The donation goes to the investor before the needy

Criticism is mounting of the Red Crescent, which was set up to give away the resources it raises from philanthropists for free, sell tents and set up a for-profit real estate trust. Professor Semih Öz, Head of the Department of Financial Theory at the Faculty of Political Science at Ankara University, stated that Kızılay had already suffered a serious loss of confidence due to the sale of tents and conditional donations to be transferred to other associations. , and said: “Operating mutual funds for profit is against the nature of Kızılay. A system that collects money from investors in the market, operates it, returns the profits to creditors, and distributes the rest to those in need is ethically out of step with the Red Crescent. teacher. Öz said that AHBAP, which carries out relief activities in the earthquake zone, and Kızılay, which sells tents to the Turkish Pharmacists Association with money as a business establishment, do not need to establish and operate a Goods Portfolio Management. Real Estate and Venture Capital, and that would be a more accurate way of evaluating your own real estate.

6 THOUSAND REAL ESTATE

Pointing out that Kızılay has about 6,000 valuable real estate donated or bequeathed by benefactors, Prof. Öz said, “The Red Crescent can set up professional management to assess this real estate. You can build on the land and rent it out, and you can use existing buildings more efficiently with the rental method. All this is normal. But the fact that it establishes funds as a for-profit enterprise and raises money from the market does not comply with the logic of giving and helping and the founding philosophy of Kızılay. There is no difference between selling grant-created tents for money and setting up an investment fund in terms of mismatch of purpose.”

To escape from the SAI?

Kerim Rota, Chairman of Economic Policy for the Party of the Future, stated that he could not understand the establishment of an investment fund by the Red Crescent, saying: “Can anyone understand this?” he asked. Noting that Kızılay does not need to set up funds for the tax advantage due to the tax exemption, and that it can carry out these activities through public banks, Rota said, “Then, the purpose of the Portfolio Management Company and the establishment of the funds was to move Kızılay’s assets and resources away from the audit of the Court of Accounts and transfer the CMB oriented to financial audit and valuation. “Could it be pass into legislation?” he asked.

Will the Red Crescent work for the investor?

Teacher.. Semih Öz said that mutual funds operate in the form of dividend payments to lenders, and a system in which dividends are paid is incompatible with Kızılay. Pointing out that the fund operated by Kızılay will work for investors who want to evaluate their money rather than people who need help, Prof. Öz stated that activities that would damage Kızılay’s reputation should be avoided.