Akfel to continue operations: Turkey's insurance fund

ANKARA (AA) – There will be no liquidation of Akfel Holding, the largest private importer of Russian natural gas to Turkey, and the holding will continue its operations, the Turkish Deposit Insurance Fund (TMSF) confirmed Tuesday.

In a statement, the fund slammed recent media reports claiming a decision had been made to liquidate Akfel Holding as "unreasonable", "untrue", and "speculative."

"The TMSF has appointed a trustee by a court to Akfel Holding, and the company continues its operations. There is no liquidation decision taken regarding that holding," the statement said.

One of the holding’s shareholders, Murad Abdurrahman Baltaci, was arrested last September on suspicion of being a member of the Fetullah Terrorist Organization (FETO), headed by the U.S.-based cleric Fetullah Gulen.

The Turkish government said the terrorist group is behind the failed coup last July which aimed to overthrow the country's democratically elected government, and martyred at least 248 people and wounded around 2,200 others.