The shield of scandals: ‘Trade secret’
Some valuation companies’ alleged inflation of real estate values to secure high-value loans from public banks has gone unanswered. Minister Şimşek brushed off questions about the allegations as a “trade secret”.
Treasury and Finance Minister Mehmet Şimşek once again took refuge in “trade secrets”. He did not answer the allegations of “inflated valuation reports” that surfaced in 2023, citing trade secrecy.
In 2023, the country was shaken by claims of “inflated valuation reports”. In the real estate valuation scandal allegedly investigated that year by the Turkish Appraisers Association, some valuation companies were said to have inflated property values to obtain high-value loans from public banks. It was claimed that the companies issued reports showing property values far above market prices, and these reports were used as collateral in public banks. The allegations did not stop there, it was also claimed that properties normally ineligible for loans were brought into the system with “inflated values”.
CHP MP Cevdet Akay brought the allegations to Parliament, submitting a parliamentary question in January 2023. Months later, Şimşek responded, pulling out the AKP governments’ perennial shield for scandals the “trade secret” card.
In his reply to Akay in July last year, Şimşek referred to the Turkish Appraisers Association’s disciplinary processes but did not provide a single name regarding links between public banks, their executives, and companies. As justification, Şimşek cited the “protection of secrets” article of the Banking Law No. 5411 and the “trade secret” provision.
REACTION FROM AKAY
Reacting to Şimşek’s response, CHP’s Cevdet Akay argued that it was an attempt by the government to hide the truth. He said: “This is not just about the commercial data of a few companies, it involves the network of relations between public banks, valuation companies, and foreigners acquiring citizenship through real estate. Hiding the truth from the public under the guise of trade secrets only fuels suspicion. No claim of confidentiality is acceptable on issues involving citizens’ money and the nation’s passport. Inflated appraisal reports push the investment amount to 400,000 dollars on paper, granting foreigners an easy path to Turkish citizenship. A passport is the honour of a nation. This honour is not the trade secret of a circle of profiteers. Public banks, valuation companies, and everyone benefiting from this system must be held accountable before the law.”
Note: This article is translated from the original article titled Skandalların kalkanı ‘ticari sır’, published in BirGün newspaper on August 13, 2025.
