Analysis
Smart, independent reporting on Turkey's politics, economy and foreign affairs.
The collapse of the half-century-long Assad dynasty following the flight of Bashar Assad to Russia on Dec. 8, 2024 overjoyed pro-government circles here. Some even started to mention Aleppo as Turkey’s 82nd province, while the shares of cement and construction companies surged on the stock exchange.
The financial crisis facing companies in Turkey is deepening as the amount of non-performing loans from banks exceeded 519 billion lira as of the week of Oct. 24. In the January-October period of 2025, the number of companies granted a temporary moratorium on debt repayment rose to 2,326, a 72% increase year on year.
Authorities seized Habertürk, Show TV and Bloomberg HT, along with 121 other companies tied to Can Holding, after the Küçükçekmece Chief Prosecutor’s Office issued arrest warrants for eight people, including owners Mehmet Şakir Can, Kemal Can, and Chairman of the Board Kenan Tekdağ. The suspects face charges of forming a criminal organization, smuggling, fraud, and money laundering.
The debate kicked off following an article by journalist Zeynep Gürcanlı, who asked why Turkey did not join the statement issued by the Hague Group during their meeting in Bogota on July 16. Turkey was among 30 countries at the Bogota conference, yet opted not to sign the statement, which included measures against Israel. Among these measures are the denial of arms to Israel, a ban on ships transporting such arms, and a review of public contracts for possible links to companies that benefit from the Israeli occupation.
Enis Güçlü Şirin, the trustee appointed to İmamoğlu İnşaat—the family business of Istanbul Mayor Ekrem İmamoğlu—holds positions on the boards of more than 20 other companies. All the firms where Şirin serves are under the administration of Turkey’s Savings Deposit Insurance Fund (TMSF) which operates firms that have been seized by the state often because of bankruptcy, tax debts, or links to the Gülenist movement.
The United States has imposed sanctions on 22 entities linked to a shadow banking network accused of facilitating illicit oil trade on behalf of the Iranian regime. The network operates through front companies based in Turkey, the United Arab Emirates, and Hong Kong, funneling revenue to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), the U.S. State Department announced on July 9.
The United States has imposed sanctions on 22 entities linked to a shadow banking network accused of facilitating illicit oil trade on behalf of the Iranian regime. The network operates through front companies based in Turkey, the United Arab Emirates, and Hong Kong, funneling revenue to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), the U.S. State Department announced on July 9.
Tunç Soyer, the former mayor of İzmir, was detained as part of an operation targeting the municipality and its affiliated companies during his term.
Kayyum or Kayyım (trustee, noun) often crops up on the Turkish agenda like an unwelcome ex-chief at a political celebration. The English-language media has translated it as trustee, as in “Turkey sacked three mayors in the Kurdish-majority southeast on alleged 'terrorism' charges and replaced them with trustees.” But as with most things, context is key. The word is actually an exalted name in Islamic theology, describing an attribute of God: the eternal, self-sustaining one, who maintains all existence. The term implies omniscience and omnipotence—qualities far removed from the bureaucratic function of trustee appointments. In more everyday language, it’s also a term for a mosque custodian. But lately, Turkey’s government has repurposed the term, applying it to officials appointed to oversee (or seize) the operations of private companies, foundations, and -mostly- municipalities suspected of wrongdoing. It should not be confused with a guardian (vasi), whose role implies that the person they care for is legally incapable of managing their own affairs. Tanıl Bora, master of Turkish political terms, explains: “A guardian is appointed to a person, a kayyum to property.”