Developments in capital markets, known publicly as the "fund crisis," were discussed at the General Assembly of the Grand National Assembly of Turkey (TBMM). Following the briefing by Vice President Cevdet Yılmaz, Yeni Yol Group executives took the floor and criticized the government and relevant public institutions.
Yeni Yol Group Chairman Mehmet Emin Ekmen and Group Deputy Chairmen Bülent Kaya and Selçuk Özdağ argued that the process should not be left solely to judicial or administrative oversight mechanisms. The group executives requested the establishment of an investigation commission in the TBMM to examine the allegations in all their dimensions.
Bülent Kaya stated that what has occurred cannot be viewed merely as a financial problem, noting that the lack of oversight, political influence, and interventions that were not made in a timely manner have had severe consequences for small investors. Kaya reported that on September 17, 131 funds belonging to 7 portfolio management companies were liquidated, and mentioned 455 thousand 758 individual investors and an economic scale of 25 billion dollars.
This money is the money for many people's children's education, house money, retirement savings, and the money of many small investors who have sensitivities such as 'I will not invest in interest, I will invest in the stock market'; it was defrauded in one night.
Kaya also criticized the invitation of AK Party executives to the Fund Coordination Board meeting and asked why other political party groups were not invited. Referring to previous statements made by the Ministry of Treasury and Finance and the Ministry of Justice, Kaya stated that whether public institutions were aware of the process should be revealed through a parliamentary investigation.
"SMALL INVESTOR DEFRAUDED"
Yeni Yol Group Chairman Mehmet Emin Ekmen argued that what has happened should be called a "fund fraud" rather than a "fund crisis." Claiming that there were unusual increases in some funds and stocks, Ekmen requested an investigation into the responsibilities of the Capital Markets Board (SPK), Borsa İstanbul, the Banking Regulation and Supervision Agency (BDDK), the Financial Crimes Investigation Board (MASAK), and other institutions.
Ekmen questioned the functioning of oversight mechanisms with the words, "How did the system that catches my 30 thousand liras not catch their 30 billion dollars?" Suggesting that there is a structure behind the process consisting of people who profit from politics, bureaucracy, and the market, Ekmen stated that the debate on political responsibility cannot be ignored either.
Group Deputy Chairman Selçuk Özdağ also drew attention to the scale of the issue by comparing the fund crisis with past economic crises. Özdağ described the events as the "robbery of the century" and said that allegations of manipulation and unfair gain in stock and fund transactions should be examined by the Parliament.
Arguing that the judiciary and the Presidential State Supervisory Council would not be sufficient on their own, Özdağ said, "The Grand National Assembly of Turkey will investigate." He stated that the roles of institutions such as the SPK, Borsa İstanbul, MASAK, the Ministry of Treasury and Finance, the Ministry of Interior, and the Ministry of Justice in the process must be clarified.
The call from the Yeni Yol Group signaled that the debate in Parliament will continue regarding political responsibility for the fund crisis, public oversight, and how the losses of small investors will be compensated.
News Source: 12punto
