Stichting Justice Square, an Amsterdam-based foundation, has published “Report on the Politics of Plunder and State-Sponsored Expropriation of Property in Türkiye”. The report examines property unlawfully confiscated from people and institutions accused of links to the Gülen movement since 2016 and argues that measures introduced under the state of emergency became a permanent mechanism.

The report says the Savings Deposit Insurance Fund (TMSF) acted as trustee in 1,326 companies. Courts have lifted trusteeship in 643 cases, and the Fund continues as trustee in 683 companies across 35 provinces. It says TMSF has raised TRY 18.6 billion from selling companies. These figures come from Turkish business press reports the authors accessed in April 2026.

Under the emergency decrees, the report counts 1,595 associations, 155 foundations, 1,061 private schools, 841 student dormitories, 223 tutoring centres, 15 universities, 19 trade unions, 47 health institutions and 187 media organisations permanently closed, with their assets transferred to the Treasury or the Directorate General of Foundations. The media figure comprises 70 newspapers, 20 magazines, 33 television channels, 34 radio stations and 30 publishing or distribution companies.

The report puts the minimum value of the property affected at \$32.24 billion. That figure is a 2020 estimate by Ali Yıldız and Leighann Spencer, published on the IACL-AIDC blog, which the report describes as a minimum investment-cost estimate rather than market value, and which covers the 998 companies transferred to TMSF in the early period rather than the 1,326 later under trusteeship. The report’s own sectoral estimates, calculated at 2016 exchange rates, include \$2.76 billion for closed schools, \$806 million for dormitories, \$1.29 billion for health institutions and at least \$1 billion for media organisations.

On the legal mechanism, the report traces the seizures to Decree Law No. 675, which it says created a statutory presumption of sham transactions and permitted transfers of property without trial, later incorporated into Law No. 7082. It notes that Law No. 7539, adopted on 31 January 2025 and published on 4 February 2025, added a provisional article to Law No. 7145 of 2018 allowing courts to appoint TMSF as trustee where there is strong suspicion of listed offences, without a final conviction, and allowing the Fund to sell or liquidate the companies.

The report cites Koza İpek Holding, whose 22 companies were transferred and confiscated, with Koza Altın later going to the Türkiye Wealth Fund; Naksan Holding, whose Naksan Plastik was sold for TRY 1.476 billion, which the report says was below its value; and the Dumankaya Group, whose 86 immovables were put up for sale before a final court decision.

The report argues that the seizures meet the definition of crimes against humanity in Article 7 of the Rome Statute. It notes that Türkiye is not a party to the Statute.

The state of emergency ended in July 2018. Under Law No. 7539 of 2025, a court may appoint the TMSF as trustee, and the Fund may sell or liquidate the company, without a final conviction.

This unlawful practice is ongoing. On 8 September 2026 TMSF published tender notices for the sale of two companies whose shares are held by the Treasury: Kaynak Kağıt A.Ş., 57,480,000 shares with an estimated value of TRY 150 million, with the tender set for 6 October 2026, and Sürat Sigorta Aracılık Hizmetleri Ltd. Şti., 24,000 shares at TRY 455,000, set for 7 October. Both are reported to be Kaynak Holding companies; the report says the Court of Cassation affirmed the confiscation of 24 companies in that group. The notices state that TMSF is not subject to the State Tender Law No. 2886 and is free to sell or not to sell, and to sell to whichever investor it considers suitable. They also bar from bidding any person or company convicted of, or under investigation or prosecution for, membership of, affiliation with or connection to “FETÖ/PDY” or other structures designated by the National Security Council.