The Savings Deposit Insurance Fund (TMSF) clarified that the comments regarding the appointment of trustees to private companies are not accurate and stated, “Without a court decision, TMSF cannot be assigned as a trustee to a company.” The institution also emphasized that legally, municipalities cannot have trustees appointed to them.

The Savings Deposit Insurance Fund made a statement regarding the trustee powers. In a written statement on the institution’s website, it was noted that without a court decision, TMSF would not appoint a trustee to a company. The statement by the institution said: “COURT DECISION IS REQUIRED” “The necessity to make a statement arose due to deliberate claims by a certain group in recent days that ‘TMSF will take over companies without a court decision.’ Without a court decision, TMSF cannot be appointed as a ‘trustee’ to a company. With the new legal regulation introduced 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 powers existing in the Banking Law. The appointment of trustees to companies is not a new regulation. According to the CMK, trustees are appointed to companies within the framework of the law if there is ‘strong suspicion.’

“RELATED TO INCOME DERIVED FROM CRIME” With the law amendment, TMSF can only be appointed as a trustee if there is strong suspicion that crimes related to money laundering of assets resulting from crimes regulated in the Turkish Penal Code, supplying weapons and armed groups, and financing terrorism crimes regulated in the Law on Prevention of Terrorism are committed, in accordance with Articles 133 and 128 of the Criminal Procedure Code. Contrary to allegations, appointing a trustee to companies not involved in crimes without a court decision is not possible, and legally, TMSF cannot be appointed as a trustee to municipalities.

CANNOT BE APPOINTED TO MUNICIPALITIES The law has not granted TMSF any new powers that have not been seen before. In summary, with the recent regulation, a 5-year arrangement has been made to enable TMSF to effectively manage the companies it is assigned to, by allowing the utilization of the existing powers defined in the Banking Law.”