By Bosphorus News Geopolitics Desk
Türkiye's fund investigation is moving deeper into investor transactions, while the Mecca Pact has reached military command level after foreign ministers met in New York. Cyprus diplomacy remains unsettled ahead of the Erhürman-Guterres meeting, and Moscow has confirmed receiving Türkiye's Black Sea security proposals.
Türkiye
Fund probe reaches investors who exited funds. Istanbul prosecutors requested information on investors who withdrew from funds under investigation, extending an inquiry that has already examined fund managers, ownership structures and related financial movements.
Justice Minister Akın Gürlek said 76 suspects had faced judicial action in the broader investigation as of September 25. Forty-five had been jailed, five placed under judicial control, arrest procedures were continuing for 12 and 14 remained in custody. The investigation is being conducted by the Istanbul Chief Public Prosecutor's Office with support from the Financial Crimes Investigation Board (MASAK) and Istanbul police.
The latest prosecutor request puts investor exits under closer scrutiny, including when withdrawals were made and the gains associated with those transactions.
Defense & Regional Security
Mecca Pact reaches military command level. Foreign Minister Hakan Fidan met Saudi Foreign Minister Prince Faisal bin Farhan and Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar in New York under the pact. The ministers reviewed preparations for its General Secretariat, committees and working groups and called for an urgent meeting of the three countries' military chiefs to discuss assistance to Saudi Arabia.
The military meeting followed in Riyadh. Turkish Chief of General Staff Gen. Selçuk Bayraktaroğlu met Pakistan's Chief of Defence Forces and Army Chief Field Marshal Syed Asim Munir and Saudi Chief of General Staff Gen. Fayyadh bin Hamed Al-Ruwaili. Türkiye's military authorities confirmed that the meeting was held under the Mecca Pact.
The commanders discussed intelligence sharing, military coordination and capability integration. The Pakistani side said the three countries were determined to translate the pact's commitments into effective military cooperation immediately.
Fidan had already said Türkiye could help meet Saudi military requirements, while questions over the pact's unpublished text and parliamentary status in Türkiye remain open.
Denizkurdu-I ends as the Navy prepares a Bosphorus passage. Türkiye completed Denizkurdu-I/2026 after September 20-25 drills involving 100 ships, 50 aviation assets and about 14,000 personnel in the Black Sea, Aegean and Eastern Mediterranean. The exercise also involved unmanned naval systems and operations from TCG Anadolu.
Fifteen Turkish naval vessels are scheduled to sail through the Bosphorus on September 27 for Turkish Naval Forces Day, with another eight vessels making port visits and opening to the public.
Cyprus & Aegean
Erhürman-Guterres meeting may clarify the next Cyprus format. Turkish Cypriot leader Tufan Erhürman is due to meet UN Secretary-General António Guterres in New York on September 26 after conflicting accounts emerged over a possible trilateral meeting.
Greek Cypriot leader Nikos Christodoulides said after his own talks with Guterres that the Secretary-General was considering a trilateral meeting and had responded favorably to proposals covering substantive issues, methodology and confidence-building measures.
Greek Cypriot media later reported, citing government sources, that Erhürman had declined the proposed meeting. The reports trace back to Greek Cypriot government sources, while the Turkish Cypriot Presidency had not publicly confirmed that account ahead of Erhürman's meeting with Guterres.
Erhürman's official position is that he supports another informal 5+1 if preparatory work first improves its chances of producing a result. He has said no agreement has yet been reached on confidence-building measures, methodology or substantive issues.
Erdoğan and Mitsotakis keep dialogue open as core disputes remain. President Recep Tayyip Erdoğan said Türkiye "is not Greece's enemy", describing the two countries as neighbors and NATO allies as questions over Türkiye's possible return to the F-35 program resurfaced in New York.
Greek Prime Minister Kyriakos Mitsotakis later told the UN General Assembly that dialogue could not coexist with what he called "threats of war". He identified continental shelf and exclusive economic zone delimitation as the longstanding bilateral dispute and also raised Cyprus and the Great Sea Interconnector, which he presented as a link between European electricity grids, Cyprus and Israel.
Greek Foreign Minister George Gerapetritis separately argued for a foreign policy that combines power with international law and principles. Bosphorus News examined that argument in his New York speech on power and principles.
The statements kept dialogue open but left territorial waters, maritime delimitation, Cyprus, the GSI and defense procurement on the bilateral agenda.
Maritime Security
Moscow confirms Türkiye submitted Black Sea security proposals. Kremlin spokesman Dmitry Peskov said Türkiye had presented proposals concerning security and navigation in the Black Sea, but no substantive negotiations were under way.
Peskov said Moscow believed Black Sea security required a comprehensive solution rather than separate arrangements for individual segments. Ankara had earlier sent proposals to both Russia and Ukraine aimed at reducing attacks on civilian shipping.
The Russian statement is the clearest public confirmation from Moscow that it has received the Turkish proposal. No agreement on the mechanism has been announced.
Energy & Infrastructure
Iraq links Türkiye to new energy routes and the Development Road. Iraqi Prime Minister Ali al-Zaidi told the UN General Assembly that Baghdad was working to diversify its oil export outlets and develop energy corridors linking Iraq with Türkiye, Jordan and Syria to reach global markets.
The UN address followed al-Zaidi's September 23 meeting with Erdoğan. Their joint statement called for faster implementation of the Development Road, expanded bilateral trade and investment and deeper security cooperation.
It also tied progress in restoring federal authority in Sinjar to the gradual transfer of the Bashiqa-Zilkan base from Turkish forces to the Iraqi Federal Government under an agreed mechanism and timetable.
The energy routes and Development Road place Türkiye in both the northern trade connection to Europe and Baghdad's effort to diversify access to export markets.
Regional Diplomacy
Greece, the Republic of Cyprus and Egypt prepare their next trilateral summit. Foreign ministers George Gerapetritis, Constantinos Kombos and Badr Abdelatty met in New York as the three countries prepared for their 11th leaders' summit, which is due to take place in Cyprus.
The trilateral mechanism covers Eastern Mediterranean security, energy and connectivity and remains an established channel among Athens, the Republic of Cyprus and Cairo.
South Caucasus
TRIPP moves into implementation and investment talks. Armenian Foreign Minister Ararat Mirzoyan and Azerbaijani Foreign Minister Jeyhun Bayramov joined a US-organized New York meeting on the Trump Route for International Peace and Prosperity (TRIPP) and the wider Trans-Caspian trade route.
US officials, representatives from Georgia and Central Asian states and private-sector participants joined discussions that included financing and investment opportunities through the Trans-Caspian Enterprise Fund.
The TRIPP file is now moving beyond political declarations into discussions over implementation, infrastructure and capital.
Bosphorus Read
Türkiye's fund investigation is moving from the structure of the funds to the conduct of investors. Prosecutors are now examining who exited, when those withdrawals took place and the gains involved, while the number of jailed suspects has risen to 45.
The Mecca Pact has reached a more concrete stage. Foreign ministers called for urgent military talks and the three military chiefs met in Riyadh the following day to discuss assistance, intelligence sharing, coordination and capability integration. Türkiye's Black Sea proposal remains at an earlier point. Moscow has confirmed receipt, but substantive negotiations have not started.
Cyprus still lacks that procedural clarity. Christodoulides says Guterres is considering a trilateral, Greek Cypriot media say Erhürman declined it, and the Turkish Cypriot side has not confirmed that account. TRIPP, meanwhile, is already being discussed in investment and implementation terms.
Sources: Istanbul Chief Public Prosecutor's Office, Türkiye Ministry of Justice, MASAK, Türkiye Ministry of Foreign Affairs, Turkish General Staff, Pakistan government, Reuters, Türkiye Ministry of National Defence, Turkish Cypriot Presidency and Public Information Office, Presidency of the Republic of Cyprus, Cyprus Mail, Presidency of the Republic of Türkiye Directorate of Communications, Office of the Prime Minister of Greece, Hellenic Ministry of Foreign Affairs, Kremlin statements, Iraqi Prime Minister's Office, The National, Cyprus News Agency, Armenian Ministry of Foreign Affairs, Bosphorus News review and reporting.
Read Yesterday's brief: Turkey, Cyprus, Makkah Alliance, Yanbu & TRIPP | September 25