Due to the recent sharp decline in the stock market, millions of citizens who directed their small savings to the stock market in the face of inflation suffered great losses. CHP’s Özgür Karabat commented on the stock market scandal, saying, “In the last three months, the value of shares dropped from 14 trillion TL to 13 trillion TL. A loss of 1 trillion lira occurred. The AKP government encouraged citizens to invest in the stock market instead of foreign currency and gold by using ‘local and national’ rhetoric. Nearly all of the 8 million citizens who invested in the stock market are now at a great loss.”
COST OF THE SCAM IN THE TENS OF BILLIONS OF LIRA
CHP Deputy Chair Özgür Karabat, who expressed the recent market decline on social media, referred to the situation as a “scam” and said, “In the last three months, the value of shares dropped from 14 trillion TL to 13 trillion TL. A loss of 1 trillion lira occurred. Stock manipulators who bought cheap shares and some portfolio management companies pocketed tens of billions of liras.”
CALLING OUT THE CAPITAL MARKETS BOARD (SPK)
Karabat also called on the SPK, whose primary duty is to protect stock market investors, stating: “Are you only responsible for paperwork like public offerings, AKP announcements, and capital increases? You cannot legitimize this wealth transfer and robbery.” He added that those responsible will eventually be held accountable.
In his social media post, Karabat made the following points:
“A SCAM IS BEING CARRIED OUT THROUGH THE STOCK MARKET, THE PEOPLE ARE BEING DELIBERATELY IMPOVERISHED”
- The AKP directed citizens to the stock market instead of foreign currency and gold using “local and national” rhetoric. As of now, nearly all of the 8 million citizens who invested in the stock market are at a great loss.
- Allegations of a major organized scam have become widespread. In the last three months alone, the value of shares dropped from 14 trillion TL to 13 trillion TL, resulting in a loss of 1 trillion lira. Stock manipulators who bought cheap shares and some portfolio management companies pocketed tens of billions of liras.
- Former Treasury Minister Nureddin Nebati had said that the market value of BIST companies should reach 60% of GDP. Mehmet Şimşek also emphasized that 12% of financing needs were met through capital markets and that this should rise to 60%, as in the U.S.
- Moody’s and other international credit rating agencies upgraded Turkey’s rating. You praised this, claiming it would lead to a surge of investment in Turkey and that the stock market would soar, deceiving the public.
- What does the SPK even do in this country?
Are you only responsible for paperwork like public offerings, AKP announcements, and capital increases? The primary duty of the SPK is to protect stock market investors and prevent their exploitation!
- While a scam is being carried out, do you think you are fighting inflation by devaluing the shares of stock market investors?
You can never legitimize this wealth transfer and robbery!
- Citizens trusted the AKP and entered the stock market to protect their small savings from being eroded by inflation. In the end, they became the slaves of stock manipulators and some portfolio companies.
Everything is recorded, and when the time comes, we will hold all of them accountable, one by one!”
