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Turkish CEOs Targeted in Coup Crackdown

Spare a thought today for colleagues in Turkey, who are facing arrest at the hands of the ruling Erdogan administration.

Turkish news agency Anadolu reports that police on Thursday raided 200 addresses across 18 provinces, including Istanbul, seeking the arrest of 187 people—including executives—as part of an investigation into last month’s failed coup.

President Recep Tayyip Erdogan has accused U.S.-based cleric Fethullah Gulen of planning the botched attempt to overthrow his government. Hundreds of business leaders stand accused of sending Gullen funds—though it appears from currently available information that only Turkish nationals have been singled out.

“Some companies are good at reinvesting in employees, but it’s about helping them become better employees.”

An unidentified source told Anadolu that some of the people targeted in Thursday’s raids include Rizanur Meral, Chairman of The Turkish Confederation of Businessmen and Industrialists, an employer group; Omer Faruk Kavurmaci, the chairman of fashion company Aydinli Group; and Faruk and Nejat Gulluoglo, the owners of a popular baklava chain.

The raids are the second this week, after a major operation in Istanbul on Tuesday against 51 companies, including contractor Afka Holding and supermarket chain A101 led to 80 arrests.

Three executives at Boydak Holding, one of Turkey’s largest conglomerates with interests in energy, finance and furniture, have also been detained.

Turkish Prime Minister Binali Yildirim said Wednesday over 20,000 people had been remanded in custody since the July 15 coup attempt.

The crackdown on senior business leaders could detract foreign investment in the country.

A recent BBC report notes that S&P last month downgraded its rating on Turkey, while Germany’s trade association has warned against investing there.

About Ross Kelly

Ross Kelly
Ross Kelly is a London-based business journalist. He has been a staff correspondent or editor at The Wall Street Journal, Yahoo Finance and the Australian Associated Press.