Unpredictable share sale in Agricultural Credit Cooperatives

Unpredictable share sale in Agricultural Credit Cooperatives
Date: 26.10.2022 12:30

The loss of 1.7 billion liras suffered by the institution in 80 days due to the unforeseen share sale of Hüseyin Aydın, General Manager of Agricultural Credit Cooperatives, was brought to the agenda of the Assembly.

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It was revealed that Hektaş shares, which had not been touched by any general manager in the Agricultural Credit Cooperatives for 50 years, and were not sold even when the World Bank's reports were proposed to be closed due to the financial crisis in the 2000s, were quietly sold to Oyak as a block on 3 August.
 
While it is not known for what need the stocks were sold, the sale of Hektaş shares without any foresight caused the Agricultural Credit Cooperatives to lose 1.7 billion liras in 80 days.
 
CHP Edirne Deputy Okan Gaytancıoğlu, who submitted a question to the Presidency of the Grand National Assembly of Turkey regarding the sale of shares, which caused an unprecedented loss in Agricultural Credit Cooperatives, asked the Minister of Agriculture and Forestry Vahit Kirişci to answer 7 questions on the subject.
 
Edirne Deputy Okan Gaytancıoğlu asked the following questions to Minister of Agriculture and Forestry Vahit Kirişci:
 
"Has any investigation been done on this share sale? Is it appropriate for the ordinary flow of life that the Agricultural Credit Cooperatives have lost approximately 1.7 billion liras due to the shares sold in the 80 days that have passed?"
 

THE DEPUTY REMEMBERED OUR NEWS TO MINISTER OF AGRICULTURE

 
Reminding the news of the Milli Gazete, Gaytancıoğlu said, "According to the news in a Milli Gazete, Hektaş shares at the rate of 3.8 percent (32 million 700 thousand units) in Agricultural Credit Cooperatives were sold as a block to 'Oyak', a subsidiary of OYAK, on ​​3 August. While Borsa Istanbul was sold at 33.74 liras with a 5 percent discount from the closing price, Hektaş shares gained nearly 200 percent in value in 80 days after the block share sale. No statement was made to the Agricultural Credit partners and the public regarding the block share sale, which caused the Agricultural Credit Cooperatives to lose 1.7 billion liras in 80 days."
 

DOES 1.7 BILLION LIRA OF LOSS SUITABLE FOR THE ORDINARY FLOW OF LIFE?

 
Gaytancıoğlu asked the Minister of Agriculture and Forestry, Vahit Kirişci, to answer the following questions regarding the issue:
 
"For what reason was such a sale of shares made? What is the total revenue from the sale? What needs of our farmers and agricultural credit cooperative partners were used to meet the money obtained from this sale? Is it appropriate for the ordinary flow of life that the Agricultural Credit Cooperatives have lost approximately 1.7 billion liras due to the shares sold in the 80 days that have passed? Has there been or is any investigation made regarding this sale of shares? Are those who manage the Agricultural Credit Cooperatives aware that they use the farmer's money and that their duty is to provide resources and serve the Turkish Farmer? Are there any assets held by Agricultural Credit Cooperatives that are planned to be sold within the next year?"

YEREL HABERLER

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