Ihlas victims slam ErdoIan for meeting with CEO

Account holders apparently swindled out of millions by the pro-government ihlas Holding company have criticized President Recep Tayyip Erdogan for meeting with ihlas Holding CEO Manducahit Oren last week.
Noting the fact that the companyand’s long-standing debt was reportedly not discussed during the meeting, Hadi Sakioilu, the leader of an association of ihlas account holders who claim they were cheated by the company, said that this was to be expected, given their relationship. and”I find this normal because for a long time Manducahit andOren and Erdogan have been in a situation of mutual protection,and” Sakioilu told Todayand’s Zaman.
and”We have no expectations of the Justice and Development Party [AK Party] government or from Erdogan,and” Sakioilu said.
A total of 75,000 account holders in ihlas Holdingand’s finance arm, ihlas Finans, which went bankrupt in 2001, are still unable to recover their money — totaling $450 million — and accuse the firm of ignoring their calls for compensation. ihlas Finans, which was established in 1995, began failing to pay its account holders after an economic crisis broke out in Turkey in the final quarter of 2000.
The Banking Regulation and Supervision Agency (BDDK)anceled ihlas Finansand’ operating license on Feb. 10, 2001 and ordered its liquidation on Feb. 11, citing irregularities and poor management. In its 2001 report, the Capital Markets Board (SPK) referred to the irregularities at ihlas Finans as a and”Ponzi scheme,and” while the Savings Insurance Fund (TMSF)hairman at the time, Ahmet Ertandurk, called it and”an apparent siphoning of shareholdersand’ money.and”

SOURCE: TODAY’S ZAMAN