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Turkish prosecutors have lifted asset freezes on Feridun Gecgel, the billionaire main shareholder of electric equipment maker Astor Enerji, and his brother, Enver Gecgel, after the two reportedly voluntarily returned ₺5 billion ($100 million) as part of the ongoing investment fund probe.
Astor Enerji confirmed the decision in a disclosure on Friday, saying its shareholders had notified the company that the Istanbul Chief Public Prosecutor's Office had reversed the restrictions imposed on Sept. 26.
Prosecutors had imposed the restrictions as they investigated the publicly listed company's alleged involvement in suspicious market transactions linked to the broader market downturn in September.
Following redemption payment failures at several investment funds, Türkiye's Capital Markets Board (SPK) moved to liquidate 131 funds to contain a broader market rout. The decision affected more than 455,000 investors, with combined assets worth ₺936.3 billion ($19.1 billion) at the time.
Authorities also widened the investigation into suspected capital market irregularities, remanding 85 suspects, including chairmen of prominent portfolio management companies, in custody.
After initially freezing assets belonging to individuals and entities allegedly involved in the scandal, authorities lifted restrictions on 45 companies and 19 investment funds, allowing them to resume normal operations, while asset freezes on individuals remained in place.
Astor Enerji disclosed in late September that it had invested ₺376.6 million ($7.6 million) in three investment funds placed into liquidation by the SPK.
Feridun Gecgel's estimated wealth surged as Astor shares rallied earlier in 2026, placing him among Türkiye's richest businesspeople.
Forbes' real-time billionaire rankings valued his fortune at $5.3 billion in June, briefly making him Türkiye's richest person after Hamdi Ulukaya, the U.S.-based founder of the strained-yogurt brand Chobani, whose estimated fortune stood at $13.5 billion.
However, Gecgel's estimated fortune fell to $1.8 billion as of Oct. 23, as Astor shares dropped more than 60% from their June peak by Friday's close, particularly as selling pressure intensified amid the investment fund probe.
Under the SPK mechanism, parties that made excess profits from the 131 funds under liquidation can voluntarily return the gains to accounts managed by the Savings Deposit Insurance Fund (TMSF).
Authorities have warned that those who refuse to return the money voluntarily could face legal proceedings to recover the funds.
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