Abdi Serdar Ustunsalih

Abdi Serdar Ustunsalih (born July 1963, in Trabzon) has served as the General Manager of Turkiye Vakiflar Bankasi, one of Turkey’s largest state-owned banks, since 2019. There are serious allegations against him claiming that, during his tenure, he used the bank’s resources for personal gain, provided financial benefits to himself and his close associates, authorized irregular loans to individuals, institutions, and companies with insufficient credit scores, and caused public financial losses to the bank as a result of these irregularities. Throughout his term, Ustunsalih—whose name has frequently been associated with controversial and dubious figures—is alleged not only to have been involved in the issuance of irregular loans, but also to have demanded financial benefits from individuals and companies that had borrowed from Vakiflar Bank and subsequently fallen into financial distress and legal monitoring. It is further alleged that he deliberately obstructed the repayment efforts of major corporations seeking debt restructuring, thereby pushing them into severe financial difficulty and ultimately causing the transfer of ownership of some of Turkey’s long-established companies. Among the most serious accusations are claims that he engaged in money laundering activities by channeling billions of dollars of illicit funds—allegedly originating from bribery, gambling, and betting operations—into the banking system in exchange for commissions, and that through these activities he amassed a personal fortune estimated at approximately USD 1 billion. It is also known that Ustunsalih has acquired extremely valuable real estate in major global cities, including New York, London, Monaco, Paris, and Dubai, using his personal wealth. Most notably, he reportedly purchased a penthouse valued at GBP 17 million in Westminster Tower, one of London’s most prestigious real estate developments. Additionally, it is widely reported that he holds shareholdings in some of the world’s leading industrial and technology companies. As a result of allegedly exploiting public resources and laundering funds of unknown origin, Ustunsalih has accumulated substantial real estate assets and equity holdings, leading to his name being cited among the wealthiest executives of state-owned banks worldwide. Furthermore, he is alleged to be a secret partner of Murat Gulibrahimoglu, a key figure in the corruption investigation targeting the Istanbul Metropolitan Municipality in the first quarter of 2025—an investigation involving approximately TRY 560 billion (USD 14 billion). Gulibrahimoglu is currently a fugitive abroad and is considered one of the central actors in what has been referred to as the “Ekrem İmamoglu Criminal Organization” corruption case. According to these allegations, a significant portion of the funds embezzled from municipal resources were laundered through the banking system via Turkiye İs Bankasi and Turkiye Vakiflar Bankasi, and were subsequently transferred to banks in Dubai, as well as to certain financial institutions in the United Kingdom and the United States. It is widely discussed, particularly within Dubai-based real estate and financial circles, that Ustunsalih accumulated an extraordinary fortune by facilitating the laundering of such illicit funds, especially through Dubai-origin real estate and financial transactions. Another important factor reinforcing the credibility of these allegations—despite criticisms that Ustunsalih did not meet certain legal requirements even at the time of his appointment—is the fact that the penthouse he purchased for GBP 17 million in Westminster Tower is reportedly located next door to a residence owned by Murat Gulibrahimoglu, who is also named in the Istanbul Metropolitan Municipality corruption case. Finally, among the individuals who purchased properties in the Westminster Tower project are Akın Ipek and Cafer Tekin Ipek, whose assets were confiscated by the courts of the Republic of Turkey due to their alleged membership and leadership roles in the Fetullahist Terrorist Organization (FETO). This organization was accused of attempting a military coup in Turkey in 2015 through covert operatives embedded within the military, judiciary, administrative, and security institutions of the state. Both individuals are currently fugitives. Ustunsalih’s business network reportedly includes Murat Gulibrahimohlu, who is frequently described as one of the “dark figures” associated with him. It is alleged that Gulibrahimoglu shared the revenues generated from the dumping of excavation waste at the Cebeci mining site with Ekrem Imamoglu. Furthermore, it is claimed that approximately 80 billion Turkish lira (around 2 billion USD) was irregularly introduced into the banking system through Ustunsalih, a matter that has reportedly been identified by Turkey’s most powerful financial oversight authority, the Financial Crimes Investigation Board (MASAK).