“SİDEMİR, privatized in 1998 and purchased by businessman Erol Evcil, operated with an annual steel production capacity of 720,000 tons. In addition to serving the domestic market, the company exported to Europe, the Middle and Far East, Africa, and the Americas. However, it was forced to halt production approximately four years ago.
Following the suspension of production, the company faced financial difficulties and parted ways with a large number of its employees. Due to delays in salary payments and accumulating debts, claims and lawsuits emerged. While these ongoing cases were in progress, the court issued a new decision regarding the company’s management.
The 17th Heavy Penal Court in Bursa determined that the company was poorly managed and that the factory had depreciated in value. The court ruled that the previously appointed trusteeship be temporarily carried out by the Savings Deposit Insurance Fund (TMSF). Additionally, the court decided that the liens on the company would remain in place until the decision becomes final.
The court also left the door open for appeals against its decision.”
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