June 21, 2018 / 12:40 PM / a year ago

Seized Turkish property developers sign deal with four companies

ISTANBUL, June 21 (Reuters) - Turkish property developers Dumankaya and Fi-Yapi, seized by a state fund which runs troubled companies, signed a cooperation deal on Thursday with four companies to complete unfinished projects.

The deal signed with EURABAU, CPB, Drees&Sommer and Flagman Capital includes a 450 million euro ($519 million) foreign loan to spend on the incomplete housing projects.

The two major construction groups halted building work on housing complexes after they were taken over by Turkey’s Deposit Insurance Fund (TMSF) over alleged links to the network of U.S.-based Muslim cleric Fethullah Gulen.

Ankara blames Gulen for an attempted coup in 2016. Gulen has denied the charges. His followers were active in the Turkish business world, running companies spanning mining to financial services.

Turkish authorities seized the assets, or took management control, of over 960 companies worth 50.3 billion lira ($11.7 billion) over suspected links to Gulen, the TMSF said previously. The seized companies employed around 48,000 people. ($1 = 0.8663 euros) (Reporting by Ebru Tuncay; Writing by Ezgi Erkoyun; Editing by Daren Butler)

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