In a significant court decision, the bank shares owned by the former executives and family members of Boydak Holding, alleged to have been used in financing the Fetullah Terrorist Organization (FETÖ), were confiscated. This case unfolded in Turkey’s 2nd Heavy Penal Court, with crucial steps taken to address financial links claimed to support the organization.
During the trial, defendants M.B., İ.B., Ş.B., and S.B. were present alongside their legal representatives. M.B. and B.B., currently serving sentences for separate charges, attended the proceedings remotely via Turkey’s SEGBIS video conferencing system. Five other defendants who had previously been granted exemption by the court did not appear in person.
The prosecutor maintained the previous stance, urging the confiscation of the defendants’ shares in Turkey Finans Katılım Bankası. According to the investigation led by the Financial Crimes Investigation Board, Boydak Holding allegedly sold a majority stake in the bank in 2008 for $582 million. This sum, claimed to have supported terror-linked entities, was reportedly channeled into unauthorized accounts, with records allegedly destroyed to obscure financial trails. Approximately 1.29 million lira of donations were linked to FETÖ, with evidence indicating irregular financial activities.
One of the defendants, M.B., contended that these shares were an inheritance from the family, adding, “Seizing these based on abstract claims lacks fairness. I reject the accusation of being at the core of a terrorist organization.” M.B. also proposed a grace period to allow the family to sell their shares if retaining them is not deemed acceptable.
Despite defenses challenging the prosecution’s claims, the court ultimately ruled to seize a total of 22.34% of the bank shares owned by the 11 defendants involved.
This case is a part of a broader legal pursuit against the Boydak family and Boydak Holding’s former leaders, some of whom were previously convicted in 2018. Key figures received sentences for alleged involvement with a terrorist organization, including 18 years for M.B. on charges of leading a terrorist organization, while others, including B.B., E.B., and İ.B., were sentenced to seven years and six months for membership in FETÖ. Additionally, the court upheld the confiscation of shares in 35 Boydak-affiliated companies, which had been previously transferred to Turkey’s Savings Deposit Insurance Fund (TMSF), ensuring third-party rights remained protected.
Commentary
This case highlights the Turkish judiciary’s rigorous approach to dismantling financial networks linked to FETÖ. Beyond individual sentences, the focus on corporate assets underlines an effort to cut off financial support channels, making it clear that family inheritance or corporate legacy claims won’t shield assets from scrutiny if linked to terrorism. The breadth and depth of these investigations show how financial transparency and accountability can be pivotal in national security efforts.
