Suspect money is missing from a Turkish company? Learn what bank, accounting, corporate and digital evidence foreign shareholders should collect, how funds can be traced and what legal remedies may be available in Turkey.

A foreign shareholder who suspects that company funds are missing in Turkey should avoid beginning with a broad allegation that another shareholder or manager has “stolen the money.” The strongest corporate disputes are built by reconstructing the company’s financial history transaction by transaction. Missing company funds may result from unauthorized withdrawals, payments to shareholders’ personal accounts, fictitious expenses, related-party transfers, excessive management fees, fake consultancy agreements, undisclosed loans, cash withdrawals, diverted customer payments or transfers to companies controlled by relatives. However, unusual payments may also have legitimate explanations. For this reason, the central objective is to determine how much money entered the company, how much left, who received it, what commercial purpose supposedly justified each payment, whether supporting documents exist and what ultimately happened to the funds. Where a foreign shareholder has been excluded from management or suddenly loses access to financial records, collecting and preserving evidence quickly can become especially important.

What Does “Missing Company Funds” Mean?

Company money is not necessarily “missing” merely because the balance in the corporate bank account is lower than a shareholder expected. The company may have paid suppliers, salaries, taxes, financing costs, rent, investments or legitimate operating expenses. The investigation should therefore establish the company’s expected financial position and compare it with its actual position.

For example, if the company received EUR 4 million from customers during the year but has only EUR 100,000 remaining, this does not establish wrongdoing. The question is whether the remaining EUR 3.9 million can be explained through legitimate company expenditures and transactions.

If EUR 2 million can be matched with ordinary operating expenses, EUR 700,000 with equipment purchases and EUR 500,000 with taxes and salaries, the unexplained amount is substantially smaller.

A reliable claim should therefore focus on the unexplained balance, not merely the total amount that left the company’s accounts.

Start With Company Bank Statements

Corporate bank records are usually among the most important pieces of evidence. The shareholder should seek to reconstruct the company’s banking activity over the relevant period through lawful corporate or judicial mechanisms.

The investigation should identify incoming customer payments, shareholder capital contributions, loans, outgoing supplier payments, transfers to shareholders, transfers to directors, payments to related companies, cash withdrawals, overseas transfers and unusual transactions.

The objective is to create a complete financial timeline rather than selecting only transactions that appear suspicious.

Collect Statements From Every Company Bank Account

One common mistake is reviewing only the company’s main operating account.

The company may have accounts with several Turkish banks, foreign-currency accounts, deposit accounts or other financial accounts.

A suspicious transaction may also involve transfers between company accounts before money ultimately leaves the corporate structure.

Identify Previously Closed Accounts

Historical accounts can be particularly important.

A manager may close an account after a shareholder dispute begins.

The fact that the account is no longer active does not necessarily mean its historical transactions are irrelevant.

Create a Bank Transfer Matrix

For every questioned transaction, record:

Date → Bank → Company Account → Amount → Currency → Recipient → Recipient Account → Transfer Description → Alleged Purpose → Supporting Document → Accounting Entry.

This structure allows hundreds of bank transactions to be compared efficiently.

Identify Transfers to Shareholders

Payments from the company directly into a shareholder’s personal account should be reviewed carefully.

However, they should not automatically be characterized as unlawful.

The payment may represent a legitimate dividend, salary, management remuneration, expense reimbursement, loan repayment or another genuine company obligation.

The legal basis must therefore be identified.

Collect Documents Supporting Shareholder Payments

If management claims a payment was a dividend, obtain the relevant corporate and accounting documentation.

If it was allegedly repayment of a shareholder loan, identify evidence showing when the shareholder originally provided that loan.

If the transfer allegedly reimbursed business expenses, request the corresponding invoices and proof that the shareholder originally paid those expenses personally.

“Shareholder Current Account” Is Not a Complete Explanation

Accounting records may classify transactions through shareholder-related current accounts.

That accounting classification should be examined together with the underlying transaction.

The critical question remains:

Why did the company owe this money to the shareholder?

Look Backward Before Looking Forward

Suppose a shareholder receives EUR 600,000 with the explanation:

“Repayment of shareholder loan.”

Before investigating where the EUR 600,000 went afterward, determine whether the shareholder previously transferred EUR 600,000 or another documented amount to the company.

If there is no evidence of the original loan, the repayment explanation requires closer scrutiny.

Collect General Ledger Records

Bank statements show where money moved.

Accounting records show how management says the transaction should be characterized.

Both are necessary.

The shareholder should therefore seek relevant general ledger entries and supporting records concerning suspicious transactions.

Compare Bank Records With Accounting Records

Every material discrepancy should be identified.

If the bank shows EUR 250,000 transferred to a director but the accounting records show a EUR 250,000 machinery purchase, determine why.

If the accounts show consultancy expenses but the money went to the shareholder personally, investigate the underlying explanation.

Collect Trial Balances and Financial Statements

Historical financial statements can reveal patterns that individual bank transfers do not show.

Compare multiple periods rather than examining one year in isolation.

Look particularly at cash, receivables, related-party receivables, shareholder accounts, expenses, loans, fixed assets and retained earnings.

Compare Financial Statements Year by Year

Suppose related-party receivables were:

2023: TRY 2 million.

2024: TRY 5 million.

2025: TRY 18 million.

2026: TRY 65 million.

That development deserves investigation.

The increase does not automatically prove wrongdoing, but the underlying transactions should be identified.

Collect Cash-Book Records

Cash transactions can create particular evidentiary difficulties.

A company may theoretically show TRY 20 million in cash on its books even though the physical cash does not exist.

Physical Cash Versus Accounting Cash

If accounting records show a substantial cash balance, determine whether the money is actually available.

A major discrepancy may indicate that withdrawals have not been properly explained.

Collect Cash Withdrawal Evidence

For every significant withdrawal, identify who withdrew the money, when it was withdrawn, the stated purpose and which documents show how it was spent.

Collect Invoices

Invoices are essential, but they should not be treated as conclusive evidence by themselves.

An invoice can show the alleged basis for a payment.

The next question is whether the goods or services were actually delivered.

Fake or Unsupported Consultancy Expenses

Consultancy arrangements deserve particular attention where substantial sums are paid to shareholders, relatives or related companies.

If EUR 300,000 was paid for consultancy, ask what the consultant actually produced.

Collect Consultancy Agreements

Review the scope of work, payment terms and parties.

Collect Deliverables

Reports, presentations, correspondence, analyses and other work product can help establish whether genuine services existed.

Compare Fees With Actual Services

A real service can still be priced disproportionately.

Where appropriate, the economic reasonableness of related-party transactions may require examination.

Collect Supplier Contracts

Large supplier payments should be matched with purchase agreements, purchase orders, invoices and delivery documentation.

Verify That Goods Were Actually Delivered

If EUR 500,000 was supposedly paid for machinery, identify the machinery.

Where is it?

Who manufactured it?

What is its serial number?

Is it included in the company’s fixed-asset records?

Collect Warehouse Records

Inventory disputes can hide substantial financial losses.

Compare purchase invoices, warehouse entries, sales records and remaining inventory.

Missing Inventory May Explain Missing Cash

For example, company funds may have purchased inventory that was subsequently diverted and sold through another company.

The investigation should therefore consider both cash and physical assets.

Collect Customer Invoices

Money can disappear before it ever enters the company bank account.

This is a critical point.

A manager may instruct customers to pay another company or personal account.

Compare Invoices With Customer Payments

Determine whether each major customer paid the account identified on the company’s invoices.

Collect Customer Communications

Emails or messages instructing customers to use a different bank account can become important evidence.

Diverted Revenue

A business may appear to have declining revenue even though the same customers continue purchasing through another company controlled by the business partner.

The investigation should therefore examine the company’s commercial activity, not only its bank accounts.

Collect Shareholder Funding Evidence

Foreign investors should preserve evidence showing how they financed the Turkish company.

This includes international transfer records, bank confirmations, capital contribution documentation and investment agreements.

Distinguish Capital Contributions From Share Purchase Payments

This distinction is essential.

If a foreign investor transferred EUR 2 million into the company’s account as capital, the funds became company property.

If the investor paid EUR 2 million directly to another shareholder to purchase existing shares, that money may never have belonged to the company.

The legal consequences are completely different.

Collect SWIFT and International Transfer Records

Where funds entered Turkey from abroad, international bank documentation can establish the source, amount, beneficiary and payment description.

Compare Investment Date With Subsequent Withdrawals

Timing can be highly persuasive.

Suppose:

Foreign investor transfers EUR 3 million to company.

Seven days later, EUR 750,000 goes to the managing shareholder.

Three days later, EUR 600,000 goes to the shareholder’s brother’s company.

Two weeks later, EUR 400,000 is withdrawn in cash.

The chronology requires explanation.

Collect Corporate Resolutions

Bank transactions should also be examined against the company’s corporate decision-making process.

Relevant documents can include board resolutions, manager decisions and general assembly resolutions.

Determine Who Authorized Each Payment

A payment may have been initiated by one person but authorized corporately by another.

Identify everyone involved.

Collect Representation and Signature Records

Determine who had authority to represent the company at the relevant date.

Historical authority matters.

Do not rely solely on current management records.

Collect the Articles of Association

The articles may contain provisions affecting management powers and corporate decision-making.

Collect the Shareholders’ Agreement

Foreign investors frequently negotiate additional contractual controls.

A shareholders’ agreement may require joint approval for major payments, related-party transactions, borrowing or asset disposals.

Example

The agreement requires unanimous approval for related-party payments exceeding EUR 50,000.

The managing shareholder transfers EUR 900,000 to their own company without informing the foreign investor.

That contractual provision may become important in addition to statutory company-law remedies.

Collect Emails

Internal emails can explain why a transaction occurred.

Preserve complete email chains where possible.

Collect WhatsApp and Other Business Communications

Messages between shareholders, managers, accountants and employees may contain admissions or explanations concerning suspicious payments.

Context Matters

A single screenshot can be misleading.

Preserve the surrounding conversation.

Preserve Original Digital Evidence

Do not edit screenshots or alter files.

Keep original electronic records where available.

Record Dates and Participants

The evidentiary value of communications can depend on establishing who sent them and when.

Do Not Obtain Evidence Unlawfully

A shareholder dispute does not authorize unauthorized access to another person’s email, phone, cloud storage or online banking.

Evidence collection should remain lawful.

Collect Communications With the Accountant

Accountants often receive instructions from management explaining how transactions should be recorded.

These communications can become particularly important where the accounting description does not match the economic reality.

Who Told the Accountant How to Record the Payment?

This question can help identify responsibility.

Collect Accounting Adjustment Records

Changes made after a shareholder dispute begins deserve careful attention.

If an unexplained payment was originally recorded as an advance and later reclassified as a loan repayment, determine when and why the change occurred.

Preserve Earlier Versions

Where lawfully available, historical records can demonstrate later alterations.

Collect Evidence About Related Companies

Foreign shareholders should identify companies connected with directors and shareholders.

The investigation should determine who owns them, who manages them, when they were established and what business they actually conduct.

Transfers to Relatives

Payments to companies owned by spouses, siblings, children or parents should be examined for commercial substance.

Family relationship alone does not prove wrongdoing.

But it is relevant to determining whether a transaction was genuinely independent.

Collect Trade and Corporate Relationship Evidence

Create a relationship map:

Shareholder → Director → Spouse → Relative → Related Company → Payments Received From Company.

This can reveal patterns invisible in accounting records.

Collect Evidence of Personal Asset Purchases

Where lawfully obtainable, timing between suspicious withdrawals and personal asset acquisitions may become relevant.

For example:

Company transfers EUR 400,000 to manager.

One week later, manager acquires expensive real estate.

The chronology does not automatically prove that the same funds financed the purchase, but it can justify further financial investigation.

Follow the Money Beyond the First Account

A proper asset-tracing investigation should not end when funds reach the first recipient.

The relevant pattern may be:

Company → Shareholder → Spouse → Related Company → Real Estate.

Or:

Company → Supplier → Shareholder → Foreign Account.

Or:

Company → Consultant → Cryptocurrency Platform.

The complete flow may become relevant to recovery.

Collect Evidence of Returned Funds

Do not ignore evidence favorable to the other side.

If the shareholder returned part of the money, record it.

Calculate the Net Unexplained Amount

Suppose EUR 1 million was transferred to the manager.

Evidence establishes that EUR 300,000 was used to pay legitimate company expenses.

EUR 150,000 was returned.

The unexplained amount may therefore be EUR 550,000 rather than EUR 1 million.

A carefully calculated claim is generally stronger than an exaggerated one.

Foreign Shareholder Information and Inspection Rights

A foreign shareholder may use the information and inspection mechanisms available under Turkish company law.

The procedure depends significantly on whether the company is an anonymous company or limited company.

Foreign nationality does not by itself eliminate shareholder rights.

Request Specific Information

A focused request is generally more useful than a broad accusation.

For example:

“Please provide the contractual and accounting basis, invoice and corporate authorization for the EUR 275,000 payment to Company X dated 14 May 2026.”

Document Management’s Response

Preserve the answer.

If management refuses, preserve the refusal.

If management provides an explanation, obtain the documents supporting it.

Repeated Refusal to Provide Information

Depending on the company structure and circumstances, judicial enforcement of information or inspection rights may require consideration.

Special Audit

For an anonymous company, the special-audit mechanism may become important where the statutory requirements are satisfied and particular transactions require independent investigation.

A special audit is not simply an unlimited forensic review of everything the company has ever done. The issues to be investigated should be identified carefully.

Independent Forensic Accounting

A forensic accountant can reconstruct transactions before litigation and help distinguish genuine business expenses from unexplained payments.

Do Not Give the Expert Only Suspicious Transactions

A reliable analysis should include sufficient context to determine the company’s actual financial position.

Build a Complete Cash Flow

Start with:

Opening Cash + Revenue + Capital + Loans = Available Funds.

Then identify:

Operating Expenses + Investments + Debt Payments + Taxes + Legitimate Shareholder Payments + Unexplained Transfers = Uses of Funds.

The difference helps identify the amount requiring explanation.

Director and Manager Liability

Where company funds have been lost because directors or managers culpably breached their statutory or articles-based duties, liability under Turkish corporate law may potentially arise.

The evidence should establish the connection between the person, transaction and damage.

Build the Liability Chain

Person → Authority → Decision → Transfer → Alleged Breach → Company Loss → Evidence.

This is more useful than simply claiming that “management stole company money.”

Majority Ownership Does Not Mean Ownership of Company Cash

A majority shareholder cannot automatically treat corporate funds as personal property.

The company has separate legal personality and owns its own assets.

Company Loss Versus Foreign Shareholder Loss

This distinction is crucial.

If EUR 2 million disappears from the company’s account, the immediate financial loss may primarily belong to the company.

A foreign investor holding 40% of the shares may suffer reduced investment value, but this does not automatically create a personal EUR 800,000 claim.

The correct claimant and damage theory should be determined before litigation.

Interim Measures and Asset Preservation

Evidence collection should not continue indefinitely while recoverable assets disappear.

Where a monetary claim is sufficiently established and the statutory conditions exist, precautionary attachment may require consideration.

Where protection of a specific disputed right or asset is necessary, a precautionary injunction may be relevant.

The appropriate measure depends on the claim.

Evidence Needed for an Urgent Application

Courts generally require more than an unsupported allegation that money is missing.

Bank records, accounting discrepancies, unexplained transfers, recipient relationships and evidence of asset dissipation can substantially strengthen the factual basis of an urgent application.

Identify Recoverable Assets

Where legally possible, determine whether responsible persons or companies have real estate, vehicles, company shares, receivables or other assets potentially relevant to eventual enforcement.

Criminal Evidence Should Be Separated From Corporate Evidence

Missing funds do not automatically establish a criminal offense.

Some transactions may create corporate liability without satisfying the elements of a crime.

Potential Breach of Trust

Where company property entrusted through a management or commercial relationship is intentionally used contrary to its purpose for personal benefit, the circumstances may require examination under the Turkish Penal Code provisions concerning breach of trust.

Whether the offense exists depends on the facts, authority, intention and manner in which the money was controlled.

Potential Fraud

Where deception was used to obtain or divert company money, fraud provisions may require separate consideration.

Forged Documents

Fake invoices, forged corporate resolutions, false signatures and fraudulent powers of attorney can create additional criminal-law issues.

Do Not Call Every Accounting Dispute Fraud

A disagreement about remuneration, shareholder loans or expense reimbursement should not automatically be transformed into criminal allegations.

The criminal analysis should be evidence-based.

Criminal Complaint Does Not Automatically Recover Company Money

Even where criminal proceedings are justified, corporate and civil recovery mechanisms should be evaluated separately.

The ultimate objective for the company may be repayment and restoration of corporate value.

Evidence Preservation Before Confronting the Other Shareholder

In serious cases, the timing of confrontation can matter.

If a shareholder has lawful access to company records, relevant evidence should be preserved before access is unexpectedly removed.

This does not justify unauthorized copying or access, but lawfully accessible corporate evidence should not be ignored.

What If the Foreign Shareholder Has Already Lost Access?

The case is not necessarily lost.

Corporate information mechanisms, court procedures and evidence obtained from third parties may still be available depending on the circumstances.

What If the Accountant Refuses to Cooperate?

The shareholder should document the request and refusal and evaluate appropriate corporate or judicial mechanisms rather than attempting unauthorized access.

What If Bank Statements Are Missing?

Alternative evidence can sometimes identify transactions, including accounting records, payment confirmations, invoices, emails and corporate documentation.

The complete banking evidence may subsequently be sought through appropriate procedures.

First 24 Hours After Discovering Missing Funds

Preserve all lawfully accessible bank statements, accounting exports, financial statements, invoices, corporate resolutions and communications. Identify whether unexplained transfers are continuing and whether access to company systems may be removed.

First 48 Hours

Create a bank-transfer matrix and identify all significant recipients. Separate shareholders, directors, employees, relatives, related companies and unknown third parties. Compare the transfers with accounting entries and supporting documents.

First 72 Hours

Calculate a preliminary unexplained balance, prepare targeted requests for missing documentation, map related companies and assess whether the circumstances justify urgent corporate or judicial protection.

Evidence Checklist for Foreign Shareholders

The core evidence should ordinarily include company bank statements; historical and closed-account records where relevant; general ledger records; trial balances; annual financial statements; cash-book records; invoices; supplier contracts; consultancy agreements; evidence of services actually performed; shareholder loan agreements; proof of original shareholder loans; dividend resolutions; remuneration decisions; expense receipts; corporate resolutions; general assembly minutes; manager and board decisions; articles of association; shareholders’ agreements; representation records; foreign investment and SWIFT records; customer invoices; customer payment instructions; warehouse and inventory records; fixed-asset registers; emails; WhatsApp and other business communications; communications with accountants; records of accounting adjustments; information concerning related companies; evidence of payments to relatives; evidence of returned funds; and documents showing the subsequent destination of suspicious transfers.

2026 Legal Strategy When a Foreign Shareholder Suspects Company Money Is Missing

The strongest strategy is to convert the suspicion into a reconciled financial case. Begin by establishing all money entering the company during the relevant period, including customer revenue, foreign investment, capital contributions and financing. Reconstruct every material outgoing payment and match it with accounting records, contracts, invoices and corporate approvals. Payments to shareholders, directors and related parties should receive particular attention, but they should not automatically be treated as unlawful. Loan repayments should be matched with original loans; expense reimbursements with actual expenses; consultancy payments with genuine services; and asset purchases with identifiable assets. The investigation should then follow suspicious money beyond the first recipient where lawful evidence permits. Legitimate expenditures and returned amounts should be deducted before calculating the unexplained balance. The foreign shareholder should then exercise the information and inspection rights applicable to the relevant company form, document any refusal to provide records and evaluate whether a special audit or judicial information procedure is appropriate. Once the company’s loss is established, responsibility should be mapped person by person. Where recoverable assets appear at risk, interim protection should be considered promptly. Criminal proceedings should be evaluated separately only where the evidence supports the elements of an actual offense. The practical roadmap is therefore: identify every company bank account → secure historical statements → calculate total incoming funds → identify material outgoing transfers → match payments with accounting entries → collect invoices and contracts → verify shareholder loans → verify dividends and remuneration → examine cash withdrawals → investigate related-party transactions → identify payments to relatives → compare customer invoices with company receipts → identify diverted revenue → preserve investment and SWIFT evidence → examine corporate authorization → preserve digital communications → identify accounting alterations → map related companies → follow suspicious funds → identify acquired assets → deduct legitimate expenses and returned money → calculate the net unexplained amount → exercise shareholder information rights → consider independent forensic accounting → evaluate special audit where applicable → establish company damage → identify responsible directors and managers → assess interim protection → pursue repayment and compensation → separately evaluate criminal liability where supported → enforce recovery against available assets.

Frequently Asked Questions

1. What is the most important evidence if company money appears to be missing?

Company bank statements and accounting records are generally the starting point. They should be compared with invoices, contracts, corporate decisions and evidence showing the actual business purpose of each material transaction.

2. Should every payment to another shareholder be treated as suspicious?

No. Payments may represent legitimate dividends, remuneration, loan repayments or expense reimbursements. The underlying legal and accounting basis should be verified.

3. What if the accounting records say “shareholder current account”?

That description alone does not establish whether the payment was legitimate. The underlying transaction creating the balance should be identified.

4. Can a foreign shareholder investigate payments to a director’s relatives?

Potentially relevant related-party transactions can be investigated through lawful corporate and judicial mechanisms. Family relationship alone does not prove wrongdoing.

5. What if management refuses to provide the bank and accounting records?

Depending on whether the company is an A.Ş. or Ltd. Şti. and the circumstances, shareholder information and inspection remedies and related judicial procedures may be considered.

6. Can WhatsApp messages be used as evidence?

Electronic communications may potentially be relevant, particularly where they explain transactions or contain admissions. Authenticity, context and lawful acquisition remain important.

7. Can the court investigate another shareholder’s personal bank account?

Private banking information is not automatically available merely because a shareholder requests it. Appropriate judicial or investigative grounds and procedures are required.

8. Can assets be protected before the main lawsuit ends?

Potentially. Precautionary attachment or precautionary injunction may be considered where the conditions for the particular measure are satisfied.

9. Does missing company money automatically mean a crime was committed?

No. Corporate liability, accounting disputes and criminal liability are separate questions. Criminal responsibility requires evidence satisfying the elements of a specific offense.

10. How should the amount of missing money be calculated?

Start with the questioned transfers and deduct verified business expenses, legitimate shareholder payments, returned funds and other properly documented amounts. The remaining net unexplained amount is generally much more useful than an exaggerated gross figure.

Legal Support for Foreign Shareholders Investigating Missing Company Funds in Turkey

Foreign investors who suspect that money has disappeared from a Turkish company may need immediate assistance with bank and accounting record analysis, shareholder information rights, related-party transactions, forensic accounting, director and manager liability, interim asset protection, repayment claims and asset recovery.

Fırat Fesih Kaya Law Office assists foreign shareholders, international companies, investors and executives in investigating unexplained corporate payments and suspected misuse of company assets in Turkey. Fırat Fesih Kaya can assist with reconstructing financial transactions, requesting corporate records, identifying suspicious related-party payments, tracing company funds, determining potential management liability and pursuing appropriate civil, corporate and criminal remedies where supported by the evidence.

Phone: +90 312 434 22 22
Mobile Phone: +90 532 769 22 22
Email: info@firatfesihkaya.av.tr
Address: Mevlana Boulevard No: 221, Yildirim Tower, Balgat, Cankaya / Ankara, Turkey