One of the best-kept secrets of the Turkish army is that it controls one of the country’s largest conglomerates. Oyak, the armed forces pension fund, operates as a holding company for investments in 26 companies, including joint ventures with such multinationals as Renault, Axa, Elf and Goodyear. Many Oyak ventures are household names in Turkey but even locally few people know that they are part of the military’s commercial empire. Oyak is commemorating its 40th year but it still does not publish accounts.
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