REPEATED FINDINGS OF GRAND CORRUPTION, SANCTIONS EVASION, AND UNANSWERED QUESTIONS IN TURKEY
Journalistic Investigations, Court Records, and Calls for International Oversight.Public investitagion , Court Filings, and Calls for International Scrutiny
According to journalistic investigations and officially obtained information widely circulated in Turkey, serious issues have emerged concerning the sale of Russian oil subject to international sanctions, the transfer of approximately USD 600 million, and the subsequent acquisition of major fuel distribution networks.
According to information , Mustafa Yigit Zeren, the head of the Zeren Holding group of companies, abused the trust placed in him and transferred $600 million, which was received from the sale of Russian oil to India through Mostrade Danışmanlık Ltd., to his bank account in Dubai. Zeren then transferred this amount to the accounts of people close to him and, having effectively emptied the bank account of Mostrade Danışmanlık Ltd., severed all ties with the Russian bank that financed the oil sale operation, as well as with the seller company.
As a result, Moscreditbank filed a lawsuit with the Istanbul Public Prosecutor’s Office through its Hong Kong-registered subsidiary Akida Trading Ltd. against Mostrade Danışmanlık Ltd. and its owner Mustafa Yigit Zeren. The lawsuit states that the defendants failed to repay the bank’s loan debt of approximately $600 million.
How Mostrade Danışmanlık Ltd. Came Under the Control of Mustafa Yiğit Zeren
Mustafa Yigit Zeren, the head of the Zeren Holding group of companies, abused the trust placed in him and transferred $600 million, which was received from the sale of Russian oil to India, to his bank account in Dubai
How Mostrade Danışmanlık Ltd. was transferred to Mustafa Yigit Zeren
The company Mostrade Danışmanlık Ltd. (hereinafter Mostrade) was founded in 2020 in Turkey by Azerbaijani businessman Zal Suleymanov and was engaged in not very significant import-export operations, the total volume of which did not exceed one million dollars.One of the central vehicles in this scheme was Mostrade, a small financial consultancy established in Istanbul in. 2019 by Zal Suleymanov, a Russian national.
How was the oil sale financed?
As part of the developed sanctions evasion scheme, Moscreditbank financed the purchase of oil by paying money for it directly to the supplier company (in this case, Sechin’s Rosneft). The supplier then loaded the oil onto tankers and sent it to the destination port. The purchasing company transferred the money for the oil to Mostrade’s bank account in Turkey, which used these funds to fulfill its loan obligations to Moscreditbank with interest. It should be noted that this scheme worked without any problems until November 2023.
However, in November-December 2023, Turkish banks, under pressure from the US Department of Justice, sharply restricted money transfers to Russia. As a result, Mostrade could no longer accept money for oil sold to India into its bank accounts in Turkey and, accordingly, transfer it to Moscreditbank.
However, the Russian bank, together with oil suppliers, continued to work according to this scheme, hoping that the problem with payments would soon be solved one way or another.
Zeren stole money from a Moscow bank, recently bought the Alpet company from the Altynbash family, which owned 320 gas stations in Turkey, after which Akshin Mamedov, a former employee of the Azerbaijani company SOCAR-Turkey, ended up at the head of this company.
However, after Russia’s invasion of Ukraine in February 2022, new opportunities opened up for Mostrade. Due to the sanctions imposed by the West, selling Russian oil and transferring the currency received from its sale to Russian banks became much more difficult. As a result, many Russian companies did not know how to sell oil in these conditions, and banks, accordingly, did not know how to receive money for it.
And then Mostrade offered its services as a connecting bridge between oil companies and Russian banks. These services were based on a financing system known as trade finance, according to which banks pay the cost of the sold goods to the direct supplier. According to this scheme, the sequence of the transaction looked like this: the trading company ensured the delivery of goods to the buyer at a fixed price, the buyer paid this cost to the trading company, which, in turn, fulfilled its credit obligations to the bank.
The Russian invasion of Ukraine changed the balance of power in the global oil markets… and Mostrade entered the picture
Thus, starting in February 2023, Mostrade participated in the scheme for selling Russian oil to India under sanction prices, financed by the Russian Moscreditbank.
However, before that, back in the first quarter of 2022, the owner of Mostrade changed. Zal Suleymanov, who was the sole owner of this company, transferred it to Turkish citizen Mustafa Yigit Zeren, since legal entities that did not have Turkish citizenship could not open accounts in banks in this country.
And once the company was transferred to Mustafa Yigit Zeren, he became the only person with access to Mostrade’s bank accounts in Turkey.
While Russian Rosneft Sechin oil was being marketed through Mostrade, Zeren and his associates became increasingly greedy and began siphoning off the proceeds by transferring payments to various private or corporate accounts they controlled in Turkey. Instead of repaying the debt on the credit line, the funds were diverted elsewhere. It is reported that Zeren used this money to acquire companies in Turkey, including hundreds of gas stations across the country.
As a result, Akida Trading Limited, the Hong Kong-based firm responsible for collecting the debt owed to the Credit Bank of Moscow, was compelled to file a lawsuit with the Moscow Court of Arbitration on May 2, 2024 seeking the seizure of assets belonging to Mostrade and its owner, Zeren. Judge A.G. Avagimyan ruled in favor of the asset seizure. Moreover, Akida filed a dispute with the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation.
A complaint filed in Moscow against Mostrade and Mustafa Yiğit Zeren for fraud was published in Turkish media outlet HalkTV’s website::
In December 2023 Zeren’s investment company, Zeren Group Yatırım Holding AŞ,, completed the acquisition of Altınbaş Petrol ve Ticaret AŞ, an oil distribution company operating 259 gas stations across the country. In July 2024 the group also signed a contract to purchase TP Petrol Dağıtım A.Ş., which owns over 800 gas stations. The second transaction is pending regulatory approval.
in a statement issued in July, the Zeren Group said it had not been notified of any pending criminal investigation by Turkish authorities and that its CEO, Zeren, faced no travel ban or other punitive judicial measures. The group claimed that it had no connection to Mostrade and attributed any past issues to Fuad Huseynli, who reportedly faces legal troubles on fraud charges in both Russia and Azerbaijan.
Who is UK and Azerbaijani citizens Fuad Huseynli ?
According to journalistic investigations, Fuad Huseynli is a UK citizen of Azerbaijani origin who has been involved in international oil and gas trading, particularly linked to Russian petroleum (Rosneft) products. His name has appeared in multiple media reports, court documents, and investigative articles in Russia, Azerbaijan, Kazakhstan, and Turkey.
Key Findings from Journalistic Investigations
According to journalistic investigations, in 2020 Fuad Huseynli approached Turkish businessman Mustafa Yiğit Zeren with a proposal to organize international trade in Russian oil products (Rossneft), requesting start-up capital and operational support. According to journalistic investigations, Huseynli used Zeren’s financial resources, logistics networks, banking and insurance structures, while profits were never distributed and were repeatedly delayed. In August 2022, Fuad Huseynli was detained in Moscow by order of the Azerbaijan Ministry of Internal Affairs on charges related to fraud and embezzlement involving a state bank, and later served approximately 18 months in prison. According to journalistic investigations, after his release, he attempted to withdraw all funds from the joint business, including capital belonging to the Turkish side.
Banking and Pressure Claims
According to journalistic investigations, individuals claiming to represent MKB Bank later appeared in Istanbul, asserting that Mustafa Zeren owed USD 500 million, despite the absence of any verified loan agreement, assets, or banking relationship in Russia. According to journalistic investigations, Mustafa Zeren’s father was pressured into signing agreements requiring monthly cash transfers amounting to tens of millions of dollars and complaints were filed with Turkish law enforcement authorities, MKB Bank, and the Central Bank of the Russian Federation.
International Fraud and Sanctions Questions
According to journalistic investigations, Russian outlet Kommersant reported that Fuad Huseynli was accused of embezzling more than USD 215 million from the International Bank of Azerbaijan (ABB) together with Azer Huseynov.Azerbaijani media haqqin.az reported that Fuad Huseynli received a 1.5-year prison sentence after compensating damages, while his associate received a 4.5-year sentence.. According to journalistic investigations, unresolved questions remain regarding how sanctioned Russian banks could allegedly provide hundreds of millions of dollars in financing, and how Russian oil trade could continue under international sanctions.
Current Developments
According to journalistic investigations, submissions have been made to:
UK National Crime Agency (NCA) ,Ukraine’s Security Service (SBU) ,EU sanctions authorities
Further investigations are reportedly ongoing
Trade registry records reveal that Zeren transferred his shares in Mostrade to a Turkish national named Savaş Özsoy on May 6, 2024.
Trade registry records reveal that Zeren transferred his shares in Mostrade to a Turkish national named Savaş Özsoy on May 6, 2024:
According to investigative reporting and officially obtained documentation, Berat Albayrak and Bilal Erdoğan son of the president of Turkey 🇹🇷 allegedly facilitated the establishment of a company with a declared capital of 10,000 Turkish lira, appointing Certified Public Accountant Mustafa Yiğit Zeren as its manager.
The Role of POWERTRANS and Berat Albayrak
The International Arbitration Court ruled in favor of Iraq, concluding that oil exports conducted through the Kirkuk–Ceyhan Crude Oil Pipeline without the consent of the Iraqi Central Government violated the Iraqi Constitution and United Nations–backed agreements.
As a result of this ruling, Turkey was ordered to pay USD 1.4 billion in compensation to Iraq. In addition, a second arbitration case is still ongoing, and Turkey is expected to face a further compensation claim of approximately USD 1.5 billion. These penalties will be paid by the Turkish public, not by private companies.
The court decisions confirm that the oil trade was carried out in cooperation with the Kurdistan Regional Government (KRG) while bypassing Baghdad’s authority.
The transportation of this oil was carried out by POWERTRANS, a company that was granted the contract without a public tender. What makes this issue particularly controversial is that POWERTRANS shareholders included former Turkish Minister of Energy and Natural Resources Berat Albayrak, as well as Ziya İlgen, the brother-in-law of President Recep Tayyip Erdoğan.
The court ruling has raised serious concerns regarding conflict of interest, abuse of public authority, and the transfer of financial risk from private actors to the Turkish state
It is claimed that this structure was used to conduct Russian oil sales valued at approximately USD 5–6 billion on international markets.
Zeren Holding: From Denial to Admission — What Funded Its Rapid Expansion?
Zeren Holding, which moved within a short period to acquire two fuel distribution companies and attempted to purchase a bank, has responded to fraud allegations, first denying and later partially acknowledging certain links.
Eight years after its privatization, Türkiye Petrolleri is changing hands again. Questions have emerged about the source of capital, with claims that billions of dollars from illicit Russian oil trade may have been used, potentially violating UK, EU, US, and Ukrainian sanctions.
The group’s rapid rise, involving bids worth tens of billions of US dollar 💵, is closely linked to its former Azerbaijan- and UK-based business structures, which appear central to its financing.
The new bidder for hundreds of fuel stations faces fraud accusations, while allegations of political connections, including indirect links to Berat Albayrak and Bilal Erdogan remain unproven and under scrutiny.
In addition, Zeren Holding is obliged to pay $ 150 million of the debt in installments by September 1, 2024, and the remaining debt, amounting to $ 300 million, must be paid within the next 9 months.
Despite pursuing legal and political avenues to collect the debt, Russia also deployed a team of armed men to raid the Zeren Group offices in Istanbul. During the raid, Zeren’s father, Rıdvan Zeren, who is also a board member, was coerced into signing a handwritten promissory note agreeing to pay the debt.
The note, included in the criminal complaint filed in Turkey, stipulates that Rıdvan Zeren agreed to repay $475 million in monthly installments and transfer 25 percent of the shares in the Zeren Group to the Moscow bank. As collateral for the debt collection, 25 percent of Zeren Group and 25 percent of Zeren Metal shares were listed in the note.
The note was co-signed by Nikolay Valeryevich Katorzhnov, CEO of the Credit Bank of Moscow, and witnessed by Yusuf Yatkın, CEO of the Zeren Group
Official financial information reviewed by journalists shows that approximately USD 593 million derived from these transactions was redirected and later used in the acquisition of Alpet (around 320 fuel stations) and Türkiye Petrolleri (approximately 800 fuel stations nationwide). These acquisitions were reportedly carried out through trustee arrangements, with the ultimate beneficial owners remaining undisclosed.
Dubai Bank Dispute and Missing Funds
According to court filings and media documentation cited by Euro Asia News, a Russian financial institution launched legal action in Istanbul, stating that nearly USD 600 million connected to oil trade financing had been transferred to bank accounts in Dubai and was not returned in accordance with contractual obligations.
These claims are the subject of ongoing legal proceedings and have not yet resulted in a final judicial determination.
Enforcement Actions and Coercion Claims
Journalistic investigations further report that enforcement actions were carried out in Istanbul in relation to Zeren Holding, including searches of company-related locations. Officially obtained information also suggests that certain documents were signed by a family member under pressure. These matters remain part of the judicial process and have not yet been conclusively adjudicated.
Transaction Scale and Political Protection Concerns
Analysts and investigative journalists emphasize that the scale of the financial transfers—approaching USD 600 million—raises serious questions about political protection and institutional oversight. According to expert assessments, it would be implausible for a 33-year-old accountant to execute such large-scale operations independently without external support.
Institutional Silence and Media Accountability
The fact pose pointed questions to state institutions and the media, asking why:
Intelligence and regulatory authorities did not publicly intervene,
Judicial bodies have not provided transparent and regular updates,
Major media organizations offered limited coverage,
Opposition parties failed to pursue sustained parliamentary oversight.
Experts warn that sustained institutional silence weakens democratic accountability, particularly when issues involve international sanctions compliance, cross-border finance, and strategically important energy assets.
International Dimension
Public discourse and investigative reporting indicate that international authorities and foreign partners may be examining aspects of the financial flows and sanctions-related transactions referenced in court documents. As of now, no official confirmation has been issued by foreign agencies, and these matters remain under review pending authoritative statements.
Conclusion
All individuals named are presumed innocent. Nevertheless, given the magnitude of the financial flows involved, the international sanctions framework, and the significant public interest implications, experts and investigative journalists underline the urgent need for:
- Independent and transparent investigations,
- Full disclosure of beneficial ownership and funding sources,
- Unrestricted and sustained media scrutiny.
“Given the seriousness of the matter, the EU Sanctions Commission,the Ukraine the United Kingdom’s National Crime Agency (NCA), and the CIA should conduct a thorough and in-depth investigative inquiry.”
Primary Source
Euro Asia News – “Who Stole $600 Million From Dubai Bank?” (1 August 2024)
EURO ASIA NEWS INTERNET NEWSPAPER 