11.11.2026 11:30
After the resignation of BDDK Chairman Şahap Kavcıoğlu, the allegations against him within the scope of the fund investigation came back onto the agenda. Kavcıoğlu, to whom AK Party member Savcı Sayan directed questions about transactions worth 20 billion and 35 billion liras, had previously stated in his explanation that the BDDK had no connection with the fund crisis, arguing that neither he nor his family had money in the stock market or in funds.
Şahap Kavcıoğlu, the Chairman of the Banking Regulation and Supervision Agency (BDDK), whose name was mentioned in allegations regarding the fund crisis and whose resignation was demanded, has resigned. Kavcıoğlu, to whom AK Party member Savcı Sayan had directed questions about transactions worth 20 billion and 35 billion liras, had denied the allegations against him. With this decision by Kavcıoğlu, who announced that he had requested his pardon from President Erdoğan so that the institution would not be further worn down, the accusations directed at him came back onto the agenda.
ATTENTION-GRABBING QUESTIONS FROM SAVCI SAYAN TO KAVCIOĞLU
AK Party member Savcı Sayan had directed a series of questions at Kavcıoğlu within the scope of the fund investigation. Bringing to the agenda the allegation that Kavcıoğlu had contacted Emre Tezmen shortly before the fund crisis broke out, Sayan asked, “Did you call Emre Tezmen by phone a few days before the fund crisis erupted and say, ‘Emre brother, come, let’s have a coffee together’?”
The questions posed by Sayan were not limited to the telephone conversation allegation. He also asked Kavcıoğlu for an explanation regarding the companies mentioned in the fund crisis and the financial transactions worth billions of liras.
ALLEGATIONS OF 20 BILLION AND 35 BILLION LIRAS
Savcı Sayan, in his statement directed at Kavcıoğlu, also brought up the following questions: “It is said that you tried to save Pusula and Katılımevimi at the expense of sinking Tera; is this allegation true? In exchange for 20 billion, did you say, ‘On Monday, I will give you a 35 billion TL loan from Takasbank’? Is it true that you used the alleged 20 billion TL transferred by Emre Tezmen to save the shares of senior bureaucrats and politicians close to you?”
The amounts of 20 billion and 35 billion liras contained in Sayan’s questions had become one of the important topics of the debates surrounding the fund investigation.
KAVCIOĞLU HAD DENIED THE ALLEGATIONS
Kavcıoğlu, who responded for the first time to the allegations directed at him through journalist İsmail Saymaz, argued that the BDDK had no connection with the fund transactions. In his statement, Kavcıoğlu used the following expressions:
“The BDDK is one of Turkey’s most distinguished institutions. It has nothing whatsoever to do with the fund business. All banks have portfolio companies. It is not moral to accuse us because İktisat Katılım has a portfolio company. You can criticize the bank license, but establishing a connection with the fund is something else. Neither I, nor my family, nor anyone I am associated with has money in the fund or the stock market. Not now, and not for the past 20-30 years.”
A DENIAL ALSO CAME FROM THE BDDK
Following Savcı Sayan’s questions, the BDDK also made a written statement and denied the allegations about the institution and its chairman. In the statement, while it was argued that the allegations were completely unfounded, it was announced that legal proceedings would be initiated against persons targeting the reputation of the institution and Kavcıoğlu.
KAVCIOĞLU REQUESTED HIS PARDON FROM PRESIDENT ERDOĞAN
While the debates surrounding the fund investigation continued, Kavcıoğlu announced his request to leave his post through a written statement. Stating that he had asked President Erdoğan for his pardon so that the BDDK would not be further worn down, Kavcıoğlu used the following expressions:
“Following the allegations in recent days regarding the Banking Regulation and Supervision Agency and myself, I requested my pardon from our esteemed President Recep Tayyip Erdoğan so that our Institution would not be further worn down.
I offer my deepest gratitude to our esteemed President, who has entrusted us with these duties until now. Respectfully announced to the public.”
WHO IS ŞAHAP KAVCIOĞLU?
Şahap Kavcıoğlu is a Turkish economist, banker, and politician. He was born in Bayburt on May 23, 1967. He graduated from Dokuz Eylül University, Faculty of Economics and Administrative Sciences, Department of Business Administration. He received his master’s degree from the Istanbul University Institute of Accounting. He completed his doctorate in banking at Marmara University Institute of Banking and Insurance.
Kavcıoğlu, who held various banking positions in his professional life, worked within Halkbank for many years and served as deputy general manager. After his career in the banking sector, he entered politics and was elected as a Bayburt deputy from the AK Party in the 2015 general elections. He served as a Bayburt Deputy of the 26th Term in the Grand National Assembly of Turkey.
Kavcıoğlu, who was elected as a Bayburt deputy from the AK Party in 2015, took part in the GNAT Plan and Budget Committee. After his deputyship, he assumed the position of Deputy Chairman of the VakıfBank Board of Directors. On March 20, 2021, he was appointed as the Governor of the Central Bank of the Republic of Turkey (CBRT) and continued in this position until June 2023. On June 9, 2023, he was appointed as the Chairman of the Banking Regulation and Supervision Agency. Continuing his academic work, Kavcıoğlu received the title of associate professor in 2014 and professor in 2019. He is married and a father of three children.