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- Ocak 16, 2025
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The devaluation of the Turkish Lira due to the government's economic policy and the ever-increasing interest rate has also filled the purses of public companies. The Court of Accounts' analyses of Vakıf Energy and Mining Co. also revealed the company's astronomical profit generated through interest and foreign exchange.
Vakıf Energy and Mining was founded to ‘establish facilities to generate electricity and heat energy, to produce energy, to sell the energy it produces and to search for mines’. The executives of the company, which did not perform any commercial operations, were paid exorbitant salaries for years. The company, which the Court of Accounts said, ‘A decision should be made on its future’ every year as of 2021, was not terminated in 2024 either. The Court of Accounts auditors, who examined the company's financial accounts, noted that the company, which has only one employee, did not carry out any industrial and commercial operations in 2023. Commenting on the report, CHP Deputy Ahmet Vehbi Bakırlıoğlu emphasised that the subsidiary companies, which make up the majority of the company's total assets, were also liquidated.
It was determined that the company increased its profit by 151 % in 2023 due to the devaluation of the Turkish Lira and the increase in interest rates. In 2023, the company made a profit of 71 million 430 thousand TL (~1.9 million USD) and earned 80.5 million TL (2.2 million USD) from foreign exchange and 17.4 million TL (~477.000 USD) from interest.
Analysing the report, CHP member Bakırlıoğlu said: ‘Imagine a company that has no operations but makes money out of nowhere. People who have money fold their money with high interest rates due to the conditions our country has been at. This company was also losing money before the interest rates increased. Why is the company, which has no employees except the executive board and a single employee, not terminated? The situation is tragicomic no matter your point of view.
Tens of millions of citizens in Turkey are in desperate need even of a piece of bread as a result of the economy that the government has been playing with like a jigsaw puzzle for years. In fact, our country is a very resource-rich country. The issue is not lack of resources, but the misuse of resources. The transfer of the education budget to associations while students are hungry at school is among the most striking evidence of AKP's misuse of resources. The report we are working on reveals yet another abuse of resources. The company, which has no operations, incurs millions of liras in expenses and earns exorbitant profits from interest. We need a government that utilises resources for the benefit of the people for our country's future, that is, a CHP government.’
Note: This article is translated from the original Turkish version titled Yurttaşı ezen kriz onlara yarıyor published in BirGün newspaper on February 25, 2025.
SUBSIDIARIES LIQUIDATED
Vakıf Energy and Mining was founded to ‘establish facilities to generate electricity and heat energy, to produce energy, to sell the energy it produces and to search for mines’. The executives of the company, which did not perform any commercial operations, were paid exorbitant salaries for years. The company, which the Court of Accounts said, ‘A decision should be made on its future’ every year as of 2021, was not terminated in 2024 either. The Court of Accounts auditors, who examined the company's financial accounts, noted that the company, which has only one employee, did not carry out any industrial and commercial operations in 2023. Commenting on the report, CHP Deputy Ahmet Vehbi Bakırlıoğlu emphasised that the subsidiary companies, which make up the majority of the company's total assets, were also liquidated.
INVESTED IN INTEREST AND FOREIGN CURRENCY
It was determined that the company increased its profit by 151 % in 2023 due to the devaluation of the Turkish Lira and the increase in interest rates. In 2023, the company made a profit of 71 million 430 thousand TL (~1.9 million USD) and earned 80.5 million TL (2.2 million USD) from foreign exchange and 17.4 million TL (~477.000 USD) from interest.
THEY GENERATE MONEY OFF MONEY
Analysing the report, CHP member Bakırlıoğlu said: ‘Imagine a company that has no operations but makes money out of nowhere. People who have money fold their money with high interest rates due to the conditions our country has been at. This company was also losing money before the interest rates increased. Why is the company, which has no employees except the executive board and a single employee, not terminated? The situation is tragicomic no matter your point of view.
Tens of millions of citizens in Turkey are in desperate need even of a piece of bread as a result of the economy that the government has been playing with like a jigsaw puzzle for years. In fact, our country is a very resource-rich country. The issue is not lack of resources, but the misuse of resources. The transfer of the education budget to associations while students are hungry at school is among the most striking evidence of AKP's misuse of resources. The report we are working on reveals yet another abuse of resources. The company, which has no operations, incurs millions of liras in expenses and earns exorbitant profits from interest. We need a government that utilises resources for the benefit of the people for our country's future, that is, a CHP government.’
Note: This article is translated from the original Turkish version titled Yurttaşı ezen kriz onlara yarıyor published in BirGün newspaper on February 25, 2025.