With a new law that is expected to soon be approved in the Turkish parliament, the government of President Recep Tayyip Erdoğan will grant legal immunity to trustees and executives appointed to companies that were seized by the government and later transferred to the Savings Deposit Insurance Fund (TMSF).
Board members and executives appointed to the seized companies are mostly members of the ruling party, former lawmakers or bureaucrats close to the government. They will be exempt from liability for corruption and misconduct even if cases are concluded in favor of former owners who claim that their companies suffered losses while they were managed by the TMSF.
Amending the current law, which stipulates that appointees who inflict financial damage on companies in their charge face a criminal case and the possibility of paying restitution, the government is now preparing to grant them the status of state officials whose prosecution is dependent on permission from the government. It is not likely that they will be prosecuted even if they violate the law given the fact that the Erdoğan government does not grant such permission. The proposed law will also ensure that appointees remain loyal to the government, preventing them from making disclosures if they are at odds with the authorities.
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Moreover, the bill also proposes a change that the state reserves the right to demand compensation from its appointees in cases in which it suffers damage, contrary to the current law. In other words, even if the state suffers losses through the management of these companies, the suspects will not even be able to be investigated because the government may not see the need for it.
Read more: Nordic Monitor
