NEWS NATIONAL NEWS        21/01/2016

Mustafa Koç, Chairman of Koç Group, dies of heart attack

Mustafa Koç, the chairman of the Koç Group of Companies, the largest conglomerate in Turkey, died from a heart attack in Istanbul earlier today. Mustafa Koç had been rushed to the Beykoz State Hospital having collapsed while exercising early in the morning. He was flown by helicopter to the American Hospital in the heart of Istanbul, but doctors, despite all endeavours, were unable to save him.

Born in 1960, Koç was educated at the Lyceum Alpinum Zuoz in Switzerland and graduated from George Washington University in 1984. As a third-generation member of the Koç family, he was appointed president of Koç Holding in 2003, replacing his retired father, Rahmi Koç. Mustafa Koç was the head of the High Advisory Council of Turkey’s top business organization, TÜS?AD, between 2005 and 2010. He was also the honorary president of the High Advisory Board of TÜS?AD and a member of the Foreign Economic Relations Board (DE?K).

The Koç Group of Companies is strongly represented in a wide range of sectors in Turkey including automotive, durable goods, food, retail, finance, energy, tourism, construction, international trade, information technologies, and defence, amongst others.  Koç Holding currently makes 45% of Turkey’s car production and 43% of the country’s total car exports. Its share in the country’s exports is around 10%. Founded in 1926, Koç Holding has also become one of the largest companies in Europe. The shares of 16 Koç Group companies are traded on the Istanbul Stock Exchange. The group comprise 113 companies, 90,000 employees, and 14,000 dealers, agencies, and after-sales services people. Koç Holding is the only Turkish company to be listed in Fortune Global 500 list. Fortune Global 500 ranked Koç Holding at 248 for the year 2011.

Turkey’s net minimum wage has been raised 26.05% to TL 2,020 (USD 381) as of 01.01.2019       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate increases to 16.65% in July 2019       Turkey’s unemployment rate decreases to 12.8% in May 2019       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 82,003,882 as of 2018 yearend       Number of foreigners visiting Turkey in 2018 increases by 21.8% to 39.5 million       Turkey’s private sector foreign debt is USD 225.8 billion as of 2018 yearend       Turkey’s economy contracted by 2.6% in the first quarter of 2019       Turkey shows surplus of USD 538 million in its 12 month rolling current account balance in June 2019