Manipulation investigation at Borsa Istanbul: Trading ban for two institutions

The Capital Markets Board (SPK) and the Istanbul Chief Public Prosecutor's Office have placed the UK-based Merrill Lynch International and Switzerland-based Century City Securities SA under scrutiny as part of an investigation into suspicious stock transactions conducted at Borsa Istanbul. Due to manipulative transactions identified in Anel Elektrik (ANELE) shares, a two-year trading ban has been imposed on Tera and Century City Securities SA.

In the SPK's bulletin dated October 22, it was announced that manipulative movements were detected in ANELE shares, which resulted in the price rising from the 15 lira level in April to 225 lira on September 8. In this context, criminal complaints were filed against 48 individuals, and a two-year trading ban was imposed on Tera and Century City Securities SA in the markets.

According to the investigation file, it was determined that Merrill Lynch International invested billions of liras in 21 different stocks alleged to have been inflated through manipulation, and closed its positions before the crisis, earning a profit of 14 billion liras. It is assessed that these manipulative movements may have been carried out by Turkish investors, referred to in the market as 'mustachioed foreigners' (bıyıklı yabancı), who open accounts through foreign institutions.