The Turkish Post (PTT) has reportedly lost over 1,5 billion Turkish liras in two years under the Turkey Wealth Fund (TVF), directed by Treasury and Finance Minister Berat Albayrak.
When PTT was transferred to the fund in February 2017, there were 650 million liras in its vault, but it currently has a debt worth 900 million liras, totaling a loss of 1,5 billion liras, daily Cumhuriyet reported.
According to TVF’s internal audit reports obtained by the daily, the reason behind PTT’s negative balance at the end of the year is the wrong planning of capital transfers to affiliates.
Some 20 million liras were transferred to non-operational Terrestrial Broadcasting Infrastructure Company of Turkey (Kule A.Ş.) and a car rental company named Anadolum Logistics is a major item on the balance sheet.
The internal TVF reports also show an annual 5 million liras spent on air fresheners for PTT offices. Some 600,000 sprays were purchased, even though the PTT has only 3,800 branches. The sprays were bought at an overpriced 60 liras a unit even though their cost is only two liras.
The TVF internal reports are the only source of information about the fund’s spendings, Court of Accounts can’t audit the TVF as a result of a regulation adopted that removes the fund from the scope of public procurement law.
While the court can carry out inspections in some of the companies transferred to the fund, it can’t do so in their subcompanies.
Public audits of companies under the TVF are limited, even though the assets total 60 billion liras, and include big names like Turkish Airlines (THY), Turkey’s Vakıfbank and the Petroleum Pipeline Company (BOTAŞ).