New chapter in 'the file that could lead to Erdoğan's trial at the Supreme Court': How did $1 billion vanish?
CHP Deputy Chair Deniz Yavuzyılmaz has alleged that $1 billion disappeared through Turkish Energy Company (TEC), incorporated on the island of Jersey. Yavuzyılmaz stated that the company was later transferred to a newly established TEC of the same name in Ankara, then shut down, and has never once been subject to a Court of Accounts audit.
12punto
Turkey has announced that it will withdraw from the Turkey-Iraq Crude Oil Pipeline Agreement, which was signed with Iraq in 1973 and was valid for 50 years. This decision, taken by presidential decree, was published in the Official Gazette and will enter into force as of July 27, 2026.
YAVUZYILMAZ: “A FILE WARRANTING A SUPREME COUNCIL TRIAL”
CHP Zonguldak MP Deniz Yavuzyılmaz recalled that between 2014 and 2018, the AKP government transported oil by reaching an agreement with the Kurdistan Regional Government (KRG) without the approval of the Iraqi Central Government. Emphasizing that Iraq complained about Turkey to the International Court of Arbitration for this reason, Yavuzyılmaz used the phrase “a file that will lead to President Erdoğan's trial at the Supreme Council” for the documents he shared.
According to Yavuzyılmaz, the net penalty Turkey is obligated to pay to Iraq is 1 billion 471 million dollars (approximately 60 billion TL at the current exchange rate).
The Directorate of Communications, however, issued a statement that confirmed but criticized Yavuzyılmaz's claims. The statement noted that the International Court of Arbitration found the demands of both Iraq and Turkey partially justified and ruled for mutual compensation.
It was also emphasized that Turkey has filed a cancellation lawsuit in Paris regarding this penalty and that the process has not yet concluded. It was stated, “There is no finalized compensation.”
“I AM PULLING THE SECOND BRICK FROM THE WALL”
Sharing new documents, Yavuzyılmaz said that the AKP government received 2 billion 320 million dollars in transport fees from the KRG between 2014 and 2018. He alleged that 904 million dollars of this amount was transferred to BOTAŞ, while 1 billion 416 million dollars disappeared on the island of Jersey.
Yavuzyılmaz said, “This money evaporated on the island of Jersey, which is practically a black hole. That is a loss of 58 billion lira at the current exchange rate!”
THE SHADY STORY OF THE COMPANY ESTABLISHED IN JERSEY
According to the CHP deputy's claim;
The Turkish Energy Company (TEC), established on the island of Jersey in 2012, is the company to which the KRG transferred crude oil transport fees.
However, the fate of an amount exceeding 1 billion dollars in this company's accounts is uncertain.
In 2021, a new “Turkish Energy Company (TEC)” was established in Ankara with the same name.
Subsequently, the TEC in Jersey was transferred to the new company in Ankara and closed.
“THERE IS NO AUDIT BY THE COURT OF ACCOUNTS”
Deniz Yavuzyılmaz emphasized that the TEC in Jersey never underwent any Court of Accounts audit:
“In the 2021-2022-2023 reports, only the TEC in Ankara exists. There is not a single report for the TEC in Jersey; not even a single auditor was sent. The AK Party government is trying to cover up the evidence with these actions.”
“THE RESPONSIBLE PARTIES, NOT THE CITIZENS, SHOULD PAY THE PENALTY”
Yavuzyılmaz said, “When we come to power, we will collect the evaporated amounts and the penalty amounts from the assets of the President and the relevant AK Party officials. The impoverished citizen will not pay this bill.”