Cavit Çağlar

Cavit Çağlar
Minister of State
In office 1991–1993
Personal details
Born	1944 Komotini, Greece
Nationality	Turkish
Political party	True Path Party

Cavit Çağlar (born 1944, Komotini, Greece) is a Turkish businessman and politician. He was elected to the Grand National Assembly of Turkey (TBMM) for the True Path Party (DYP) in 1991, serving as a Minister of State responsible for state-owned banks (51st and 52nd government of Turkey). He resigned from the DYP in 1996, remaining in parliament as an independent until 1999. He had been a major financial contributor to the political comeback of President Suleyman Demirel. In 2004 he was sentenced to three years ten months for bank fraud.

Çağlar was born in Komotini, Greece to ethnic Turks, moving to Turkey when he was still at school. He left school at age 15 when his father died to look after his family. He entered the textile business, joining his uncle, a textile merchant in Bursa. With his uncle's support and state loans, he built up a large industrial and trade group, Nergis Holding, which in 1996 had turnover of around $1bn and exports of around $200m. Based around textiles, by 1996 it also included major real estate investments (including in tourist facilities around the Sea of Marmara), and publishing and broadcasting ventures, including news channel NTV.

In 1996 Nergis acquired Çukurova Holding's majority stake in İnterbank. In December 1997 Etibank was privatised to Medya-Ipek Holding, co-owned by Çağlar and Dinç Bilgin, for $155m, and in September 1998 Çağlar was celebrating a $1bn investment in textile production with Demirel opening the new factories. In February 1998 police uncovered a plot to assassinate Çağlar by a group working for Alaattin Çakıcı, related to the bank privatization.

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