Transactions of foreign institutions on the agenda in Turkey's fund investigation

Within the framework of the fund investigation in Turkey and allegations of manipulation in the stock market, the transactions carried out by foreign financial institutions were brought to the public by Yeni Şafak following Odatv. The Istanbul Chief Public Prosecutor's Office launched an investigation into the activities of Merrill Lynch International, operating under Bank of America.

In the examinations carried out by the Istanbul Chief Public Prosecutor's Office, it was determined that Merrill Lynch International, operating under Bank of America, made multi-billion-lira investments in 21 stocks—including Destek Faktoring, Özata Denizcilik, Katılımevim, IEYHO, Odine, and Peker GYO. While it was determined that the institution closed its positions days before the fund crisis began and made a profit of 14 billion liras, it was noted that a large portion of the stocks in question belonged to companies whose prices were allegedly increased through manipulative transactions.

The other institution mentioned within the scope of the investigation was the Switzerland-based Century City Securities SA. While the Capital Markets Board's (SPK) bulletin dated October 22 announced that criminal complaints were filed against 48 people on the grounds of manipulative transactions in Anel Elektrik stocks, it was reported that a two-year trading ban was imposed on Tera and Century City Securities SA in Borsa Istanbul and organized markets. Whether the transactions were carried out from the foreign institutions' own portfolios or through Turkish investors opening accounts at these institutions is being debated in stock market circles.