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Turkish authorities removed asset freezes on 45 companies and 19 investment funds as part of an ongoing investigation into capital market irregularities, while measures against 42 individuals remain in place, with Treasury and Finance Minister Mehmet Simsek citing the need to protect the real sector.
The decision was taken after new assessments and notifications from the Capital Markets Board (CMB) and relevant boards, reversing the earlier decision made last week as part of a probe led by the Istanbul Chief Public Prosecutor's Office.
In a social media statement, Simsek said the authorities will not take action against people and companies unrelated to those activities, stressing that protecting the investment, employment, production and export capacity of the real sector remains a priority.
"We will continue to take the necessary measures, particularly the liquidity needed by the market, to prevent developments from having negative repercussions on the financial system and the real economy," he added.
On Friday, Justice Minister Akin Gurlek announced that authorities froze the assets of 46 legal entities, 18 funds and 42 individuals after reviewing fund outflows between July 1 and Sept. 16. A travel ban was also imposed on 37 suspects as a judicial-control measure.
Authorities also moved to block asset transfers, sales, large cash withdrawals, and other transactions that could reduce assets, while requiring capital market instruments to be frozen and suspicious transactions to be reported to judicial authorities.
The companies covered by the measures included investment firms, financial services companies, insurers, food producers and other businesses, including Tera Yatirim, Ulusoy Un, Pusula Yatirim, Tatilbudur, Enuygun, Emin Evim, Türkiye Hayat ve Emeklilik, Yayla Agro, Türkiye Sigorta and Katilimevim.
Astor Enerji, an Istanbul-based energy company and one of the largest firms listed on Borsa Istanbul, with a ₺260.7 billion ($5.3 billion) market capitalization, was among those affected. In a statement Monday, it said the restrictions and freezing orders had been lifted, adding that its operations continue uninterrupted.
The company announced last week that it had secured a $33.8 million new order to supply power transformers to two U.S.-based customers, adding to ongoing shipments with a combined value of billions of U.S. dollars.
However, the company's Chairman Feridun Gecgel, who is also ranked fifth among Türkiye's richest people by Forbes with an estimated net worth of $3 billion, remains among those facing measures in the investigation.
The broader probe, which examines suspected market-distorting practices in Türkiye's equity markets, followed a sharp liquidity downturn at some investment funds in mid-September after they faced difficulties meeting investor redemption requests.
To prevent wider spillover, the CMB moved to liquidate 131 funds managed by seven portfolio companies, which later reported that the funds had 455,758 individual investors.
At the same time, prosecutors examined suspected market manipulation involving shares with relatively limited free float. The investigation expanded to fund managers and executives linked to several financial groups, including Pusula, Tera, Hedef and Bulls.
Prosecutors also requested financial records covering overseas money and crypto-asset transfers, as well as other account movements dating back to 2024.
More recently, authorities took eight additional suspects into custody, with six ordered detained, bringing the total number of people arrested in the investigation to 51.
As the investigation expands with new findings and a growing list of suspects, selling pressure on Türkiye's stock exchange, Borsa Istanbul, continues, with the benchmark BIST 100 index down 1.7% in Monday's session.
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