130 Investment Funds Liquidated by Capital Markets Board Decision
As part of measures to prevent market manipulation and protect investors' rights, funds of seven portfolio management companies were closed.
The Capital Markets Board (SPK), within the scope of measures to prevent manipulation, closed all investment funds of 7 portfolio management companies traded on TEFAS to transactions and decided to liquidate 130 funds. As a result of the investigation, travel bans abroad and judicial proceedings were applied to numerous individuals.
New Measures Taken by the Capital Markets Board
In line with developments in Borsa Istanbul markets, the Capital Markets Board took new measures to protect the rights and interests of investors.
On August 29, in order to prevent manipulation, the concentration of funds in stocks on the stock exchange was restricted, and billions of liras of outflows were experienced from certain funds.
Seven Portfolio Management Companies Included in the Scope
All funds traded on the Turkey Electronic Fund Trading Platform (TEFAS) belonging to Tera, Pusula, Hedef, Atlas, A1, Pardus, and Bulls Portfoy Yonetimi AS were closed to transactions.
Liquidation Process of 130 Investment Funds
It was decided to liquidate a total of 130 investment funds through a method to be appointed by the Board, and free and money market funds were included in this process.
It was determined that approximately 65.13 percent of the money in the liquidated funds was held in five funds belonging to Tera Portfoy.
Legal Proceedings and Judicial Decisions
Criminal complaints were filed against 48 individuals due to their transactions in share markets, and travel bans abroad were imposed on these individuals.
Within the framework of the investigation, Pusula Portfoy Chairman of the Board Muhammed Yariz was arrested, while Ibrahim Bekci and Altunc Kumova were detained.
Trading Bans and License Cancellations
A 2-year trading ban on stock exchanges was imposed on 38 individuals responsible for transactions in various corporate stock markets and on Pusula Portfoy Yonetimi AS.
All capital market activity licenses of 10 licensed individuals among these persons were completely cancelled by the board's decision.