Turkey: Court approves takeover of Boydak Holding

KAYSERI, Turkey

A court in central Kayseri province on Monday ruled in favor of takeover of the Boydak Holding by the Turkish Savings Deposit Insurance Fund as part of an ongoing probe into the Fetullah Terrorist Organization (FETO).

A former executive at the holding, Haci Boydak, and three other executives -- Sukru, Ilyas, and Bekir Boydak -- were remanded in custody early August, while a court in Kayseri ordered the release of the holding's chairman, Mustafa Boydak and another executive Halit Bayhan under judicial control.

On Aug. 18, a Turkish court had appointed trustees to Boydak Holding for alleged ties with FETO, the group that staged the defeated July 15 coup.

*Reporting by Muzahim Zahid Tuzun; Writing by Sibel Ugurlu