The Savings Deposit Insurance Fund (TMSF) clarified that the comments suggesting trustees would be appointed to private companies are not accurate, stating that “TMSF cannot be appointed as a trustee to a company without a court decision.” The institution also emphasized that legally trustees cannot be appointed to municipalities.

The Savings Deposit Insurance Fund made a statement regarding the trustee powers. In a written announcement on the institution’s website, it was stated that without a court decision, TMSF will not appoint a trustee to a company. The statement from the institution said: “COURT DECISION REQUIRED” “Due to deliberate claims by a certain group in recent days that ‘TMSF will seize companies without a court decision,’ it has become necessary to make a statement. TMSF cannot be appointed as a ‘trustee’ to a company without a court decision. According to the new legal arrangement imposed by Article 7 of Law No. 7539 published in the Official Gazette on February 4, 2025, if TMSF is appointed as a trustee in accordance with Article 133 of the Criminal Procedure Code (CMK), it becomes possible for them to use the authorities existing in the Banking Law. Appointing trustees to companies is not a new regulation. According to the CMK, trustees are appointed to companies within the framework of the law in case of “strong suspicion.”

“RELATED TO CRIME-PROCEEDS” With the legal amendment, TMSF can only be appointed as a trustee by the court under Articles 133 and 128 of the Criminal Procedure Code in case of strong suspicion of the commission of crimes related to money laundering of assets arising from crimes regulated in the Turkish Penal Code, providing arms to armed groups, and financing terrorism as regulated in the Law on Preventing Terrorism. Contrary to the allegations, appointing trustees to companies not involved in any crimes without a court decision is not possible, and legally appointing trustees to municipalities by TMSF is also not possible.

CANNOT BE APPOINTED TO MUNICIPALITIES No new powers previously unseen have been granted to TMSF in the law. In summary, with the recent regulation, a 5-year arrangement has been made to enable the effective management of companies appointed to TMSF by utilizing the authorities defined in the Banking Law.”