The investment fund scandal that emerged in Turkey in September and reached a size of $20 billion continues to remain on the agenda with its effects on both the judicial process and economic management. The crisis, which moved to a new phase with the resignation of BRSA (BDDK) Chairman Şahap Kavcıoğlu on November 11, was also addressed in the international press under the heading of investor confidence.
Financial Times, in a report by Ankara correspondent John Paul Rathbone, included the assessment that the scandal creates risks not only in terms of the losses suffered by fund investors but also regarding Turkey's capacity to secure external funding. The newspaper reminded that Turkey needs approximately $300 billion in financing for its climate goals, energy transition, and the reduction of greenhouse gas emissions.
"However, while Turkey is seeking $300 billion in resources to finance its climate goals, transform its energy system, and reduce greenhouse gas emissions, this case has damaged investor confidence."
The report did not contain any findings suggesting that a $300 billion investment was lost or that a concrete external financing agreement was canceled due to the scandal. The risk highlighted was the possibility that the crisis could weaken the perception of financial confidence in Turkey and complicate future investment searches.
According to the Financial Times, the rapid interventions by the Ministry of Treasury and Finance and the Central Bank of the Republic of Turkey helped limit the potential effects of the scandal that could have spread to the entire financial system. However, the newspaper pointed out that this intervention does not mean that confidence in the markets has been preserved to the same extent.
This situation is being evaluated as a new test for the predictability and environment of trust that the economic program under the management of Mehmet Şimşek has been trying to re-establish over the last three years.
LATEST STATUS IN THE INVESTIGATION
In the latest developments in the investigation, former Takasbank General Manager Yunus Arıncı, OMG Capital Advisors Chairman of the Board Ömer Murat Gülkan, and one of the founding partners of Adil Katılım Bankası, Ali Paslı, were arrested. In the case file, where BRSA executives had also been arrested previously, former AKP Deputy Chairman Fatma Betül Sayan Kaya is also currently under arrest.
While legal processes regarding the suspects continue, the investigation has expanded around allegations of market manipulation, insider trading, and criminal organization activity. It is stated that the file extends to current or former high-level figures from Borsa İstanbul, the BRSA (BDDK), the Capital Markets Board (SPK), Takasbank, and Türkiye Sigorta.
The beginning of the fund crisis dates back to September 15-16, 2026. After some investment funds within Pusula Portföy and subsequently Tera Portföy were unable to meet withdrawal requests, the Capital Markets Board decided on September 17 to liquidate 131 funds belonging to seven portfolio management companies.
According to SPK data, there were 455 thousand 758 investors in the funds in question. The highest total asset size reached by the funds was calculated at approximately $20 billion. However, this figure does not represent the total finalized loss of the investors; the final loss amount has not yet been clarified.
According to data announced by Minister of Justice Akın Gürlek on November 9, there were 464 suspects and 120 detainees in the investigation. With the new arrests on November 11, the effects of the file on both financial markets and public administration continue to be monitored.
News Source: 12punto
