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Türkiye's Savings Deposit Insurance Fund (TMSF) has taken control of Peker GYO, a real estate investment trust whose shares are held by Tera Yatirim Holding and affiliated investment entities, amid the ongoing investigation into September's fund scandal.
The company announced the ruling on Wednesday after the market closed. Under the new arrangement, Enis Guclu Sirin becomes chairman, Cuneyt Ardag takes the position of deputy chairman, while Tolga Yenice assumes the role of chief executive officer.
TMSF had previously been appointed trustee to Tera Yatirim Holding in mid-October, as the company emerged as one of the main portfolio management groups under investigation over alleged market distortion after failing to meet investors' redemption requests in mid-September.
The turmoil triggered a broad market sell-off, prompting the Capital Markets Board (SPK) to order the liquidation of 131 troubled investment funds over a six-month period. The move affected more than 455,000 investors, with the funds holding an estimated combined asset base of ₺936.3 billion ($19.1 billion) at the time.
Tera Yatirim Holding acquired all 314.75 million privileged Class A shares in Peker GYO from its former chairman Hasan Peker on Feb. 27, 2026, securing a 6.3% stake in the company. Although the stake was relatively small, the shares carried the right to appoint all members of Peker GYO's board, giving Tera management control.
The Capital Markets Board (SPK) approved the acquisition on Feb. 12, triggering Tera's obligation to make a mandatory takeover offer to the company's other shareholders.
On Sept. 9, the SPK set the offer price at ₺18.77 per share, basing its decision on a May 13 purchase of Peker GYO shares by Tera Portfoy's Third Equity Free Fund at the same price.
The offer was initially scheduled to run from Sept. 16 to Sept. 29 but was postponed after Tera cited falling share prices on Borsa Istanbul, declining market liquidity, forced position liquidations and redemption-payment defaults at several investment funds.
Tera also disputed the use of the fund's May transaction to determine the offer price, arguing that the fund was managed by Tera Portfoy rather than Tera Yatirim Holding itself.
On Sept. 17, the holding company asked the SPK to revise the offer timetable and reassess the price. The regulator rejected both requests, and Tera subsequently terminated the tender offer process.
On Oct. 19, the SPK announced that Tera had failed to meet its mandatory takeover offer obligation. It also confirmed that voting rights held by Tera, several affiliated companies and investment funds in Peker GYO had been automatically frozen effective Sept. 16.
Peker GYO was one of the best-performing stocks on Borsa Istanbul in recent years, gaining more than 1,260% between May 2025 and Aug. 28, 2026. In July 2025, Tera first disclosed its agreement to acquire Hasan Peker's privileged Class A shares, further fueling the rally.
However, following the September market rout, the stock plunged 96%, with its market capitalization falling from approximately ₺87.5 billion ($1.7 billion) to ₺4.4 billion.
Authorities also froze assets belonging to Hasan Peker, while Tera Yatirim Holding Chairman Emre Tezmen was arrested as part of the wider investigation. In his testimony, Tezmen was questioned about Peker GYO's market value rising from approximately ₺5 billion before the acquisition to around ₺100 billion afterward.
He denied intervening in the share-price movement, attributing the increase to Tera Group's real estate investments.
Following the court ruling, Peker GYO shares kicked off the Thursday session with a 10% jump, hitting the daily upper limit.
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