04.11.2026 16:04
DEVA Party Chairman Ali Babacan, regarding the investigation into transactions in the capital market, said, “What we are experiencing is actually not just a collapse in the markets. What we are experiencing is the collapse of a governance system.” Babacan claimed that personal interest structures leaning on public power filled the vacuum that formed, saying, "Without fear of God, without shame before the people, without hesitation before the state, they have established an organized and permanent robbery mechanism and kept this mechanism running for years."
Babacan spoke at the New Path Party’s group meeting in the Grand National Assembly of Turkey. Recalling that a month and a half had passed since the investigation into capital market transactions, Babacan said that the public’s questions still remained unanswered.
“THE TRIANGLE OF EVIL IS AT WORK AGAIN”
Describing the investigation as “the largest market fraud in the history of the Republic,” Babacan said:
“Given that such a large fraud case continued for so long, it must definitely have received support from within the bureaucracy and the political power. Clearly, market actors and people from within the bureaucracy and political power committed this crime in an organized manner. That triangle of evil we keep encountering is at work again. But pay attention: operations are being carried out only against the market actors and the bureaucracy. Yet no one is touching the political power corner of the triangle. This cannot go on like this.”
“THOSE WHO SAT AT THE FUND BOARD TABLE YESTERDAY ARE BEING ARRESTED TODAY”
Recalling that on the day the incident came to light he had called for the list to be made public and for the removal of the heads of the relevant institutions, Babacan stated that he had also proposed establishing a fully authorized task force for inter-institutional coordination. Babacan said, “Exactly 45 days have passed, but one by one and slowly they are coming around to what we said. Those who sat at the Fund Board table yesterday are being arrested today.”
“173 BILLION DOLLARS MEANS 8 TRILLION 650 BILLION LIRA”
Sharing figures on the loss of value in the stock market as well, Babacan said that at the end of August the total value of more than 600 companies traded on the stock exchange was 479 billion dollars. Noting that by the end of October this figure had fallen to 306 billion dollars, Babacan said, “There is a loss of value of 173 billion dollars. It is also useful to express this figure in Turkish lira; 173 billion dollars means 8 trillion 650 billion lira.”
“THE COLLAPSE OF A GOVERNANCE SYSTEM”
Noting that governance systems face their real test in moments of great disaster, Babacan said:
“This huge fraud case and the losses subsequently experienced in financial markets have provided a vital lesson. What we are experiencing is actually not only a collapse in the markets. What we are experiencing is the collapse of a governance system. The picture before us is the picture of this system razing all the institutions of the state to the ground. Now we are almost walking through an earthquake zone, encountering the ruins of the audit and control mechanisms of all institutions, and we are astonished. In fact, there is nothing to be astonished about. If a single person attempts to govern a huge country of 86 million with a single signature, this is what will happen.”
“THEY HAVE SET UP A PLUNDER MACHINE”
Arguing that a large and globally integrated country like Turkey cannot be governed by paralyzing institutional mechanisms and disregarding the law, Babacan claimed that the resulting vacuum was filled by personal interest structures leaning on public power. Babacan said, “By associating themselves with the center of political power, these structures gain immunity from accountability and scrutiny and can have free rein as they please. The situation is clear; without fear of God, without shame before the nation, and without hesitation before the state, they have established an organized and permanent plunder machine and kept this machine running for years.”