The Bakırkoy Commercial Court in Istanbul ordered the seizure door assets of Nas Construction, the owner of which, Esat Ulu, is known to be a close ally of Turkey’s President Recep Tayyip Erdogan.
The seizure was ordered as the company couldn’t pay its debts to Ece Construction.
Journalist Ali Yilmaz from Turkish Diken news portal reported that, Bakirkoy Commercial Court’s precautionary assessment decisions were processed through the execution office.
In two separate files, the court ordered precautionary assessment for three companies of Nas Construction Inc., Ultra Technology Industry and Trade Inc. and Nas-Ultra Bağcılar Urban Transformation Work.
Following the decision taken by the execution office, the company’s foreclosure process was carried out at the company’s headquarters in the World Trade Center.
Ismail Sahin, a lawyer of the creditor company was present during the foreclosure process at the company’s headquarters. The foreclosure decision was delivered to an official of the company, Diken reported.
Nas Construction completed massive projects for Istanbul Metropolitan Municipality and its construction company Kiptas such as Aqua Florya Shopping Mall, Avcilar-Beylikduzu Metrobus Road, Gulpinar Aquaculture Building, Basaksehir Waters Valley, Kiptas Catalca Social Houses and Sultangazi Cultural Center.
The Construction sector was the locomotive of theTurkey’s economy for many years during Erdogan’s Justice and Development Party’s 17 years rule but as Turkish economy entered into recession since the end of last year, many construction firms have declared bankrupty.
The Turkish lira lost its 50 percent of its value in a year and surging interest rates have had a huge negative impact on the country’s construction industry.