The Turkish Savings Deposit Insurance Fund (TMSF) has announced that it will auction İstikbal Furniture, a major player in the Turkish furniture industry, which was seized during the FETÖ investigations in 2016. The company will go to auction with an estimated value of 12.5 billion Turkish lira. The auction date is set for September 30, 2025.
Tender Details Released in Official Gazette
According to the announcement published in the Official Gazette, the starting bid for İstikbal has been set at 12.5 billion TL. The deadline for submitting bids is September 29, and participants are required to provide a guarantee deposit of 625 million TL. The auction will be conducted via open bidding at the TMSF headquarters in Esentepe, Istanbul.
Background and Seizure
Founded in 1989 by Hacı Boydak, İstikbal was part of Boydak Holding. After the failed coup attempt in 2016, the company was seized due to its links to the FETÖ organization, and TMSF appointed a trustee to manage the company. İstikbal has since remained under state control.
Sister Brand Bellona Sold Earlier
Earlier this year, in May, TMSF sold İstikbal’s sister company, Bellona Furniture, for 8.1 billion TL.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök