Senegal’s public-finance audit names Karpowership in two payment entries that total just one franc short of CFA13 billion. The records concerning the Turkish company supplying power to Dakar appear in an annex to the Court of Auditors’ public-finance audit. They raise a question about the authority under which the money was spent. [1]
A bribery scheme connected to Aksa Enerji’s Ghana power-plant deal has resulted in a US guilty verdict against former Goldman Sachs banker Asante Berko. The record includes a scheme involving more than $1 million in bribes and payments of $5,000 each to five Ghanaian officials visiting Türkiye to inspect equipment. Berko’s sentencing is scheduled for 10 November 2026. The verdict concerns Berko; it must not be read as a conviction of Aksa. [1] [2]
An email included in the dossier identifies Alykhan Hudani and Ugandan businessman Abubaker Mukasa Muyunga as the shareholders of Veritas Communications, the counterparty to an $820,000 consultancy arrangement. Public records connect Muyunga and Veritas to local partnerships and signing roles in foreign telecom investments in Uganda and Burundi. A source says the money was used for a Ugandan tender and that bank records will be added to the file. Neither an actual payment nor its ultimate recipient has yet been established by documentary evidence. [1]
Zeren Holding, known for its Alpet acquisition and proposed T-Bank takeover, faces serious allegations stretching from a $593.7 million oil claim to a disputed exchange in Croatia. Allegations that Mustafa Yiğit Zeren diverted funds are accompanied by accusations against lawyer Mustafa Doğan İnal of secret collaboration, leaking legal strategy and interference with proceedings. The company rejects the accusations.
Pasifik Holding’s three shareholders transferred stakes in three listed group companies to the holding between December 2023 and April 2024. Disclosed transfer prices put their combined value at approximately TRY 18.1 billion. The holding carried these stakes at TRY 39.7 billion on 30 June 2026; multiplying the share counts by the 28 October closing prices gives approximately TRY 6.3 billion. These figures refer to different dates and valuation bases, not a realised cash loss.
September 2022 correspondence obtained by The Ledgers adds a new dimension to the EUR 120.6 million contractual-penalty dispute between SICPA and Derinay Enerji. According to Derinay, the tribunal found SICPA in breach but rejected the penalty claim. Türkiye’s Court of Cassation subsequently overturned the dismissal of the annulment action, focusing on the disclosure duty of SICPA’s appointed arbitrator. What became of four measures discussed while the contract remained in force, and who decided?
On 22 October, Türkiye’s Capital Markets Board (SPK) imposed a two-year trading ban on Lugano-based Century City Securities SA over transactions in Anel Elektrik (ANELE). Three Tera group companies appear on the same list. The Swiss company has registered capital of CHF 300,000, but its shareholders are not disclosed in public records. Since 2023, it has bought at least TRY 1.33 billion in shares in six transactions reported through the Public Disclosure Platform (KAP). In the largest, a TRY 551 million Özata Denizcilik purchase, Bulls Yatırım brokered the seller’s side and Tera Yatırım the buyers’ side. Century City now owns 5.97% of Lydia Yeşil Enerji, chaired by Enver Çevik; in July 2025 it also acquired roughly a quarter of the shares left unsubscribed in Galatasaray Sportif’s rights issue.
BG Holding, Balsu Gıda’s main shareholder, sold about one third of the company on 30 June at TRY 18.42 a share. According to KAP disclosures, two Pusula Portföy funds bought 62% of the shares sold; the capital markets regulator, SPK, ordered their liquidation on 17 September. Balsu closed at TRY 7.60 on 26 October, 59% below the sale price. Since late September, BG Holding and chairman Cüneyd Zapsu have been buying shares again: disclosed purchase prices range from TRY 6.86 to TRY 9.15.
Türkiye’s defence and aerospace exports passed the $10 billion mark in 2025. Growth at Baykar, ASELSAN, Roketsan and Turkish Aerospace is carrying half a century of industrial expertise into unmanned aircraft, air defence, combat jets and European partnerships. The figures show the scale of that success; engines, production capacity and delivery schedules reveal the challenges ahead.
The first file being examined for links to SICPA’s African operations focuses on an arrangement said to involve a company in Istanbul’s Levent district and an offshore intermediary. The account covers Uganda, Kenya, Somalia and Tanzania, describing invoices totalling $820,000 and a condition tied to access at presidential level. Examination of the contract, invoices and corporate connections continues.
A court kept the vast digital-health contract in force while requiring corrective oversight. As providers migrate to HMIS, payments, ownership and delivery remain central to public scrutiny.
Returned from Somalia, Abdikerm Eidleh has pleaded not guilty. Prosecutors allege more than $5m entered accounts linked to his companies; the wider case exposes how access to public meal funding became a source of illicit payments.
Nine finance officials deny the charges. The money trail separates diverted transfers from recovered funds, while reinstatement orders sit alongside an ongoing prosecution.
The president's daughters are qualifying shareholders in a bank in Istanbul and owners of apartments overlooking Hyde Park in London; the family's holding company owns half of Mandarin Oriental in Bodrum. The holding company associated with the minister's family, meanwhile, changed its name, reduced its capital to 100 manat and returned to the headlines with a bankruptcy notice. Following the trail from Baku to London and Dubai to Bodrum: what do the documents say, and what do they leave unanswered?
Two British nationals and associated companies must explain the funding of properties across four countries. Neither individual has been charged with a crime, prosecutors say.
The Chinese national appeared in California after extradition from the Netherlands. Prosecutors link the alleged laundering route to Cambodian scam centres and 174 identified US victims.
A $1.6 billion addiction-treatment case dominates the announcement. The indictment distinguishes insurance claims from the $210 million prosecutors say insurers paid.
The Pantastic inquiry concerns Chinese textile and footwear imports, suspected bribery of officials and a cross-border VAT exemption. At least 50 people are under investigation.
Agencies in 20 African countries and the United States participated. The reported recovery is distinct from the more than $385 million in losses linked to the investigations.
In the fund crisis, the state is pursuing investors’ savings. President Erdoğan says, “We do not stand by those who wrong the nation or reach for the nation’s property”; Justice Minister Gürlek says they will follow the process “through to the end.” In the fund investigations, 88 people have been remanded in custody and asset restrictions imposed on 351 natural persons and 102 legal entities. In the same weeks, 16 people were remanded in the Sarıgül investigation, which began with complaints by two German citizens. Both cases face the same test: evidence and an independent judiciary.
The SICPA dossier, Part 2. Messages attributed to Philippe Amon and said to date from 18 September 2019 describe an instruction to stop consultancy payments to Cuneyd Zapsu. Following the TRY 19.6 million in invoices examined in Part 1, this instalment turns to the account of a breakdown in the relationship, its stated political grounds, and the questions left unanswered.
AI-generated editorial illustration. The scene is symbolic and is not documentary evidence.
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Adopted by the Council on 21 April 2026. Common offence definitions and minimum levels for maximum corporate fines: 3–5% of worldwide turnover or €24–40 million, depending on the offence.
24 monthsto transpose; 36 months for risk assessments and national strategies
Miller & Chevalier reports slower FCPA enforcement in Q2 2026. Its July review distinguishes the DOJ’s request to dismiss Adani charges from the dismissal of charges against two FIFA-related defendants.
The same review records a new UK corporate settlement and EU legislative action. These are developments, not proof that Europe has fully replaced U.S. enforcement.
Every report links to the publications it draws on. We distinguish an allegation from a finding, an investigation from a verdict, and the record from the claims made about it.
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