Türkiye’s Savings Deposit Insurance Fund clarifies ‘trustee’ authority over companies

Türkiye’s Savings Deposit Insurance Fund (TMSF), a governing body that protects the rights of savers from corruption and irregularities, refuted allegations of seizing companies without a court order, emphasizing the necessity of court rulings for such actions.

TMSF issued a statement on Sunday regarding the new regulation on trustee powers, which was published in the Official Gazette on Feb. 5 and subsequently came into effect. According to the statement, the amendment allows TMSF to use its existing authorizations only if a court decision appoints the fund as a trustee to a company.

The fund underscored that, without a court decision, it has no authority to be appointed as a trustee to any company.

‘Appointing TMSF as trustee to municipalities is impossible’

“With the recent legal amendment, the Savings Deposit Insurance Fund can only be appointed as a trustee by a court if there is a strong suspicion that offenses have been committed, such as laundering assets derived from crimes, providing weapons and aiding armed organizations, or financing terrorism,” TMSF stated.

The fund also clarified that it is “legally impossible” for TMSF to be appointed as a trustee to municipalities.

“In summary, the recent regulation introduces a five-year provision allowing the TMSF to utilize its existing powers more effectively in managing the companies it has been entrusted with,” the statement added.

According to the latest data, the number of companies currently under TMSF trusteeship stands at 678 as of Feb. 10, 2025.