26.10.2025 11:02
Due to the trade ban imposed by Turkey on Israel, the Ashdod-based Shaul Gueta Iron and Steel Company has gone bankrupt, accumulating a debt of 32 million dollars. Company officials, speaking during the court proceedings, argued that the loss of income was directly caused by Turkey's trade ban.
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Due to the attacks in Gaza, Turkey's trade ban on Israel has brought the Ashdod-based Shaul Gueta Iron and Steel Company to the brink of bankruptcy. The Israeli firm halted its operations after incurring a debt of 105 million shekels (approximately 32 million dollars) following the ban.
70% OF INCOME CAME FROM TURKEY
According to information in the Israeli press, approximately 70% of the company's income was derived from exports to Turkey. It was reported that sales rapidly declined with the implementation of Turkey's ban, leading to a deterioration in the company's financial structure.
COURT APPOINTED A RECEIVER
The Beer Sheva District Court halted the company's operations due to its inability to pay debts to banks and financial institutions. The court decided to appoint a receiver for Shaul Gueta. It was stated that the appointed receiver would decide whether the company would be liquidated or restructured.
COMPANY DEFENDS "TURKEY BAN"
Speaking during the court proceedings, company officials argued that the loss of income was directly due to Turkey's trade ban. Officials stated that it became impossible for the company to continue its operations following the enforcement of the ban.
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