A Turkish defense contractor seized by the government last year over alleged links to the faith-based Gülen movement and accusations of military espionage has been sold to state-owned missile producer ROKETSAN for $471 million, according to Turkish media reports.
ROKETSAN was the only bidder in the auction held Wednesday by Turkey’s Savings Deposit Insurance Fund (TMSF) at its headquarters in İstanbul’s Esentepe district. The company bought the full commercial and economic assets of the Assan Group.
The sale price was well above the $416.5 million value set by the TMSF when it put Assan’s assets, rights and holdings up for sale last month.
Turkish media described the $471 million sale as a record for the fund.
The tender covered assets belonging to Assan Group Makine Savunma Sanayi, which has been managed by court-appointed trustees since August 2025.
The package included real estate used in the company’s defense operations, allocated land, machinery and equipment, fixtures, leased assets, trademarks, domain names and existing contracts.
The government takeover of Assan stemmed from an investigation by the İstanbul Chief Public Prosecutor’s Office into alleged military espionage and alleged links to the Gülen movement.
The Gülen movement, inspired by the views of the late Turkish cleric Fethullah Gülen, was designated as a terrorist organization by the Turkish government in May 2016, a designation not recognized by the United States, the European Union or major international bodies.
The government accuses the movement of orchestrating a failed coup in July 2016. Gülen, who died in 2024, and his followers strongly denied involvement.
As part of the investigation, company owner Emin Öner, general manager Gürcan Okumuş and three others were detained. Four of the suspects, including Öner and Okumuş, were later arrested pending trial.
Prosecutors filed an indictment in February seeking lengthy prison sentences for the five executives on charges related to alleged Gülen links and documents concerning state security.
Turkish media had reported claims that Turkish Armed Forces procurement plans were leaked to Assan.
Assan has denied wrongdoing, saying the documents at the center of the investigation were internal production and delivery schedules prepared at the request of the Turkish army and kept in the company’s records.
The investigation later expanded beyond the company, with İsmet Sayhan, a former chair of the state-run Mechanical and Chemical Industry Corporation (MKE), also jailed in connection with accusations of unlawfully obtaining and misusing documents tied to state security.
MKE is a state-run manufacturer that produces ammunition, artillery and other materiel for the Turkish Armed Forces.
The Assan Group was founded in 1985 and became a major Turkish defense contractor producing ammunition and bombs for domestic and foreign buyers. The company had raised its profile in recent years through appearances at major defense fairs in Abu Dhabi and İstanbul.
The sale has attracted attention because hundreds of companies have been transferred to state trusteeship since the failed coup in 2016 over alleged links to the Gülen movement.
Critics say the practice has allowed the government to take control of private assets before the completion of court proceedings.
According to figures published by the Anadolu news agency in July 2025, on the coup’s ninth anniversary, the government has seized 784 companies with a total asset value of TL 42.3 billion at the time of their takeover, an estimated $14 billion in 2016 USD terms, as part of a sweeping crackdown on the Gülen movement that followed the abortive putsch.