YENİ Party İzmir Deputy Ümit Özlale, in a statement regarding the fund investigation, said that Taha Çakmak, whose resignation has been made public, cannot be handled in isolation and that a wider network of relationships must be investigated.
In a post on his social media account, Özlale recalled that Çakmak served as deputy governor during the period when Şahap Kavcıoğlu was the Governor of the Central Bank of the Republic of Turkey (TCMB). Stating that former TCMB Deputy Governor Erkan Kilimci, who was arrested as part of the fund investigation, and Çakmak did not serve during the same period, Özlale nevertheless argued that it is necessary to examine in which institutions individuals who held positions in public financial management at different times later came together.
Taha Çakmak, whose resignation was made public today, is only one link in a large network of relationships that needs to be clarified. You cannot make people forget the rest of the chain just because one link has broken.
EMPHASIS ON TURKEY INSURANCE AND BOND MARKET
In his statement, Özlale expressed that the investment decisions of Türkiye Sigorta should also be questioned, noting that the company's main shareholder is TVF Finansal Yatırımlar AŞ, which holds 76.1 percent of the capital, while the remaining 23.9 percent share is traded on Borsa İstanbul. Özlale stated that allegations of high-amount investments made in funds and stocks within the scope of the investigation must be clarified.
Özlale also drew attention to the market risk that could arise from private sector bonds. He said that the allegations made against Adil Varlık Yönetim AŞ should be evaluated together with the company's partnership structure, bond issuances, the usage areas of issuance proceeds, and credit ratings. Pointing to the academic connections of some individuals at JCR Eurasia, Özlale requested an investigation into the extent to which the credit ratings of issuers reflect their actual debt repayment capacity.
Stating that the decision, approval, and risk assessment processes in Türkiye Sigorta's bond purchases should also be examined, Özlale expressed that it should be revealed whether issuance proceeds were directed to TERA and Pusula-linked funds by matching dates and amounts.
Özlale also raised the question of what the units tasked with reporting transactions suspected of manipulation on Borsa İstanbul did during the process. He noted that it is necessary to investigate which warnings were prepared by surveillance, audit, internal control, and risk management mechanisms, to whom these warnings were forwarded, and what decisions the management made.
Calling on the economic management, Özlale stated that the problem in the funds should be investigated before it spreads to the bond market, saying, "The reckoning cannot be limited to one person's resignation; those who directed the money, those who approved the decision, and those who ignored the warning must all be brought to light."
News Source: 12punto
