Opposition links Erdoğan nephew's scooter firm to Turkey's investment fund scandal
Opposition leader Özgür Özel accused BinBin, partly owned by Üsame Erdoğan, of ties to executives under investigation in Turkey's fund crisis that has left many investors unable to withdraw savings.
During a session of his party’s lawmakers, opposition chief Özgür Özel alleged that BinBin, the electric-scooter rental service partly owned by Üsame Erdoğan, is linked to executives under scrutiny in Turkey’s investment-fund scandal. The scandal began when several funds failed to honor withdrawal requests amid falling stock prices, leading the Capital Markets Board to order the liquidation of 131 funds managed by seven firms.
Investigations focus on possible misuse of investors' savings to inflate stock prices and insider trading. Özel pointed to the involvement of Lydia Holding and Bulls Yatırım, both of which have stakes in BinBin and handled its 2024 share offering, as well as the recent release of their chairmen Enver Çevik and Kemal Akkaya, implying they benefited from political connections. He also accused members of the Erdoğan family and senior officials of influencing investor behavior and using offshore accounts, though no criminal charge was named against Üsame Erdoğan. Justice Minister Akın Gürlek reported dozens of arrests and asset freezes related to the broader probe.
Why it matters
The allegations tie a president's family member to a massive financial scandal affecting hundreds of thousands of Turkish investors.
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