1 billion TL from uncle to nephew: Credit scandal at a public bank revealed!

Nefes Gazetesi columnist Deniz Zeyrek brought a striking allegation to the agenda in his column titled "A billion-lira loan from uncle to nephew!"

"Recently, news about a bank executive giving a very large amount of credit to his cousins had been on the agenda. Yesterday, I received intelligence about another 'loan to a relative' case," said Zeyrek, as he brought a new example to his column.

Zeyrek alleged that a high-level executive at a public bank granted a 1 billion lira loan to his nephew, despite bank employees concluding that a 100 million dollar loan could not be provided. He stated that the loan was provided from three different sources and that this constitutes a transfer of wealth in an environment where many companies in Anatolia cannot access financing.

Criticizing Treasury and Finance Minister Mehmet Şimşek, Zeyrek wrote the following in his column:

"A very high-level executive of a public bank granted a 1 billion lira loan to his sister's son (his nephew). I didn't want to believe it, but in the end, everything is recorded. The nephew has a construction company (the name of which I am keeping confidential). It is a company that performs applications such as ground improvement and bored piling. It applies for a loan from the bank managed by his uncle. Bank employees who look at the company's balance sheets conclude that even a 100 million loan cannot be granted. However, with the powerful uncle there, a higher amount is requested. The uncle knows he cannot convince the board of directors for 1 billion lira. Therefore, he divides the requested amount into three. He provides the largest portion from the bank. The second portion is given by the factoring company, which is a subsidiary of the bank. The third portion is transferred from the leasing department, another subsidiary of the same bank."

Pointing out that while thousands of companies in Anatolia are having trouble finding financing, 'those who have an uncle in high places walk away with billions in loans,' Deniz Zeyrek stated that this is a transfer of wealth. After adding the detail that "If the nephew does not pay the loan, they just call it a 'duty loss' and get away with it," he criticized Treasury and Finance Minister Mehmet Şimşek:

"The nation is already overwhelmed by indirect taxes. Someone who buys one phone buys three phones, and someone who buys one car buys two cars for the state. The income tax collected from individuals has become double the corporate tax collected from companies.

Meanwhile, Treasury and Finance Minister Mehmet Şimşek has taken his tax receipt and is now chasing after weddings.

However, if he were to look at the balance sheets of the three public banks that send billions of liras in bills to the Treasury he heads under the name of 'duty loss,' and if he were to examine which companies those banks have given loans of 1 million dollars or more to in the last 10 years, he would see where the national wealth is."

News Source: 12punto