Politics · Turkey · 1 day ago
Turkey’s trade minister denies 170 million lira fund withdrawal claim
Turkey’s Trade Minister Ömer Bolat has denied claims that he withdrew 170 million lira from an investment fund or closed his account before investigations began.
The claims concern investigations into seven portfolio management companies and the planned liquidation of 131 funds.
Bolat says he invested 37.8 million lira of family savings in sukuk, a type of Islamic financial certificate, in February 2024.
He says he did not withdraw from that investment and that official records show no 170 million lira withdrawal or account closure.
Bolat argues that the figure was created by adding up repeated records of payments for sukuk that had matured and purchases of new sukuk over 32 months.
The investigations were launched on 16 September, and some banks were assigned to handle the funds’ liquidation.
The investigations are not yet complete, so whether the funds were manipulated has not been established.
Turkey’s Trade Minister Ömer Bolat denied that he withdrew 170 million lira or closed an account before a fund investigation.
Bolat said records at the Central Securities Depository of Turkey showed no such withdrawal or account closure.
He said the 170 million lira figure combined payments for maturing sukuk and new sukuk purchases over 32 months.
The allegations arose amid investigations involving seven portfolio management companies and 131 funds.
Bolat said he invested 37.8 million lira of family savings in a sukuk account on February 26, 2024.
- Who
- Turkey’s Trade Minister Ömer Bolat denied the allegation. Yeni Parti İzmir MP Ümit Özlale was among those Bolat said had made allegations.
- What
- Bolat denied withdrawing 170 million lira or closing an account before a fund investigation.
- When
- Bolat made the latest statement on October 10, 2026. He said the alleged 170 million lira transaction was not recorded before the September 16 operation.
- Where
- Turkey.
- Why
- The claim arose amid investigations into funds and portfolio management companies. Bolat said payments related to maturing sukuk and new sukuk purchases had been misrepresented as a withdrawal.
Ömer Bolat
Ümit Özlale and those making the allegations
Claim of withdrawal
Ömer Bolat
Bolat said no record showed a 170 million lira withdrawal or account closure.
Ümit Özlale and those making the allegations
The allegations, as described by Bolat, claimed that he withdrew money or closed his fund account before the operation.
Interpretation of transactions
Ömer Bolat
Bolat said the figure combined payments for maturing sukuk and new sukuk purchases over 32 months.
Ümit Özlale and those making the allegations
The transactions were presented in the allegations as a 170 million lira withdrawal.
This is a huge lie and slander.
They tried to create a perception of manipulation by adding together different, duplicated transactions involving collections for maturing payments and payments for new sukuk purchases over a 32-month period, and saying that I made 170 million lira in transactions and withdrew money. We identified this.
Come on, I openly invite the slanderers: find the 170 million lira account-closure transaction.
Bolat said he invested 37.8 million lira of family savings in a sukuk account.
The government decided to launch investigations involving seven portfolio management companies, according to Bolat.
Bolat said Ümit Özlale made new allegations about him and Family and Social Services Minister Mahinur Özdemir Göktaş.
Bolat issued a further statement denying that records showed a 170 million lira withdrawal or account closure.
- Alleged withdrawal
- 170 million lira
- Companies under investigation
- 7 portfolio management companies
- Funds designated for liquidation
- 131
- Bolat’s stated investment
- 37.8 million lira
- Investment date
- February 26, 2024
Sources
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