The world's great problems manifest themselves again and again in other forms.
They call it a funding crisis. No, it's not true. This is a state crisis. Because there is no collecting money secretly. No producing fake documents. No fraudsters pretending. There is a profiteering done by the officials themselves, in front of the state's control mechanisms. Therefore, first we need to talk about the abuse of state authority.
Let me give an example.
As you know, in the middle of the crisis is Tera Investment Holding Chairman Emre Tezmen. Tezmen was detained and arrested. He confirms the news about the detail in Tezmen's statement: "I am a member of the board of directors of the state institution MKK (Central Registry Agency), due to this position, it is completely forbidden for me to purchase funds containing shares, let alone the purchase of shares. In fact, this will be revealed when all information and documents regarding this are requested in public institutions."
WHO SIT IN THAT SEAT?
Indeed, Emre Tezmen had been serving on the board of directors of MKK since August 3, 2026. When the fund crisis broke out, his name was hastily removed from the MKK website.
Central Registry Agency is a critical institution for the market. The establishment, which has the status of a joint stock company, is based on the partnership of Takasbank, Borsa Istanbul and the Turkish Capital Markets Association. As its name suggests, MKK; It records the purchase and sale of market instruments such as stocks, funds, bonds and bonds. With this duty, it is the only institution with central storage and monitoring authority. Naturally, the organization is of critical importance for the fund traffic we experience today.
In the past, these records were printed, certified and stored. This process was recorded starting on June 27, 2005. Just as the civil registry office keeps population records and the land registry office keeps title deed records, MKK is, in a sense, a cosmic room that keeps all financial assets under record.
That's why the organization doesn't bring everyone to the board. On its official website, it lists the values that managers should have as "honesty, merit, responsibility". Because the institution describes the greatest value it must provide as "reliability". For this reason, board members cannot engage in fund or stock market trading. Despite this, Tera's boss, Emre Tezmen, is appointed to the board of directors of such an organization. He has been working in a public institution critical for fund profiteering for 3 years. Really, who provides this?
WORKING TOGETHER AT THE PARTY
The most important topic on the agenda yesterday was that Fatma Betül Sayan Kaya was one of the critical names in the fund fraud. Kaya, who was the Minister of Family and Social Policies until recently, was the head of social policies in the AKP until he resigned yesterday. He was appointed to these seats so that he could produce social policies for people in difficult situations. According to what was announced, he made 1 billion 344 million and withdrew the 63 million he deposited on April 8, 4 months later in September. The profiteering of 1 billion 281 million lira fell on the poor people.
On the same day, a handcuffed photo appeared for the first time. Tera Portföy Chairman of the Board of Directors Erdin Özel, who was previously released, was taken into custody. Özel has another feature other than Tera. No, although there are different reports, Özel does not have an official position at the AKP Headquarters. However, the people I spoke to from the party confirmed that he was working with Fatma Betül Sayan Kaya.
The share that was speculated and left behind is Özata Denizcilik. While it was a modest shipyard, its value increased 20 times in 4 months. The company's value reached 300 billion, surpassing the giants of the economy. So who owns that company? He is Özdemir Ataseven, who serves in the AKP. Yesterday, with Barış Pehlivan's post, it was revealed that İskender Balcı, the son-in-law of Deputy Minister of Treasury and Finance Osman Çelik, resigned from the company's board of directors on August 28, just before the crisis broke out.
DEFENSE TENDERS GO TO THE SAME COMPANY
Retired Admiral Yankı Bağcıoğlu also shared one aspect of the scandal. Özata Shipping is involved in the Hisar Class Offshore Patrol Ship Project and 4 Fuel Ship Projects produced for the Turkish Naval Forces. Projects are still ongoing. It will probably be disrupted because of what happened.
Even the elements of a simple news story we talk about clearly show us what the problem is. The situation is such that... We talked about Tera executives, Fecir Alptekin, and Alkin brothers who served in the Presidency. But we forgot that Bülent Aksu, who left Tera's management after the famous speech of the Minister of Treasury and Finance Mehmet Şimşek in November 2025, in which he said that he was aware of the speculations, was the former deputy minister of Treasury and finance.
GOVERNANCE CRISIS IN THE STATE
In short...
The coming together of the party and the state under the cover of "local and nationalism", which we have seen for a while in Turkey, and the derailment of everything, finally showed itself as a funding crisis. When we look away from the dazzle of citizens' money changing hands through profiteering and the fact that profiteers are at the top of the government, we see a clear crisis of governance in the state. Defense industry tenders are given to a company called "from us", politicians speculate and rob citizens through that company, Tera, which organizes these affairs, is intertwined with the ruling boards of directors, and the cosmic room of all buying and selling transactions is entrusted to the owner of Tera. In order for this cycle of robbery to change, this understanding of management must first change.
The crises we face are also opportunities given to us to face big problems.
