Merrill Lynch's 8 Billion TL Profit Under Investigation in Fund Scandal Inquiry

In the investigation conducted by the Istanbul Chief Public Prosecutor's Office regarding the fund scandal that caused grievances for hundreds of thousands of investors, it was determined that Merrill Lynch International, operating under Bank of America, exited the market by closing its stock market positions shortly before the operations, generating a net profit of 8 billion liras.

During the fund investigation conducted by the Istanbul Chief Public Prosecutor's Office, it was determined that Merrill Lynch International (MLI) carried out intensive trading transactions in the shares of Destek Faktoring, Özata Denizcilik, Katılımevim, Odine, and Peker GYO shortly before the judicial operations began. It was established that the institution, which operates under the supervision of the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), completely exited these five stocks prior to the operations and achieved a total net profit of 8 billion liras.

The Chief Public Prosecutor's Office continues to examine the parallelism between the timing of the operations and the institution's market exit, as well as the background of the 8 billion lira profit. While it was noted that the high-volume transactions were conducted on behalf of the Bank of America group and appeared on market data screens with the "BoFA" code, previously Emre Tezmen, Emre Alkin, Kerem Alkin, Alper Öztürk, Serdar Turhan, Muhammed Yarız, Namık Kemal Gökalp, Altunç Kumova, and İbrahim Bekçi had been arrested within the scope of the fund investigation.