Prof. Dr. Şenol Babuşcu
- Ziraat Bankası (Former) Executive Vice President
- Halkbank (Former) Board Member & Delegate
- Başkent University Faculty Member, International Finance & Banking
AKADEMİ MÜTALAA · BABUŞCU & HAZAR
Financial expert opinions for legal disputes
LAW · FINANCE · ECONOMETRICS · EXPERT OPINION
We examine financial data, transaction patterns and expert assessments using scientific methods, providing independent expert opinions and technical advisory throughout dispute and litigation processes.
ACADEMIC BOARD
SCIENTIFIC METHOD
STRATEGIC OUTCOME
ACADEMIC BOARD & EXECUTIVE
Founding Partners & Senior Advisors
Composed of figures who have served at the summit of banking and academia, our board brings institutional experience and scientific rigor to every file.
Prof. Dr. Adalet Hazar
- Ziraat Bankası (Former) Executive Vice President
- Başkent University Faculty Member, International Finance & Banking
INTEGRATED SOLUTIONS
Academic, Econometric & Science-Based Services
01
Regulatory & Administrative Litigation Opinions
In disputes concerning acts and decisions of the Capital Markets Board (CMB), the Banking Regulation and Supervision Agency (BRSA), the Competition Authority and other administrative bodies, we examine financial data, transaction patterns and economic effects using scientific methods and prepare independent expert opinions.
02
Forensic Econometrics & Legal Computing
In disputes involving investment losses, loss of profit, receivables, diminution in value and similar matters, we examine financial data using econometric and mathematical methods and report the calculation methods, assumptions and results.
03
Financial Restructuring & Concordat Management
We examine concordat projects in terms of cash flow, debt-servicing capacity, financial sustainability and stress scenarios, and prepare independent financial assessments suitable for submission to the court and parties to the proceedings.
04
Company & Asset Valuation
We examine the disputed values of securities, real estate, companies and other economic assets using generally accepted valuation methods, and assess existing expert and valuation reports in terms of methodology and data.
SELECTED CASE STUDIES
Our Work
The cases below are anonymized under client consent and strict confidentiality. Parties, institutions, file numbers and figures have been removed; only the scientific methodology we applied and the findings we reached are shared.
FORENSIC VALUATION
01
Expert Opinion Against Court-Appointed Valuation Reports
THE DISPUTE
Within a partnership exit and receivables-assessment process; the claim that court-appointed expert reports on a company's real estate across several provinces overstated its assets, and therefore its capital, above their true level.
OUR SCIENTIFIC APPROACH
The reports were examined under the International Valuation Standards (IVS) and established Court of Cassation precedents. The most critical finding is that a double methodological error was committed: speculative “listing prices” were treated as genuine market data and then indexed with the CPI instead of the PPI signalled by precedent. It was further determined that goodwill, depreciation, expropriation and co-ownership/annotation effects had been applied arbitrarily or omitted.
OUTCOME
It was scientifically established that the values were systematically overstated, making the company's capital appear larger than it was and producing an outcome against the client.
REGULATORY LITIGATION
02
Econometric Opinion Against CMB Manipulation Allegations
THE DISPUTE
A CMB investigation alleging “organized manipulation” in a listed company's shares and a “financial link” between investors. The allegations rested mainly on descriptive statistics — placing trade counts, amounts and ratios side by side.
OUR SCIENTIFIC APPROACH
Rather than settling for descriptive indicators, multivariate econometric models and time-series analysis were applied. Using lagged regression, it was tested whether incoming cash significantly increased subsequent days' purchases; a statistically insignificant coefficient (high p-value) revealed the absence of any “financial link.” Through an “Others = Group − the individual” decomposition, it was shown that simultaneous trades may reflect rational responses to public information rather than coordination (Aggarwal & Wu, 2006; Bikhchandani & Sharma, 2000).
OUTCOME
It was scientifically shown that the “acting in concert” and “funding” allegations were not supported by the data in terms of timing and causality.
JUDICIAL ECONOMETRICS
03
Excessive Risk & Compensation Liability in Fund Management
THE DISPUTE
The claim that an equity-intensive hedge fund offered to qualified investors took excessive, leveraged risk, failed to inform investors adequately, and caused them loss.
OUR SCIENTIFIC APPROACH
The fund's performance was analysed comparatively against peer funds and BIST indices; it was quantitatively established that the fund underperformed the market average in certain periods, that credit-interest expenses rose abnormally, and that leveraged positions were inconsistent with the fund's stated strategy. The custodian's duty to detect and report risk and reporting gaps in time, and the manager's transparency, care and loyalty duties under CMB rules, were assessed (Law No. 6362; Communiqué III-52.1).
OUTCOME
It was concluded that a direct or indirect causal link existed between the fund's strategic choices and reporting deficiencies and the investor's loss.
CONCORDAT ADVISORY
04
Opinion on the Financial Sustainability and Cash Flow of a Concordat Project
THE DISPUTE
A large-scale manufacturing- and trade-focused company that entered concordat proceedings due to financial distress; whether the debt-settlement project it submitted during the definitive moratorium phase was realistic and feasible was in dispute. Before creditor institutions and the court panel, claims and objections that the company's current profitability and operational cash-generation capacity would be insufficient to meet the deferred payment schedule of the concordat project.
OUTCOME
The analysis indicated that continued operations could improve creditor recovery compared with a bankruptcy scenario, and that the current profitability trend and cash-flow projections supported the revised payment plan; these findings were submitted for the court's assessment.
OUR SCIENTIFIC APPROACH
The company's historical and current performance, liquidity ratios and operating profitability were analysed using financial-econometric methods. Continued-operation and cessation scenarios were compared under the going-concern principle. Five-year cash-flow projections for the revised concordat plan were subjected to dynamic simulations and stress tests, and the capacity of operating cash flow to meet the payment schedule under different scenarios was reported with quantitative evidence.
* The case summaries above are illustrative and anonymized for confidentiality; they contain no real party, amount or file information.
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