The Wealth Fund was created to escape control

WELL Party MP Durmuş Yılmaz said that the Turkish Wealth Fund (TVF), which often comes to light with the loss of public institutions within its body, was established to escape control. Durmuş Yılmaz, speaking at Turkey’s Grand National Assembly Budget and Planning Committee where the Wealth Fund accounts are discussed, said: “First you assign tasks to public banks, then you make them give below-rate loans. market. You make the public bank lose money, first you go bankrupt and then you capitalize it,” he said.

WHY THIS DEBT?

Noting that there are TL 56.856 billion of long-term liabilities and TL 54.5 billion of fixed assets in exchange for this, Yılmaz said, “If all these assets, from BOTAŞ to ÇAYKUR, from PTT to other assets in the fund , they would have remained in place , and the Treasury would have. Would more added value have arisen if it had managed them within the scope of its businesses? What did you add? The only reason for the Heritage Fund is to escape control, the 85 million still do not know what its cost is. My guess is that the ratio between total central internal debt liabilities and national income is not around 40 percent, it’s close to 70 percent. We will see this calculating together in the change of power.”

ÇAYKUR, who last announced earnings in 2016, has frequently come forward with his losses over 5 years since 2017 when he transferred to the Turkey Wealth Fund.

ADMINISTRATION FEES

CHP Muğla MP Süleyman Girgin said: “The profit, which can be interpreted as a kind of gross profit for the period, is given as TL 11 billion 123 million in the consolidated income statement. The amount listed under the name of general administrative expenses is 28 thousand 173 million lira. There are personnel and administrative expenses almost 2.5 times gross profit. It is not included in the reports that the payments that make up this figure are to whom and how much salary, allowances or expenses made to management.

Gave information about Istanbul Financial Center

Speaking at the Committee on Plan and Budget, TVF General Manager Salim Erda Ermut provided information on the Istanbul Financial Center (IFC). Noting that there will be 1.4 million square meters of office space, Ermut said: “With IFC, we aim to create a multi-dimensional financial services ecosystem by bringing together the world’s leading financial institutions and companies. While contributing to the sustainable development of the Turkish economy and the development of financial markets, business and investment opportunities will be offered to national and international companies and investors.