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Some 23 detention orders were issued for executives of Istanbul Gold Refinery (IAR) and its affiliated companies as part of a fraud probe, the Istanbul Chief Public Prosecutor’s Office said on Monday.
According to the statement, the suspects face charges of obtaining state support through fraudulent means and causing public financial losses by acting in an organized manner.
The suspects face charges under several laws, including violations of the Central Bank of Türkiye Law (No. 1211), the Law on the Regulation of Public Financing and Debt Management (No. 4749), and the Law on the Protection of the Value of Turkish Currency (No. 1567).
These statutes regulate monetary policy, public debt management and foreign exchange transactions, respectively.
The prosecutor’s office has not disclosed the names of the suspects or provided further details.
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Istanbul Gold Refinery was founded in 1996 by a group of Turkish banks to position the country as a regional hub for gold between Asia and Europe.
Its shareholders include the Istanbul Gold Exchange, the Undersecretariat of Treasury, Vakif Investment and Sekerbank.
The refinery processes a range of precious metals, including gold and silver, as well as platinum, palladium, and rhodium.
Currently, 99% of the company’s shares belong to the Halac family, while state-run VakifBank remains a minority partner.
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