Turkey’s state-run Savings Deposit Insurance Fund (TMSF) has put Boyteks Tekstil, one of the country’s largest textile manufacturers, previously owned by the Boydak family, up for sale as part of its ongoing liquidation of assets seized after a coup attempt in 2016, Turkish Minute reported, citing the Velev news website.
According to the announcement of a tender published in the Official Gazette, the Treasury-owned Boyteks Tekstil will be sold in full through a process combining sealed bids and an open auction. The company has a preliminary valuation of 14.3 billion Turkish lira ($329 million).
The tender requires prospective investors to post a participation guarantee of 700 million lira ($16 million), pay 300,000 ($6,900) lira for tender documents and an additional 1.5 million lira ($34,500) for data room access and site visits.
The deadline for submitting sealed bids is March 30, 2026, with the open auction scheduled for March 31 at 10:00 a.m. at the TMSF’s headquarters in İstanbul, according to Velev.
Boyteks operates under Erciyes Anadolu Holding, which was formed after the state seized the Boydak family’s businesses in the aftermath of the July 15, 2016, coup attempt.
The tender comes as the TMSF continues to liquidate assets once belonging to Boydak Holding, a central Anatolia-based conglomerate that grew into a major player in furniture, textiles and energy before being seized by the state in August 2016 over alleged ties to the faith-based Gülen movement.
In September 2025 the TMSF completed the sale of HES Kablo, one of Turkey’s largest cable producers, after several failed tenders amid declining valuations. Earlier, the fund sold Bellona, a flagship furniture company of the group, for billions of lira.
Turkish President Recep Tayyip Erdoğan has been targeting followers of the Gülen movement, a faith-based group inspired by the late Muslim scholar Fethullah Gülen, since the corruption investigations of December 17-25, 2013, which implicated then-prime minister Erdoğan, his family members and inner circle.
Dismissing the investigations as a Gülenist coup and conspiracy against his government, Erdoğa began to target the movement’s members and designated it as a terrorist organization in May 2016. He intensified the crackdown on the movement following the coup attempt of the same year that he accused Gülen of masterminding. The movement strongly denies involvement in the coup attempt or any terrorist activity.
Following the failed coup, the Justice and Development Party (AKP) government launched a massive purge targeting real and alleged members of the movement under the pretext of an anti-coup fight, removing over 130,000 people from civil service jobs.
Boydak Holding, one of the largest conglomerates in Turkey, was active in a number of sectors, including energy, furniture and banking, with 38 subsidiaries. The holding had an annual turnover of more than $2 billion and employed over 13,000 people before it was confiscated. Its chairman, Hacı Boydak, and CEO Memduh Boydak were arrested in March 2016, months before the coup attempt, on charges of supporting the Gülen movement. In 2018 Turkish courts sentenced Memduh Boydak to 18 years in prison and Hacı Boydak to nearly 12 years. Their convictions were upheld by the Supreme Court of Appeals in 2023, and they remain in prison along with other Boydak executives.
The AKP also seized schools, universities, media outlets, companies and their buildings and the assets of individuals, corporations and organizations that were believed to have had ties to the Gülen movement.
More than 1,100 companies have been transferred to Turkey’s TMSF, most of them following the failed coup. Journalists from confiscated newspapers and TV stations have been arrested, replaced and jailed.
