Korkmaz Yiğit

After making his fortune in construction, Yiğit sought to move into finance in the mid-1990s. He bid in the privatization tender for Etibank, and after this was unsuccessful bought Bankekspres from Doğuş Holding for $100m in March 1997.[1]

In 1998 he acquired private television stations Kanal E and Tele 4, and then Kanal 6 (the latter for $110m). In August 1998 he bought the Ateş and Yeni Yüzyıl newspapers ($75m),[2][3] and in early October he acquired control of Milliyet ($300m).[4]

In August 1998, he had won the privatization tender for the majority of Türk Ticaret Bankası, with a $600m bid,[5] but after apparent connections with mob figure Alaattin Çakıcı were revealed in October, known as the "Türkbank scandal", the deal was put on hold on 14 October pending a parliamentary inquiry.[6] The Doğan Media Group bought back Milliyet on 22 October.[6] Bankekspres was seized by the government for a symbolic TL1bn.[1] Yiğit was jailed pending trial, accused of conspiracy in the Turkbank privatization and of defrauding Bankekspres.[7][8]

In 2007 the government's TMSF took some of Yiğit's companies in part-payment of debts owed.[9]