Babacan stated that the records held by the state should be disclosed as part of the fund investigation. He called for transparency. DEVA Party Chairman Ali Babacan, while answering questions from Gizem Fidan and Hakan Aygün on MK TV, also assessed MSCI’s decision to freeze certain index changes related to Turkish stocks. He saw the decision as an opportunity. Noting that the organization had extended its original November deadline to June 2027 and frozen certain parameters as well as the conditions for entry into and exit from the index, Babacan said the decision would turn into a significant opportunity if assessed correctly. He then emphasized the need to act quickly, saying, “If it is not assessed correctly, then God forbid, this will end badly.”
The focus of his criticism was the process. He argued that the process regarding the fund fraud allegations was being conducted slowly and that the records held by the state were not being disclosed transparently. A month has passed since the incident. He said that if he were president, he would have done what was necessary that very night. Babacan, who called for a legal regulation to be swiftly submitted to Parliament if necessary to reimburse the victims, argued that the existing Capital Markets Law was sufficient. The existing Capital Markets Law was sufficient. Referring to President Erdoğan’s remarks that they were conducting the process “with the precision of a surgeon,” Babacan asked, “Who is the surgeon?” and demanded that the responsibility for the investigation be clarified. Babacan criticized the SPK, Turkey’s capital markets regulator. He also targeted the cumbersome 15-20 member board set up for the fund process. Stating that those responsible should be dismissed, Babacan said a scalpel could not be handed again to a doctor who had left the patient bedridden.
Why it matters
MSCI’s freeze of index changes and index entry and exit conditions until June 2027 effectively suspends foreign investor flows directed into Turkish stocks through the index; the steps taken during this period will determine how Turkey’s position within the index takes shape when the freeze expires. The uncertainty surrounding the fund investigation, meanwhile, directly concerns two groups: the victims awaiting the fate of their savings and the investors watching the accountability of market regulators. The debate over whether new legislation is needed for repayments stands out as the key point of contention that will determine the pace of the compensation process. Babacan’s question about who bears responsibility for the investigation shows that it remains unclear who is conducting the process and with what authority. Whether the records held by the state will be disclosed to the public remains an open question that will affect both the course of the investigation and confidence in the capital market.
Background
Babacan is not a new name in the FikirPilot archive: we have published 6 stories mentioning this name in the last 90 days, the most recent dated October 15, 2026.