Boydaks To Answer Turkish Government Charges Against Them
September 21, 2016
ISTANBUL—The Boydak Holding founders Haci and Memduh Boydak, the Chairman and President respectively as well as some other family members have been in the custody of the Turkish Government in Ankara for the past six months according to a spokesperson for the company.
The reason for the ongoing investigation and incarceration of the Boydaks has to do with the Boydak’s personal charitable contributions, which have been called into question by the Turkish Government.
As a result of the ongoing investigation, the two brothers will appear in the Turkish Court in November to answer the charges against them from the Government.
Mustafa Yildirim, General Manager of Boyteks, the $50 million plus upholstery weaving division of Boydak Group continues to manage that division.
However, the Turkish Government has already placed five Board Members on the Boydak Group Board and some observers fear the Government will operate the entire group of 42 companies in the future, effectively ending the Boydak Family’s control and ownership of most of the companies they have carefully built over the past 59 years.
The Boydak Group has 25,000 employees and $2 billion in sales.
Boydak Holding owns the following Lines of business: furniture, cable television, iron , steel, textiles, chemicals, marketing, logistics, technical services, aviation, finance and foreign operations are active in services. The company began doing business in 1957 in Kayseri. Among the most important brands in Turkey incude Istikbal, Bellona, Mondi, Istikbal Kitchen & Bath, Hes Cable, Boyteks upholstery and Boyteks foam companies.
During this time, it is understood that business is holding up and all subsidiaries are profitable.