Merrill Lynch detail in fund investigation: Exit before operation and 8 billion TL profit

In the fund investigation conducted by the Istanbul Chief Public Prosecutor's Office, it was determined that Merrill Lynch International, operating under Bank of America, closed billions of liras in stock market positions right before the operations began and achieved a net profit of 8 billion TL.

In the fund investigation conducted by the Istanbul Chief Public Prosecutor's Office, it was determined that Merrill Lynch International (MLI), operating under Bank of America, exited the market before the judicial operations. According to the report by Halit Turan from Sabah newspaper, the institution conducted intensive transactions in the stocks of Destek Faktoring, Özata Denizcilik, Katılımevim, Odine, and Peker GYO, completely withdrawing from these five stocks right before the operations started, and generated a total net profit of approximately 8 billion TL from these transactions.

The parallelism between the operation timing and the market exit timing of the institution, which operates under the supervision of the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), is being examined by the Chief Public Prosecutor's Office. A 100% subsidiary of Bank of America Corporation since 2008, Merrill Lynch executes its high-volume transactions on Borsa Istanbul using the "BofA" code.