Newsletters
Türkiye’s market manipulation probe now covers 217 suspects, with 85 jailed and 98 under judicial control after 20 more were remanded in custody on Saturday, as authorities turn to former Capital Markets Board of Türkiye (CMB) Chairman Ibrahim Omer Gonul.
Gonul, who served as CMB's chairman from April 2022 to April 2026, was summoned as a suspect last week. Prosecutors then asked the Treasury and Finance Ministry for permission to investigate him over alleged abuse of office, citing his responsibilities for inspection, supervision, and assessment during his time at the market regulator.
The ministry has also since assigned its Inspection Board to carry out a preliminary review.
The wider case grew out of a fund market rout in mid-September, when several investment funds struggled to meet investor redemption requests after heavy selling pressure hit stocks in their portfolios.
The CMB subsequently ordered the liquidation of 131 funds managed by seven portfolio companies, affecting 455,758 individual investors and estimated to involve more than $19 billion in assets.
The first major arrests came Sept. 19, when authorities detained executives of major fund managers, including Tera Yatirim Holding Chairman Emre Tezmen, Tera board members Emre Alkin and Kerem Alkin, Tera Portfoy General Manager Alper Ozturk and Pusula Holding Chairman Serdar Turhan.
Tezmen, Alkin, Kerem Alkin, Ozturk and Turhan were remanded in custody on Sept. 22. Other prominent figures, including Doga Sigorta Chairman Nihat Kirmizi and Tera executives Bulent Uygun and Abdulkadir Ozkan, were detained later in the investigation.
The investigation has also widened into suspected manipulation involving several listed companies. The CMB identified suspected irregular trading in shares of Katilimevim, Destek Holding and Hedef Holding, while authorities also examined transactions involving other stocks as the case broadened.
Authorities froze the assets of 45 companies, 19 investment funds and 42 individuals. Following new assessments by the CMB and other relevant bodies, the restrictions on the companies and funds were lifted, while those on individuals remained in place.
Authorities also sought to freeze the assets of former minister Fatma Betül Sayan Kaya and her husband, İlyas Kaya, over alleged insider trading in Ozata Denizcilik, one of the companies under investigation. The couple was accused of investing about ₺163 million ($3.3 million) in the company in April and later selling the shares for roughly ₺2.2 billion.
Some suspects also had assets seized after authorities determined they had been acquired through illicit gains.
Four luxury vehicles belonging to Pusula Portfoy Chairman Muhammed Yariz were transferred to four people for far less than their estimated value of ₺200 million-₺220 million, in an apparent attempt to move them out of reach. Authorities seized four of the vehicles and continued searching for the fifth.
They also seized two private jets linked to Yariz and Tera Chairman Emre Tezmen, along with a luxury yacht belonging to Pusula Holding Chairman Serdar Turhan. The combined market value of the jets and yacht was estimated at ₺1.8 billion.
A court separately approved the seizure of assets belonging to 11 suspects, including Tezmen and Yariz.
Last week, Justice Minister Akın Gurlek said the seized assets would ultimately be used to compensate investors. Villas, luxury vehicles, land, and funds held in bank accounts will be transferred to a fund established under the Savings Deposit Insurance Fund (TMSF) and used to cover the claims of rightful owners, he noted.
Set as preferred source
Set as preferred source
2 min read
1 min read
