Erdogan vows decisive action on fund market irregularities

President Recep Tayyip Erdogan told Justice and Development (AK) Party lawmakers in Ankara on Wednesday that the State Supervisory Council is conducting a comprehensive investigation into irregularities that have emerged in a segment of the country's fund market. "We are addressing the issue that has emerged in a certain part of the fund market and are taking the necessary steps one by one with great determination," Erdogan said during the legislative year opening meeting. He noted that the newly established Fund Coordination Board, chaired by Vice President Cevdet Yilmaz, has been tasked with resolving the crisis swiftly.

Zero tolerance for violations

Erdogan pledged that authorities would not tolerate wrongdoing in the financial sector, emphasizing that the oversight body is examining the matter in all its dimensions. "Our State Supervisory Council is examining this matter in all its dimensions. We will not tolerate even the slightest negligence or any violation of the law and rules," he said, adding that the board would work intensively to overcome the problem. "Our board will work intensively and will swiftly overcome this problem, which has cast an unfair shadow over our capital markets," Erdogan stated.

Investor protection pledge

The president said the government is monitoring the issue from the perspective of investors and working to ensure that citizens' savings are repaid without creating an additional burden on the public. "We are following the investor dimension of the issue. Without imposing a burden on the public, we are carrying out the necessary processes to ensure that our citizens' savings are paid," he said. He warned that those seeking to exploit the situation would ultimately lose while Türkiye emerges stronger, saying "Those who trade in disaster in an attempt to wear down the Turkish economy will lose, while our country and nation will gain many times more."

Markets to be 'cleansed'

Erdogan issued a stern warning to those accused of obtaining illicit gains, saying Turkish capital markets would be cleansed of bad actors feeding on small investors. "Turkish capital markets will rid themselves of their dead weight, be cleansed of parasites feeding on the savings of small investors, and our financial market will continue on its path," he said. He added that the political dimension of the investigation could not be separated from broader questions of morality and faith, noting that for his administration, "the political dimension of the issue is never separate from conscience, morality and faith."