Kaynak raid places property rights under threat, politicians warn

A recent court decision to appoint administrative trustees to the board of Kaynak Holding and its 23 subsidiaries continues to draw reactions from politicians, who all point to growing concerns over the protection of property rights in Turkey.
and”This was literally aimed at bankrupting commercial entities or, more precisely, intimidating all companies that are seen dissenting to political authority. All these operations dent the rule of law. Property rights are violated as is free enterprise,and” said Mahmut Tanal, the main opposition Republican Peopleand’s Party (CHP) Istanbul deputy.
Investors do not opt to invest in Turkey when the rule of law is under threat, Tanal maintained, adding, and”In the absence of investment, there remains no employment, taxes are not levied and unemployment grows.and”
A Nationalist Movement Party (MHP) Kars deputy and former minister, Gandurcan Daidai said, and”Hijackers disguised as state officials attempted to confiscate Koza ipek yesterday and Kaynak Holding today. The free market economy has turned into a free usurpation economy.and”
The court decision to put Kaynak under receivership came only days after a similar court decision imposed the same practice on Koza ipek Holding, which had among its subsidiaries four media outlets critical of the governmentand’s policies. The courtsand’ decisions are regarded by most as the last waves of pressure against the faith-based Gandulen movement, which is inspired by the Turkish Islamic scholar Fethullah Gandulen.
In reference to a previously signed loan agreement between Turkey and the International Monetary Fund (IMF), Daidai said Turkey might again be obliged to ask for the IMFand’s help due to the growing risk of an economic crisis.
In a press statement on Wednesday, the Turkish Publishers Association (TYB) also reacted to the decision by saying, and”It is worrisome that the content of some publications could be censored as a result of such seizures.and”
Among the Kaynak groupand’s companies are Turkeyand’s largest publishing house and the NT Maiazalari nationwide bookstore chain.


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