(Washington, D.C.) — The Turkish Democracy Project (TDP) has called on Broadcom to urgently review its business ties with the rampantly corrupt Turkish technology and telecom sector.
In Fall 2021, TDP initiated a campaign investigating international companies with links to corrupt Turkish construction firms and dubious government sponsored projects. TDP has found that Broadcom is deeply involved in Turkey’s technology and telecom sector. The American designer, developer, manufacturer and global supplier of software products has intricate business ties to Turkcell, Turkey’s largest telecom operator.
Turkcell fell under the control of President Erdogan’s kleptocratic regime after the Turkey Sovereign Wealth Fund (TWF) acquired a controlling interest in the telecommunications company in 2020. The TWF plays a particularly nefarious role in the Turkish financial sector, frequently acting as a vehicle for nepotism and state-sanctioned financial corruption. Described by Turkish economists and opposition as a “parallel treasury” and a “wealthless sovereign wealth fund,” the TWF’s governing body is headed by Erdogan and is populated by family members and close allies of the President. The TWF’s acquisition of Turkcell was secured after Turkey’s largest state-owned bank, Ziraat, assisted in the disappearance of a non-performing loan.
Having identified extensive legal and ethical risks in Broadcom’s Turkish business interests, TDP sent a letter on July 11, 2022 to the company’s Chief Executive Officer and President, Hock E. Tan.
Commenting on Broadcom’s involvement with Turkcell, Ambassador Mark Wallace, CEO of the Turkish Democracy Project, said:
“We urge Broadcom to immediately reassess its ties to the Turkish technology and telecom sector, which has become a slush fund for President Erdogan’s deeply corrupt regime. Doing business with Erdogan comes at the direct expense of the Turkish people, who he systematically defrauds. It also exposes international companies to immense financial, reputational and legal risk.”