Finance minister's brother 'became company vice chair via intervention of capital markets board'

The former chairman of Bera Holding, formerly known as Kombassan Holding, has said that Finance Minister Lütfi Elvan's brother Osman Elvan became the vice-chairman of the company through the pressure of the Capital Markets Board (SPK) on domestic investors. Minister Elvan's lawyer released a statement with regards to Ali Rıza Alaboyun's statements, deeming them "completely unfounded and imaginary."

Friday August 27 2021 11:25 am

This collage photo shows Finance Minister Lütfi Elvan (L) and his brother Osman Elvan.

Duvar English

Turkish Treasury and Finance Minister Lütfi Elvan's brother Osman Elvan, who is a dentist by profession, has become the vice chairman at the Bera Holding, formerly known as Kombassan Holding, said the company's former board chairman Ali Rıza Alaboyun.

This is the second time that Osman Elvan has taken a role in the management of the holding, which is a group of companies with subsidiaries in a range of sectors.

“Osman Elvan has been taken into the management [of the company] because he is Lütfi Elvan's brother. He used to be a dentist,” Anka news agency quoted Alaboyun as saying on Aug. 27.

Alaboyun was previously a lawmaker from the ruling Justice and Development Party (AKP). He also served as the Energy and Natural Resources Minister in the interim election government formed by former Prime Minister Ahmet Davutoğlu between Aug. 28 and Nov. 17, 2015.

Alaboyun said that Minister Elvan explicitly supported his brother's taking on a role in the Bera Holding management during a general meeting on June 17. Alaboyun said that the minister ordered the Capital Markets Board of Turkey (SPK) to put pressure on domestic investors for Osman Elvan to be elected as vice chairman of the company.

“According to me, the SPK committed a crime of extortion, which means taking advantage by using public power. The SPK paved the way for Osman Elvan to be elected by using its public power,” Alaboyun said.

Alaboyun said that President Recep Tayyip Erdoğan has been “misinformed” about this whole process. “This is why I want to talk with the president. I have asked for an appointment,” he said.

Minister Elvan's lawyer Ali Göksu released a statement with regards to Alaboyun's statements, deeming them "completely unfounded and imaginary." "In connection to my client Lütfi Elvan, the allegations of the individual Ali Rıza Alaboyun which appeared in a news agency and some internet sites are completely unfounded and imaginary," he said.

Companies that have ruling Justice and Development Party (AKP) politicians on their management or their close relatives/family members are known to be receiving lucrative contracts and tenders from the government. Such deals later turn them into giant conglomerates as they benefit from a wide range of selective incentives.