASED TO 14 THOUSAND 469 TL

  Within the scope of the omnibus law, regulations for retirees also came into force. The lowest pension was increased from 12 thousand 500 lira to 14 thousand 469 lira. In addition, 1969 lira difference payment will be made to retirees for January.   With the law, it was decided that the minimum wage support provided to employers would be 1000 lira for 2025. In addition, the Electricity Production Joint Stock Company (EÜAŞ) will be able to execute energy purchase and sales agreements within the scope of the existing contracts of Türkiye Electricity Trade and Contracting Inc. (TETAŞ).   Press sources   IMPORTANT DİSCLOSURE:  PA Turkey intends to inform Turkey watchers with diverse views and opinions.  Articles in our website may not necessarily represent the view of our editorial board or count as endorsement.    Follow our  English language YouTube videos  @ REAL TURKEY:   https://www.youtube.com/channel/UCKpFJB4GFiNkhmpVZQ_d9Rg And content at Twitter: @AtillaEng Facebook:  Real Turkey Channel:   https://www.facebook.com/realturkeychannel/