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TMSF to put Karamehmet's Show TV, BMC up for sale

The Savings Deposit Insurance Fund (TMSF) announced late on Tuesday that media outlet Show TV and BMC, one of the largest commercial vehicle manufacturers in Turkey, which are both owned by Çukurova Holding Chairman Mehmet Emin Karamehmet, would be put up for sale in the near future.
TIMETURK / News Center

In the announcement, the TMSF said that an inspection currently underway into Çukurova Holding's assets would continue and the sale of both Show TV and BMC would take place soon in order to collect on the $455.3 million debt Çukurova Holding has to the TMSF. The TMSF also noted that as a result of agreements made between the two sides 2007 and 2009, it had already collected $89.2 million.

On May 17, The TMSF seized Show TV and Skytürk after Çukurova Holding violated its contract with the TMSF and failed to make payments on the media outlets' debt to the fund. The fund had said in a statement that the TMSF had handed over some companies it had earlier confiscated back to Çukurova Holding as part of a deal, but the group failed to keep its commitment and did not pay its debt to the TMSF.

The TMSF had previously set September 2012 as the deadline for the Çukurova Holding to make its payments. The fund said the Çukurova Holding has not made any significant payment towards its debt since that time, adding that the TMSF decided to seize the two media outlets under Banking Law No. 5411.

The TMSF also announced that court cases that had been stopped due to the agreements reached between the two sides would also be reopened. In addition, the TMSF sent notice of levy to 40 companies and five people within the scope of the ongoing investigation. So far, 302 pieces of real estate have also seized by the TMSF.

New owner to bring TSK back to table with BMC

Meanwhile, the sale of BMC to a new owner is expected to bring the Turkish Armed Forces (TSK) back to the table with BMC, which had previously agreed with TSK on a deal to produce Turkey's first mine-resistant vehicle, the Kirpi (hedgehog). BMC failed to fulfill the terms and the TSK had terminated the deal.

In 2009, the sides signed a deal for the TSK to purchase 468 Kirpi vehicles. However, as a result of financial difficulties experienced by the company only 278 of them were completed and the production of Kirpi vehicles stopped. Although another delivery took place, the remaining production was not completed. Turkey's Undersecretariat for Defense Industries (SSM) also fined BMC for 7 million euros for the action.

According to sources in Ankara, a new tender for BMC to produce the remaining 175 Kirpi vehicles is under discussion with the TSK. The National Police Department may also enter talks with BMC for 20 Kirpi vehicles once BMC's new owners start production.

Furthermore, BMC and the TSK had previously signed another deal for 706 military vehicles to be produced by BMC, as part of which 105 vehicles are still to be delivered to the TSK.(Todayszaman)
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