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A Democratic Trap for Hulusi Akar?

Ironically, such rumors are initiated by the same writers and analysts, who previously claimed that Erdogan conspired with Hulusi Akar and Intelligence Chief Hakan Fidan to stage a fake coup, in 2016. They are the same people who claimed, in 2019 and 2020, that early presidential elections were going to take place, as the Turkish people could not wait for the 2023 schedule. However, none of their prophecies and conspiracy theories turned to be correct. That is simply because they are blinded by their overwhelming desire to see Erdogan out of power. Adding the name of Hulusi Akar to their new story is merely the spice needed to make it more believable for the public audience. Last year, a similar rumor spread when a Turkish journalist, on an opposition website, reported that Devlet Bahçeli of the Nationalist Movement Party (MHP), which shares the most powerful duet political coalition with Erdogan’s Justice and Development Party (AKP), was pushing hard for positioning Hulusi Akar as the vice president of the state.
The rumors about Hulusi Akar replacing Erdogan sound lucrative and comforting to the ears of many anti-Erdogan and anti-AKP observers. Yet, they seem too deceitful in the expert eye. Personally, I believe that changing Erdogan, as a flat step, will be an awesome turning point for the Middle East region, if not the whole world. Erdogan’s personal religious and political biases, that made him provide unconditional support to political Islamist groups, such as the Muslim Brotherhood, have cost Turkey and its neighbors in the Middle East and Europe a lot of suffering, over the past decade. Removing Erdogan means the end of this suffering. This will, also, benefit Turkey in its historical struggle for a fair share in the seabed treasures of the Mediterranean.
On the flip side, Hulusi Akar becoming the president of Turkey sounds like an epic scene in a Shakespearean drama. It pleases the heart to imagine, but the mind refuses to believe. Hulusi Akar is much more than a clever and disciplined soldier, who worked hard until he got to the top ranks of his career ladder. Hulusi Akar is an exceptional military commander, who managed in the lifetime of one man to create an impressive legacy of unprecedented diplomatic and military conquests that forever changed the dynamics of power in the Middle East and the eastern Mediterranean regions. The unique pairings of his personality, enhanced by a myriad of political and diplomatic skills, have enabled him to constantly progress throughout the path he created for himself, regardless of the political orientation of the governments that he worked under. Imagine what he can do if he becomes a president of an important country like Turkey.
However, by giving the whole story a second thought, you will discover that these are only fantasies about the future that may never come. For Turkey to change its president from Erdogan to Akar, three things need to happen. First, Erdogan should willingly decide not to run in the upcoming presidential elections. Second, Akar should willingly decide to kill his glorious legacy as a military leader and immerse his name in the filthy mud of political competition. Third, the majority of voters should vote to Hulusi Akar, even though he may not act better than Erdogan regarding the state’s chronic economic mishaps.
Up till this moment, it does not seem that Erdogan or Akar or even the majority of the voters are willing to do any of that. Hulusi Akar is minding his own military business, as usual, while Erdogan is busy running state affairs and preparing for the next presidential elections. Earlier this month, Erdogan mentioned that his desire to change the constitution in one of his public speeches. The experts interpreted this move as an attempt to increase his chances to win in the coming presidential elections. That does not sound like someone who is giving up his presidential seat to one of his ministers. Moreover, Erdogan and his Islamist AKP are still the most popular among the grassroots citizens, who represent the majority of the Turkish voters, compared to other allied or opposition parties and political blocs.
The funniest part, here, is that an American writer at the Foreign Policy magazine, claimed that Erdogan is too sick and too old to run for presidency and thus the AKP will force him to sit aside and put Hulusi Akar in his place. This illogic argument, too, has nothing to do with the reality on the ground, and is shamefully based on the rumors spread by random plebian on Twitter. First of all, Hulusi Akar has never attached himself to a political party, and I do not think he will do in the future. Big part of his political strength comes from being independent from all parties; whether Islamist or secular. Second, if age and health is a barrier to presidency, Joseph Biden, 78 years-old, would not have become the president of the United States. Also, for the sake of comparison, Erdogan is younger than Hulusi Akar by two years, and is younger than his closest ally Devlet Bahçeli by seven years.
That being said, Hulusi Akar needs to be very careful not to let his name being dragged in this muddy context for a long period of time. That does not only leave stains on his personal image and legacy as a one-of-kind military leader, but also affects the reputation of the Turkish Armed Forces that he leads. When the time is right, Hulusi Akar should come out and declare to public that he and the military are not part of this game. This is the best way to quickly pull himself out of this political trap, which is disguised as a democratic debate. As an independent military leader, with a devout nationalist ideology, Hulusi Akar is already bigger and better than a political competition of that kind.
by: Dalia Ziada

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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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