TVF's debts increased by 88.91 percent in 2022!

The independent audit report for the Turkey Wealth Fund (TVF) submitted to the Speaker of the Grand National Assembly of Turkey (TBMM) has revealed the emergence of new debts. The report stated that the debts of the TVF, which oversees numerous public revenue-generating institutions such as Halkbank, BOTAŞ, PTT, Ziraat Bank, ÇAYKUR, and Türk Şeker, increased by 88.91 percent in 2022.

According to a report by Havva Gümüşkaya from Birgün, the 2022 audit report indicated that the Fund's debt, which stood at 283.1 billion TL in 2021, reached 534.8 billion TL by the end of 2022. According to the report, 144.2 billion TL of the TVF's debts consisted of short-term liabilities, while 390.5 billion TL consisted of long-term liabilities.

It was noted that the Fund's 281 billion TL in short and long-term bank loans consisted of the total amount of bank loans held by the TVF and the companies in the TVF's portfolio, and that 25.3 billion TL of this amount was guaranteed by the Treasury. Other long-term borrowings were reported to consist of loans taken from the Treasury to provide financing to public banks.

Furthermore, it was determined that the TVF provided 11.7 billion TL in capital to strengthen the capital structures of Ziraat Bank, VakıfBank, and Halkbank. Following the capital support, the TVF's partnership share in Halkbank rose from 87.7 percent to 91.5 percent, and its partnership share in VakıfBank rose from 64.8 percent to 74.8 percent.

STRIKING INCREASE IN CORPORATE COMMUNICATIONS

It was learned that the Wealth Fund's consulting expenses increased by 92 percent in one year. The amount spent by the TVF for consulting services, which was 12.6 million TL in 2021, rose to 24.2 million TL in 2022. There was a striking increase in the Fund's corporate communication expenses. Corporate communication expenses, which were 1.2 million TL in 2021, skyrocketed to 14.9 million TL in 2022.

News Source: 12punto