OYAK

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OYAK (abbreviation for Ordu Yardımlaşma Kurumu in Turkish ) is the pension fund of the Turkish armed forces . The fund is financed by a compulsory levy of all officers amounting to 10% of their pay . The military emphasizes that the fund should only ensure a livelihood for the families of killed or injured soldiers and facilitate the transition of soldiers into retirement through a one-off payment: “ We wanted to establish a system to ensure that members of the armed forces would not have to depend on the government alone for their income. ”

The money from the salaries is invested in a holding company, which includes over 30 companies from a wide range of industries, which employ over 30,000 people. This makes OYAK one of the three or four largest economic conglomerates in the country and one of the most profitable due to its tax and duty exemption. One of the subsidiaries in Germany is OYAK Anker Bank , based in Frankfurt am Main.

Since 2005 OYAK has held a majority stake of 52.8% in Erdemir , the largest Turkish steel manufacturer .

In 2015 OYAK took over the ailing German aluminum group Almatis . In the summer of 2019, negotiations were ongoing to take over the bankrupt British Steel group .

Web links

  • Michael Thumann: The Military in Turkey: The Army's Money Machine . In: The time . No. 32 , July 28, 2016 ( zeit.de [accessed August 28, 2018]).

Individual evidence

  1. ^ Mehmet Ali Birand: Shirts of Steel . IB Tauris, S. 148 (English).
  2. ↑ Eric Rouleau: Turkey's Dream of Democracy . In: Foreign Affairs . No. 79 , 2000, ISSN  0015-7120 , p. 109 (English, foreignaffairs.com [accessed on August 28, 2018]): “OYAK, among the three or four largest holding companies in Turkey, is unquestionably one of the most profitable. And with good reason: the group is exempt from duties and taxes. "
  3. ↑ 2001 - 2010. OYAK, accessed on August 28, 2018 (English, Corporate History).
  4. ↑ Almatis: Turkish pension fund buys ailing aluminum manufacturer. In: handelsblatt.com. July 14, 2015, accessed August 28, 2018 .
  5. ↑ fdi / dpa: British Steel: Turkish pension fund wants to buy insolvent steel producers. In: Spiegel Online . August 16, 2019, accessed May 16, 2020 .