A powerful businessman’s purchase of a failed armored vehicle maker under the government’s disposition may alter business in Turkey’s thriving armored vehicles market, industry sources say.
Businessman Ethem Sancak’s investment fund ES Mali Yatirim ve Danismanlik AS on May 1 bid 751 million Turkish liras (US $359 million) for BMC. Sancak is known to be a close friend of Turkey’s prime minister, Recep Tayyip Erdogan. The government approved the sale May 8. Sancak was the only bidder for the company.
Sancak, who used to mostly operate in the pharmaceutical and health sectors, has recently switched the focus of his business toward “building up a strong presence in the media and defense sectors.” His media outlets are widely known to be pro-Erdogan publications. […]