Construction Company in NYC Mayor Probe Got Millions From Turkish Bank

When the FBI raided the home of a top fundraiser for New York City Mayor Eric Adams last week, it thrust the mayor's relationship with interests in a faraway country to the core of city politics.

At the center of the suspected scandal—which has the feds reportedly probing whether authorities in Turkey funneled money to Adams’ mayoral campaign through local straw donors—is KSK Construction. And a Daily Beast investigation into KSK reveals a key piece of information: how much the company has relied on a bank under the Turkish government’s control for financial help.

It turns out that Turkiye Vakiflar Bankasi, a bank owned by the Turkish government, has underwritten KSK’s activities for years in the five boroughs—with the construction firm, its principals, and its affiliates receiving at least $14.9 million in loans from the bank. The lender has also extended KSK and its associates lines of credit worth $7.4 million.

Read more at The Daily Beast.