Financial Times drew attention to the invisible risk of the fund crisis: Is $300 billion in danger?

The $20 billion investment fund scandal, which broke out in Türkiye in September, continues to grow with the investigation extending to senior financial bureaucrats and politicians.

The resignation of BRSA President Şahap Kavcıoğlu on November 11 brought the repercussions of the crisis in economic management to the agenda again.

Finally, former Takasbank General Manager Yunus Arıncı, OMG Capital Advisors Chairman Ömer Murat Gülkan and Adil Katılım Bankası co-founder Ali Paslı were arrested.

Former AKP Deputy Chairman Fatma Betül Sayan Kaya is also detained in the investigation, in which BRSA executives were also previously arrested.

The suspects' legal processes regarding the accusations continue.

"INVESTOR CONFIDENCE HAS BEEN SHOCKED"

In its news dated November 12, published by Ankara correspondent John Paul Rathbone, the British economic newspaper Financial Times (FT) drew attention to the risk posed by Türkiye's international investor credibility, beyond the financial effects of the scandal.

Reminding that Türkiye is seeking resources of approximately 300 billion dollars to achieve its climate goals, transform its energy system and reduce greenhouse gas emissions, the newspaper made the following assessment:

But the case has damaged investor confidence as Türkiye seeks $300 billion to finance its climate goals, transform its energy system and reduce greenhouse gas emissions.

FT's assessment points out that the scandal raises a trust issue regarding Türkiye's capacity to finance future investments, which is not limited to the losses suffered by fund investors.

However, the news does not contain any concrete evidence that a $300 billion investment was lost or a specific foreign financing agreement was canceled due to the scandal.

"A NEW TEST..."

Another point that the Financial Times drew attention to was the difference between the intervention of Mehmet Şimşek management in the face of the crisis and the damage caused to investor confidence.

The newspaper stated that the rapid interventions of the Ministry of Treasury and Finance and the Central Bank of the Republic of Türkiye helped limit the consequences of the scandal that could spread throughout the financial system.

However, FT pointed out that the fact that the economic management limited the spread of the crisis did not mean that the confidence in the financial markets was preserved to the same extent.

According to the picture drawn by the newspaper, the crisis poses a new test in terms of the financial confidence environment that Türkiye has been trying to re-establish with traditional economic policies for the last three years.

WHAT HAPPENED?

The crisis broke out on September 15-16, 2026, when some investment funds within Pusula Portföy and then Tera Portföy failed to meet investors' withdrawal requests. On September 17, the Capital Markets Board (CMB) decided to liquidate 131 funds belonging to seven portfolio management companies.

According to CMB data, there were 455 thousand 758 investors in these funds. The total asset size of the funds at their highest level was calculated as approximately 20 billion dollars. However, this amount does not mean the finalized total loss of investors; The final amount of losses has not yet been determined.

The investigation, which expanded with allegations of market manipulation, use of insider information and criminal organization activities, reached AK Party executives, current or former senior figures of Borsa Istanbul, BRSA, CMB, Takasbank and Türkiye Sigorta.