Business · Companies · 11 hrs ago
İller Bankası denies investing in funds facing liquidation
Turkey’s İller Bankası rejected claims that it invested public money in risky funds after the allegations were raised in parliament by CHP lawmaker Cevdet Akay.
The bank said it has never invested in any of the 131 funds facing liquidation or in other investment funds managed by portfolio companies.
It said the word “fund” in its financial statements refers instead to money obtained from its shareholders under banking rules, not investments in those funds.
The bank said these are legally and financially different transactions, and that it made no decision or approval to invest in the funds or withdraw money from them.
It said it therefore faces no investment or liquidity risk from the funds in question.
İller Bankası finances local governments and supports infrastructure work and recovery after disasters.
It said it reserves its legal rights and will continue serving local governments; no further action was specified.
İller Bankası said it has not invested in any of 131 investment funds facing liquidation.
The bank said it had never put money into those funds and had not withdrawn money from them.
It said claims that public resources were directed to risky portfolio management companies were false.
The response followed claims raised by CHP Karabük lawmaker Cevdet Akay and reported by media outlets.
The bank said its financial statements’ reference to “funds” means funding obtained from its shareholders under regulations, not investments in investment funds.
- Who
- İller Bankası, responding to claims raised by CHP Karabük lawmaker Cevdet Akay.
- What
- The bank denied investing in investment funds facing liquidation or in funds managed by portfolio management companies.
- When
- The bank issued its statement on October 29, 2026.
- Where
- The claims were raised in the Turkish Grand National Assembly and reported by media outlets.
- Why
- The bank said it wanted to correct what it described as false claims that it had directed public resources to risky funds and suffered losses.
Cevdet Akay and claim-makers
İller Bankası
Investments in funds facing liquidation
Cevdet Akay and claim-makers
Claims that the bank directed public resources to risky portfolio management companies and funds facing liquidation.
İller Bankası
The bank said it had no investments in any of the 131 funds facing liquidation or other funds managed by portfolio companies.
Financial risk
Cevdet Akay and claim-makers
The claims said the bank had suffered losses.
İller Bankası
The bank said it had no investment or liquidity risk related to the funds in question.
Meaning of “fund
Cevdet Akay and claim-makers
The claims linked the bank’s reported funds to investment funds.
İller Bankası
The bank said the term in its financial statements refers to funding obtained from shareholders, a different transaction.
Cevdet Akay raised claims in the Turkish Grand National Assembly that were also reported by media outlets.
İller Bankası issued a statement denying investments in funds facing liquidation.
- Funds facing liquidation
- 131 investment funds
- Bank’s stated investment
- None in the 131 funds or other funds managed by portfolio management companies
- Bank’s stated withdrawals
- None from the investment funds in question
- Claim raised by
- Cevdet Akay, CHP lawmaker for Karabük
- Statement published
- October 29, 2026
1 source
What people are saying
Not a single Turkish lira has been invested in these investment funds since the establishment of our bank, and consequently no money has been withdrawn from these funds.
There is no decision, approval, investment or exit transaction concerning the allocation of our bank’s resources to investment funds of any portfolio management company.
We do not accept that such a long-established public institution is associated with claims that are not based on concrete information and documents, without any official information being requested from it.