Inquiry launched into embezzlement at state-run bank
by Daily Sabah
ISTANBULJan 20, 2015 - 12:00 am GMT+3
by Daily Sabah
Jan 20, 2015 12:00 am
Authorities have launched an investigation into a string of embezzlement cases at PTT Bank, a banking branch of the state-run logistics provider of Turkey. Media outlets reported 44 bank personnel embezzled TL 6.4 million in 2013, while another 48 people were handed loans using fake IDs.
The embezzlement was revealed in a report by Turkey's Court of Accounts, or Sayıştay, which audited PTT for the report covering dates from January 2013 to May 2014.
PTT released a statement yesterday and acknowledged the embezzlement cases in 25 cities. Company officials said all those involved in embezzlement were sacked and subject to a judicial investigation. They also said in a written statement that over TL 1 million was recovered from the suspects and that the legal process was underway to recover the rest.
The company, which previously served as a postal provider and telecommunications company, has undertaken a restructuring program after its telecom branch was privatized. The company still offers postal delivery services, but recently expanded into banking business, benefiting from its presence even in remote towns. Court of Accounts auditors recommend the application of banking regulations to PTT Bank to avoid further cases of embezzlement and fraud. PTT Bank is exempt from regulations, as it does not offer deposit accounts and only acts as an intermediary for bill payments and money transfers.