Real EstateTurkiye

Volkan Kaya and Russian Oligarch Georgi Agaev End Partnership in Valens Koru Zekeriyaköy Project

Volkan Kaya, the nephew of Dilek Kaya Imamoğlu—wife of Istanbul Mayor Ekrem Imamoğlu—has ended his business partnership with Russian oligarch Georgi Agaev in the Valens Koru Zekeriyaköy project.

Russian Businessman Georgi Agaev Invested in Türkiye

In 2022, Georgi Agaev, a prominent Russian businessman, came to Türkiye to invest in luxury real estate. His goal was to build and sell high-end villas in Istanbul, specifically in the Zekeriyaköy area.

Agaev Was Introduced to the Kaya Family

During his business meetings in Istanbul, Agaev was introduced to the Kaya family. Cevat Kaya, the brother of Dilek Imamoğlu, and his son, Volkan Kaya, decided to collaborate with the Russian investor on the Zekeriyaköy villa project.

As a result, they established Valens A.Ş., with Georgi Agaev and Volkan Kaya listed as the two partners. According to the company’s official agreement, any business transaction required the signatures of both partners.

Due to the high inflation in Türkiye, Volkan Kaya reportedly requested additional financial support from his Russian partner for the project.

Kaya Acquired a Sales Power of Attorney from Agaev

By February 2024, the rough construction of the villas was completed. To speed up the sales process, Volkan Kaya convinced Agaev to grant him a power of attorney for selling the properties. This effectively bypassed the company’s dual-signature requirement for transactions.

With the exclusive signing authority, Volkan Kaya proceeded to sell four villas.

The Breaking Point: Agaev’s Private Villa Was Sold Without His Knowledge

Upon arriving in Istanbul, Georgi Agaev discovered that the four villas had been sold below market value. He also claimed that he had not been informed about the transactions.

The final straw came when Agaev realized that the villa he had custom-designed for himself had also been sold. Furious, he rushed to a notary office in late February 2024 to revoke the power of attorney.

However, since the power of attorney was issued on behalf of Valens A.Ş. under the company’s dual-signature rule, Agaev could not unilaterally revoke it.

End of the Partnership

After prolonged negotiations, Volkan Kaya agreed to cancel the contract, officially bringing the business partnership between Agaev and the Kaya family to an end.

Source: Patronlar Dünyası/ Prepared by: İlayda Gök

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