Statement from Tera Portföy Regarding Fund Refunds and the Investigation Process
While the fund investigation conducted by the Istanbul Chief Public Prosecutor's Office continues, Tera Portföy shared the details of the refund and payment processes in a statement made to KAP.
Amid ongoing uncertainties in the market within the scope of the fund investigation conducted by the Istanbul Chief Public Prosecutor's Office, a statement was issued by Tera Portföy to the Public Disclosure Platform (KAP). The statement shared details regarding the refund and payment processes within the framework of Capital Markets Board regulations.
KAP Statement and Exit Requests
In the statement made by Tera Portföy to KAP, it was stated that the process is being carried out within the framework of the procedures and principles determined by the Capital Markets Board. The statement expressed that the refund instructions submitted during the period when capital inflows to the funds were converted into investments concentrated in a short time, turning into a total exit demand reaching approximately 300 billion TL in total.
It was emphasized that the cash requirement needed to meet these requests simultaneously was managed alongside the process of converting assets in the fund portfolios into cash. It was stated that meeting a demand of this scale in such a short time would not be easy for any financial institution.
Completed Payments and Restrictions
It was reported that payments regarding investors' sales orders were made in a portion of the funds outside the scope of liquidation. Payments for redemption instructions given for Tera Portföy First Debt Instruments TL Fund, Tera Portföy Fund Basket Fund, Tera Portföy Second Free Foreign Currency Fund, and Tera Portföy Participation Free Foreign Currency Fund were carried out on September 16, 17, and 18, 2026.
It was stated that investors have no remaining receivables from Tera Portföy Yönetimi A.Ş. for the relevant dates regarding the said instructions. However, it was conveyed that payments to investors could not be continued due to transaction restrictions and blocks placed on the account at Takasbank on September 18, 2026.
Liquidation Process and Cooperation
It was recalled that it was decided for the process regarding the funds within the scope of liquidation to be carried out within the framework of the principles determined by the CMB and by the authorized Türkiye İş Bankası A.Ş. It was noted that the group's senior management and executive teams are at the helm of their duties.
It was stated that the process is being closely followed with the relevant institutions in order for investors to access their savings and for the payment processes to be completed. It was indicated that all requested information, documents, and operational support will be provided by working in cooperation with the relevant institutions and Türkiye İş Bankası A.Ş.
MASAK Review and Expanding Investigation
The scope of the financial review was expanded within the scope of the fund investigation. The Chief Public Prosecutor's Office's Bureau of Investigation for the Financing of Terrorism and Laundering Crimes sent an official letter to the Presidency of the Financial Crimes Investigation Board (MASAK) on September 17, 2026.
The letter requested the acquisition of financial data regarding the executives of Pusula Finans Holding AŞ, Tera Yatırım Menkul Değerler AŞ, Hedef Holding AŞ, and Bulls Yatırım Menkul Değerler AŞ, as well as their sub-companies. The investigation also covers the money and crypto movements of first-degree relatives in addition to 4 fund managers.
Capital Markets Board's Liquidation Decisions
The Capital Markets Board announced the details regarding the fund liquidation process concerning hundreds of thousands of investors. The liquidation process of the funds will be carried out by İş Bankası and Ziraat Bankası, and first, how much money investors have in the funds will be clarified.
The CMB decided to close to trading and liquidate some of all investment funds traded on TEFAS and founded by 7 portfolio management companies, namely Tera Portföy, Pusula Portföy, Hedef Portföy, Atlas Portföy, A1 Portföy, Pardus Portföy, and Bulls Portföy.
Detentions and Arrests in the Investigation
Four suspects had previously been arrested in the investigation known as the fund investigation. Among the arrested names are Pusula Portföy Chairman of the Board of Directors Muhammed Yarız and Destek Yatırım Chairman of the Board of Directors Altunç Kumova.
In the same investigation, a travel ban measure was decided to be applied to 51 suspects. Most recently, Pusula Holding Chairman of the Board of Directors Serdar Turhan, Tera Yatırım Holding Chairman of the Board of Directors Emre Tezmen, and executives were detained.