Media Group Confiscated by Fund

Savings Deposit Insurance Fund confiscates the administration of Merkez Media Group on grounds that a secret partnership had been revealed with its former owner Dinç Bilgin who had been convicted on felonies regarding his activities in Etibank.

İstanbul

An independent body established to monitor financial capital in Turkey following 2001 banking crisis, Savings Deposit Insurance Fund (TMSF) confiscated the administration of Merkez Media Group.

The move includes one of the best selling dailies in the country, Sabah as well as ATV television channel.

The regulatory body founded its judgment on recently revealed secret agreements between former owner of the companies Dinç Bilgin and the current owner Turgay Ciner.

Arrangements in question unveil continuing partnership between the two, kept secret from the Fund.

Dinç Bilgin's assets were confiscated following allegations of felonies in his Etibank during the crisis; he later declared to sell the media companies to Ciner to cover his debts.

TMSF officials visited the Sabah daily offices on Sunday and declared the ruling to the editor-in-chief Fatih Altaylı. While the administration of the newspaper is confiscated, the content wouldn't be intervened, they said.

The operation consists of a total of 63 firms belonging to Merkez Media Group and Bilgin's Medya Group.(EÜ)