Ali Babacan claims fund scandal losses exceed $150 billion

DEVA Party Leader Ali Babacan has stated that the total economic impact of the recent fund scandal in Turkey has surpassed $150 billion. While approximately 850 billion TL was directly lost through closed funds, Babacan emphasized that the damage extends to the loss of market value for other companies listed on the stock exchange.

Babacan compared the scale of the financial loss to Turkey's annual tea production, noting that the $150 billion loss is roughly 150 times the total economic value of the country's yearly tea harvest. He warned that the scandal is evolving into a crisis that threatens the entire economy and called for the identification and punishment of those responsible to restore market trust.

In a related development, former AK Party Gaziantep Deputy Şamil Tayyar alleged that the names of high-ranking officials from the Presidency were used to persuade investors into these funds, claiming individuals were told that ‘very important people from the Presidency’ were backing the investments.