Statement from İYİ Party's Erhan Usta on Stock Market and Fund Profiting

İYİ Party Samsun Deputy Erhan Usta made evaluations about the developments in the Istanbul Stock Exchange and the manipulative transactions carried out in the capital markets at the press conference he held in the Parliament.

Stating that 131 funds belonging to 7 companies were liquidated on September 17, and that the size of the fund in question was estimated to be between approximately 800 billion lira and 17-20 billion dollars, Usta stated that this corresponded to approximately 1 percent of the national income.

"THIRD GREAT CRISIS"

Usta said, "The third big crisis, which we can understand together with the banker profiteering in the early 1980s and the 2001 crisis, is a big profiteering, a big robbery. But we clearly see that it is more organized than both of them."

Referring to the functioning of the system, Usta stated that manipulation is mainly done through public offerings and said, "In public offerings, we often see that they actually offer debt to the public, not assets. Then, portfolio management companies focus on certain stocks and provide extraordinary increases there."

"CMB AND EXCHANGE ISTANBUL DID NOT SEE THE SHARES, WHICH INCREASED 83-fold IN 6 MONTHS"

Giving an example of the public offering processes through Destek Faktoring, Usta said, "Destek Faktoring goes public at 48 liras in February 2025. Tera Yatırım buys 20 percent of this and the share price reaches 4 thousand liras in 6 months, increasing 83 times and entering BIST 30 in 2025. While these are happening, neither Borsa Istanbul nor CMB sees or ignores this."

Usta, who conveyed the allegations regarding the transfer of money abroad and the legal balance sheet, said that Serdar Turhan, Chairman of the Board of Directors of Pusula Holding, sent 15 million dollars to Switzerland and Pusula Portföy Yönetimi A.Ş. He stated that Chairman of the Board of Directors Muhammed Yarız transferred 25 million euros.

Usta argued that the Tezmen family's Forex company in England will make an exit of 58 million pounds in 2025; He stated that Emre Tezmen, Serdar Turhan, Emre Alkin, Kerem Alkin and Alper Özügüler were referred to the courthouse, and that 4 people were detained, 1 person was in prison, 44 people were detained and 14 people were fugitives.

"RISK-FREE REGISTERED FUNDS: WE CANNOT BLAME THE INVESTORS"

Emphasizing that small investors who were victimized in the process cannot be targeted, Usta said, "A significant portion of these funds were registered as the lowest risk funds by the CMB. We cannot blame people who are trying to protect their money, which melted away during the high inflation period, by asking 'why did you invest money here?' Citizens who see that these structures in the system are subject to regulation may not be able to notice the frauds. Some of them made investments with confidence after seeing the names that are intertwined with the government and giving photographs with ministers and AK Party organizations."

Stating that the collapse in the system cannot be explained only by the risk-return relationship, Usta said that the issue can be explained by the "dirty triangle of politics, bureaucracy and private sector".

Sharing details about the political and bureaucratic connections of the names mentioned in his speech, Usta made the following statements:

"We see that Serdar Turhan, Chairman of the Board of Directors of Pusula Holding, was able to take part in the same state protocol frame as Vice President Cevdet Yılmaz and Bilal Erdoğan, even though there was a prosecutor's letter about him 1.5 years ago. Tera Board Member Emre Alkin served as rector and a member of the Presidential Academic Advisory Council.

His elder brother, Kerem Alkin, served as Permanent Representative of the OECD, Board Member of the Wealth Fund and Halkbank between 2021 and 2024. Tera Independent Board Member Fecir Alptekin is the Presidential Chief Advisor, Eren Yeşilyurt from Atlas Portföy is a former Treasury bureaucrat, and Bulls Portfolio manager Neslihan Mumcu is the wife of Deputy Minister of Culture and Tourism Batuhan Mumcu."

Usta noted that Emre Tezmen's father was the former Minister of Transport, that he was a member of the Central Registry Agency and the main sponsor of the Capital Markets Congress, and that the name of the sponsoring company was included in the congress where Mehmet Şimşek warned of manipulation.

Stating that Talat Ulussever, who is a candidate candidate and former CMB Deputy Chairman, is in the management of Özata Denizcilik, Usta stated that the wife of the Minister of Justice is also a member of the CMB.

"THOSE WHO MANAGE THE DEVIT ARE IN THE HEART OF THIS ISSUE"

"The public is actually at the heart of this incident. The state is at the very heart of this incident. More precisely, those who govern the state are at the very heart of this incident," said Usta, reminding that the Minister of Treasury and Finance Mehmet Şimşek made a statement on November 4, 2025, that there was manipulation in some funds.

In addition, Stating that BRSA and CMB gave establishment and operating permits to Katılımevim, Birevim, Pardus Bulls, Pusula Portföy, Tera Investment Bank and Destek Yatırım Bankası after 2021, Usta said, "You are looking at the management of Borsa Istanbul. Chairman of the Board of Directors Erişah Arıcan is also a member of the Wealth Fund Board of Directors. Chairman of the State Supervisory Board, President of the Presidency of Administrative Affairs and Head of Communications are the management of Borsa Istanbul. "Why didn't these people see what was happening and why didn't they speak out while they were there on behalf of the state and the treasury? They have to make a statement to the public," he said.

"POLITICS AND BUREAUCRACY CONNECTIONS SHOULD BE EXPLAINED"

Drawing attention to public and private sector connections in his speech, Usta said:

"There is another person here, Deputy General Manager Necdet Kardaş. He previously worked at Turkish Petroleum, Çalık Holding, and then the Ministry of Energy. He worked with Berat Albayrak wherever he went. He is a person who worked at the Ministry of Treasury and Finance during Berat Albayrak's ministry in 2018-2020. Now, we need to look at it. If a significant part of this manipulation is happening in the stock market, why are these people not aware of it or is it possible that they are not aware of it?

Disaster struck in plain sight. The minister made a statement saying 'there is manipulation'. Especially the former Deputy Chairman of MASAK, Ramazan Başak, also files a criminal complaint and writes to CİMER. They detain and arrest the person who proves these with evidence and documents. Why wasn't this step taken until now and is it being taken now? Because, as you know, there is a fund called MSCI, Morgan Stanley Capital International, this fund for underdeveloped countries. "From there, he had to take action based on a statement saying 'Remove Türkiye from this fund'."

"MEHMET ŞİMŞEK, EXPLAIN WHO OBSTACLED YOU"

Asking questions to the Minister of Treasury and Finance, Mehmet Şimşek, Usta said, "Why did they wait 10 months after the statement 'There is manipulation'? Who prevented this? Was it the bureaucrats? Did someone from the palace circle prevent it? Politicians? Who prevented it? Mehmet Şimşek has to explain this. I submitted a parliamentary question on this last week. You are not in the complaint authority, you are in the enforcement authority. But you complain and stay. Explain to us who prevented you. "Which politicians, which high-level bureaucrats or people close to the palace, even if they do not appear to be politicians or bureaucrats, have had funds in these funds, at least in the last year? There have been transactions and investments related to this place? This cannot be hidden behind this by calling it 'investor privacy'," he said.

"INVOICE WILL BE ISSUE FOR 86 MILLION"

Referring to the public damage caused and the investigation processes, Erhan Usta said, "Has a public damage estimate been made? Because in the end, the responsibility will be directly on the treasury or on the citizens' grievances. In both cases, a bill of 86 million will be issued. Unfortunately, as far as I can see, this issue will not be pursued at the moment. This issue will remain with a few people like this. There is no investigation of any high-level bureaucrats, those who were negligent have not been investigated, they are all on duty. How much is the public damage? Katılımevim, like Birevim, were purchased by Emlak Katılım. "There will be a public loss due to these, how much is this damage?" he asked.

Asking questions about the processes in public institutions and market interventions, Usta made the following evaluations:

"When did the Ministry of Treasury and Finance, CMB, BRSA, MASAK, TEFAS, Takasbank, Borsa Istanbul give these permissions and licenses? Who gave them? If there were bureaucrats who resisted this at the lower level, how were those bureaucrats persuaded? Was there a change of duties or not? Why did BIST not see these manipulations? How did the BRSA give these permissions? What is the status of their duties in the companies? Is there any bureaucrat who has been subjected to administrative procedures?

We know that due to this crisis, public banks and the Wealth Fund intervened in the market, bought dollars and stocks. What is the size of the figures related to this place? Institutions and politics began to blame each other. A statement comes from the AKP Chairman, they act as if the CMB is the only one responsible for this. An investigation commission should be established in the Parliament. "As of Monday, we submitted our proposal to establish an investigation commission in the Parliament."

"MONEY LAUNDERING ALLEGATIONS SHOULD BE INVESTIGATED"

Referring to the allegations of former MASAK Vice President Ramazan Başak, Usta continued his words as follows:

"As Ramazan Başak stated, he says that there is a very serious allegation of money laundering. The name Kasım Gariboğlu is mentioned. He says that in 2021, he smuggled 350 million dollars of money into Türkiye through the Grand Bazaar in various ways without getting stuck with MASAK, and in fact, this is how the first mortar of this 12-person closed fund structure established in 2020 was laid.

He states that some funds and some shares were inflated with this money, and that the money invested in the fund increased 524 times even when the fund was closed. While all this activity and strange business relations are evident, CMB gives permission to this company to go public, and then BRSA gives permission to establish a bank. Ramazan Başak says, 'I wrote a warning letter to the CMB before the public offering permission was given.' They detained him after these warnings."

ERHAN MASTER EXPLAINED THE TECHNICAL AND ADMINISTRATIVE STEPS TO BE TAKEN

Listing the solution suggestions regarding the management of the process and the steps to be taken, İYİ Party Master said:

"Our suggestions and warnings are as follows: As a technical step, the assets of all fund companies and their managers, as well as the assets of their relatives, should be immediately seized and included in the liquidation process. Company owners must ensure that the high premiums, success bonuses and dividends paid to senior managers are returned. Free funds and classical funds should be distinguished from each other, payments should start from classical funds and the return of the principal should be prioritized.

Administrative steps should be taken in the Ministry of Treasury and Finance, CMB, BRSA, MKK, TEFAS, Takasbank, Borsa Istanbul, MASAK, public banks and the Wealth Fund, managers should be dismissed from duty, and political connections should be exposed. Those with political and bureaucratic connections should absolutely be banned from holding positions. A serious structural reform should be made regarding capital markets outside banking, as was done in the banking sector after the 2001 crisis. A black money investigation should be carried out and all structures, especially Tera and Pusula, should be investigated. "It should be clarified whether betting and drug money is being put through the system."

"20 BILLION DOLLAR PROFIT CANNOT BE MADE WITHOUT GOVERNMENT SUPPORT"

Usta addressed the government and President Recep Tayyip Erdoğan as follows:

"They said 'Türkiye Century', it was the century of robbery. Just look at the scams that I explained all the details about in 3-4 years: Osmangazi scam, scams on the Wealth Fund, scams regarding EMRA's 35,000 megawatt distribution through wind and solar power plants, Trendyol scam, cryptocurrency scam, and lastly, the fund scam. Nowhere in the world is it possible to make such a big emphasis of 20 billion dollars without being among those who run the government, that is, without government support.

Such a big robbery is being carried out, all the dirt is spread out, but there is not a single resignation. Even our understanding of democracy 50 years ago was at a higher level than this. We have seen that Mr. President, who said 'I am responsible for everything', has not yet made a single word of statement on this issue, let alone resigning or dismissing anyone. "We are waiting for an explanation from Mr. President about what these things are and how this mess will be cleaned up."