The network of journalist in the European Investigative Collaborations (EIC) uncovered the hidden fortune the Yıldırım family stashed away in tax heavens. A lot had been written about the Yıldırım fortune in the past, but this time the extent of it is exposed. The Malta Files documents and the investigations carried out in the Netherlands have determined the scope of the Yıldırım family fortune. According to these documents, the Yıldırım family has amassed a fortune of at least 140 million Euros in just 10 years under suspicious circumstances. This fortune includes 11 ships and 7 real estate properties in the Netherlands.

Yıldırım has been the Prime Minister of Turkey since May 24, 2016, and has held the office of the Minister of Communications and Transportations and other official duties in the past. Yıldırım’s commercial activity was known to the public, but what was unknown is that the fortune hidden away in tax heavens can be seen increasing in parallel to his political career.

FAMILY PACK OF CORRUPTION

3 of the 11 ships owned by the Yıldırıms was not known to the public up to now. According to the French alternative internet newspaper Mediapart, these ships are kept in Malta, the Netherlands, Curaçao, Marshall Islands and Panama through shell companies. At least two of these ships were financed by large scale loans given by Turkish banks. One of these banks is owned partly by the state.

European Investigative Collaborations also exposed that Yıldırım’s daughter, son, uncle and several nephews purchased seven real estate properties worth 2,16 million Euros. All have been purchased in cash. Mediapart pointed out that the Yıldırım family transferred 600.000 Euros via Dutch companies to a large scale mosque project in Pendik, Istanbul.

COMPANIES AND SHIPS IN MALTA

According to Mediapart, last February, Binali Yıldırım visited Malta to sign a bilateral agreement regarding refugees. He used this visit as an opportunity to visit the capital Valetta and its neighboring St. Julians to meet with the “Mifsud & Sons” law firm. The firm is run by Simon Mifsud and handles the business for Yıldırım family companies (Dertel Shipping Limited, Nova Ponza Limited, Rory Malta Limited and Nova Warrior Limited).

The companies in question were purchased by the family on June 9, 2016. In other words, only two weeks after Binali Yıldırım was appointed Prime Minister by Erdoğan. At the head of the companies is Yıldırım’s nephew Süleyman Vural. These shell companies have in them three ships that were unknown to the public until now: Rory Malta Limited has MV Shark, Nova Ponza Limited has MV Ponza and Nova Warrior Limited has MV Frezya S. Two of these ships were financed by Swiss bank Cornèr Bank.

Rory Malta and Nova Ponza belong to Turkish company Ceren Consultancy Maritime, founded in Istanbul in 2015 by Yıldırım’s uncle Yılmaz and nephew Rıfat Emrah Erence.

Investigative journalists have exposed that Binali Yıldırım’s son Erkam Yıldırım has his signature on documents by South Seas Shipping company. Each ship in Malta is assessed to be worth 2 to 3 million Euros today. The ships travel between Italy, Greek Islands and Spain.

HUGE FORTUNE IN THE NETHERLANDS

But these ships have nothing on the Yıldırım family fortune in the Netherlands. The assets of the family are estimated at 120 million Euros in the Netherlands. For instance, the real estate company Castillo Real Estate BV is one among their possessions. This company in the Netherlands has a dental clinic in Almere, close to Amsterdam. Castillo has two buildings in Almere and four more real estate properties in the Netherlands: an apartment building in central Schoonhoven, two houses in Utrecht, a cobbler shop in Den Haag. These six private properties were bought by the Yıldırım family for 2,16 million Euros, all paid in cash.

Mediapart said, “But this is mere pocket money for the Yıldırım family.” The biggest fortune is in maritime activity. This fortune is hidden in Zealand Shipping Co. The company was founded in 2007 and was run by Yıldırım’s son Erkam until June 2014. Later it was handed over to Holland Investments Coöperatief UA. This exchange is only for illusion though. In Dutch commercial records, it can be seen that the company is still run by Yıldırım’s son Erkam. This company is valued at at least 116 million Euros.

Holland Investment Coöperatief UA owns 30% shares in the Q-Shipping BV company in Rotterdam suburb Barendrecht. This company belongs to Red Crescent Executive Council Member Abdulvahit Şimşek. Q-Shipping BV and its branches are managing 16 ships. Maritime holding Zealand Shipping is owned 100% by the Yıldırım family. Until last year, this company had 10 ships. In January 2016, Kolin Group, close to Erdoğan, bought two of these ships.

And now there are 8 ships left: Zealand Almere and MV Zealand Amsterdam acquired in 2012, MV Zealand Ariane, MV Zealand Rotterdam and MV Zealand Alexia purchased in 2012, 2013 and 2014 respectively, and MV Zealand Beatrix, MV Zealand Delilah and MV Juliana purchased in 2010 and 2011.

BANK LOANS

The ships have a high cost. Roterdam, Amsterdam and Almere are all brand new ships. Each one costs approximately 33 million Euros, in other words, close to 100 million Euros in total. Only half of this amount is borrowed money. All of the Amsterdam ship was purchased with a 33 million Euro loan from Kuveyt Turk Bank. A portion of Kuveyt Turk Bank is state-controlled. Other loans are from Yapı Kredi Bank.

Following the April 16 referendum in Turkey, Erdoğan acquired the authority to abolish the post of Prime Minister. Mediapart said: “Yıldırım is at the top of his career, but he’s approaching the end. But in the nearly 20 years since he ‘transferred his businesses’ to his children, they have created a soft cushion for him to land upon when he leaves politics for good.”