A Turkish company sparked controversy over its subordination and transfer of ownership to Qatar

Major Turkish companies seem to have decided to change their skin, to overcome Ankara’s dire economic crises, and to exploit Qatar’s fortunes by moving to Doha’s patronage, sparking a major controversy in less than two days.

Following the crisis triggered by the prominent Turkish defense company Aselsan, the Chemical and Machinery Industries Corporation has sparked controversy over its subordination and transfer of ownership to Qatar.

This was evident through the celebration of the Turkish Chemical Industries and Machinery Corporation on the National Day of the State of Qatar, which raised many questions about the sale of the institution to Qatar.

On Saturday, the Turkish Foundation posted a tweet on its official Twitter account congratulating Qatar on the occasion of Qatar National Day.

On 30 June, parliament passed a bill on the transformation of the institution into a joint-stock company, and then word spread that a Qatari delegation had made an inspection visit to the institution before the law was passed, which is likely to be Doha’s purchase of the company.

This comes after the prominent Turkish defense company Aselsan applied to the Turkish Trademark and Patent Office and registered the trademark Aselsan QATAR.

Republican People’s Party parliamentarian Mahmud Tanal demanded an inquiry in parliament on the matter, addressed to National Defense Minister Hulusi Akar.

In the interrogation, the opposition MP raised several questions, including one that highlights whether the allegations that Aselsan registered a trademark from the Turkish Patent and Trademark Office to work in the State of Qatar are true or not, according to Turkish newspaper Zaman.

He also asked for clarification on whether there are companies established by Aselsan to operate in Qatar, or whether there are companies with a separate legal entity in which Aselsan has common shares.

The Republican People’s Party member revealed his concerns about the security and privacy of the defense industry, companies in the defense industry and products produced by these companies, and the security of commercial secrets in the interrogation.

The Turkish lira has recently experienced a huge depreciation against the US dollar, falling sharply, especially after the Turkish Central Bank again announced interest rate cuts.

The bank decided to reduce the interest rate by 1%, to 14%, at a meeting held by the Monetary Policy Committee in the bank, on Thursday, despite warnings of the effects on the lira’s rate. Immediately, the Lira fell to its lowest level ever, reaching 15.6 Lira per dollar.

Over the past three months, interest rates have been lowered because Turkish President Recep Tayyip Erdogan believes this will curb the price hike, and this policy has caused a currency crisis, which has led to an inflation rate of more than 21%.

The sharp decline in the Turkish lira is one of the most dangerous factors for the Turkish economy in general, and for certain sectors in particular, according to the BBC.