BOLSEV issues documented rebuttal to 'irregularity' allegations: Income statement and balance sheet shared

In Bolu, various allegations have been raised regarding irregularities in donations at BOLSEV, where Bolu Mayor Tanju Özcan serves as Chairman of the Board. The foundation was established to distribute scholarships to students and is currently involved in an "extortion" investigation conducted by the Bolu Chief Public Prosecutor's Office, which has led to the arrest of Mayor Özcan.

It was alleged that a total of 116.8 million TL in revenue was generated on behalf of the foundation during the 2024-2025 period, and that only 11.9 million TL of this income was paid out as scholarships to students. It was further claimed that more than 100 million TL of the remaining balance was siphoned out of company accounts through non-genuine invoices and various expense items.

DOCUMENTS SHARED WITH THE PUBLIC

In a statement issued by the Legal Counsel on behalf of BOLSEV Foundation – Education and Aid Trade Inc., all items were presented to the public one by one.

The foundation published its detailed comparative income statement for 2024-2025 and its comparative balance sheets for the 2024-2025 period.

In the statement made by the foundation, it was noted that the allegations were contrary to the truth and that a smear campaign was being conducted against the foundation.

"A SMEAR CAMPAIGN CONTRARY TO THE TRUTH"

The statement included the following remarks:

"We have witnessed a smear campaign contrary to the truth, conducted through certain media outlets and social media, at a time when even an indictment has not yet been prepared regarding an ongoing investigation involving the Chairman of the BOLSEV Board of Directors and our Bolu Mayor, Mr. Tanju ÖZCAN.

This statement has been deemed necessary regarding publications that have appeared in certain media outlets and on social media, which do not align with the truth regarding the foundation and its affiliated company revenues, and which we believe were intentionally fabricated.

In this context, since the establishment of the foundation and BOLSEV Inc. to date;

When the revenue items are examined;

It is understood that the foundation company's revenues amount to 118,445,000.00 TL,

That 48,246,000.00 TL of said revenue consists of advertising income,

That rental income is 42,900,000.00 TL (this amount consists of checks originating from contracts that have not yet matured and belong to future years, and are kept in the company safe),

And that other revenue items amount to 27,299,000.00 TL,

Meaning the total revenue of the foundation company consists of 118,445,000.00 TL.

As for the foundation company expenses;

It has been determined that 11,295,000.00 TL is blocked in the bank as cash,

39,460,000.00 TL consists of checks kept in the company safe,

13,568,000.00 TL consists of vehicle purchases and SCT (Special Consumption Tax) expenses,

12,143,000.00 TL consists of LED purchases and fixed asset acquisitions,

6,949,000.00 TL consists of personnel salaries and SSI premiums,

8,500,000.00 TL is tax expense,

8,732,000.00 TL consists of rental expenses,

7,474,000.00 TL consists of commercial goods purchases,

1,166,000.00 TL is electricity expense,

And 9,158,000.00 TL consists of service, marketing, and general administrative expenses.

It is specifically stated that these revenue and expense items have been recorded in accordance with commercial legislation, that these records are also included in the files of the Bolu Chief Public Prosecutor's Office where the investigation is ongoing, that both the foundation and the foundation company accounts are regularly audited by a sworn-in financial advisor, and that the foundation and company accounts are open to the public, transparent, and of a nature that can be presented to anyone's information at any time.

Attached to our statement, the 2024–2025 audit report prepared by the sworn-in financial advisor on 26.01.2026 and the comparative income-expense tables for BOLSEV Education and Aid Trade Inc. are presented in detail, and everything produced and circulated outside of this information regarding the foundation and company accounts is entirely a product of imagination.

It is possible for our public and valuable members of the press to access the information that is the subject of this statement through official institutions at any time. We have full confidence that they will not take into account the campaign conducted on social media and by certain media outlets, which involves the Bolu Municipality, is contrary to the truth, creates information pollution, and aims to discredit the foundation and the foundation company.

Furthermore, it is known that the foundation carries out its social assistance and solidarity activities on a voluntary basis, and that the members of the foundation's board of honor work entirely in accordance with the public interest without expecting any compensation.

Respectfully submitted for the information of the public.

Legal Counsel on behalf of BOLSEV Foundation – Education and Aid Trade Inc."

News Source: 12punto