WSJ assesses Türkiye's investment fund crisis and

Pusula ve Tera'dan 2 üst düzey yönetici gözaltına alındı — Photo: Nefes

Economy World press 57 sources 19 Sept, 19:40

Five executives from Pusula and Tera detained in fund investigation

In the Istanbul Chief Public Prosecutor's Office's capital markets investigation, Pusula Holding Chairman Serdar Turhan, Tera Yatırım Holding Chairman Emre Tezmen, and executives Alper Öztürk, Emre Alkin and Kerem Alkin were detained. In the case file, 4 suspects are under arrest, and 51 people are subject to a travel ban and asset freeze.

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Istanbul Chief Public Prosecutor's Office Pusula Portföy Tera Yatırım Akın Gürlek Destek Yatırım

Fon yöneticisi ve holding patronlarının mal varlıklarına tedbir konuldu — Photo: Tele2 Haber

Economy World press 33 sources 19 Sept, 09:37

Differing figures on number of arrests in capital markets investigation

Justice Minister Akın Gürlek announced that suspects, including a fund management board chairman and members, were arrested over allegations of manipulative trading, and 51 people were banned from leaving the country; access to 246 social media accounts was blocked.

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Where reports differ

State media and foreign press TRT Haber and DW Türkçe reported in their headlines that a total of 20 suspects were arrested.

Opposition and independent press Tele2 Haber and Bloomberg HT, citing Gürlek's statement, highlighted that 4 suspects were arrested and 51 people were subjected to a travel ban.

Akın Gürlek Istanbul Chief Public Prosecutor's Office Capital Markets Board (SPK) Cybersecurity Directorate

Bakan Şimşek'ten 'fon krizi' açıklaması: Yapısal bir sorun yok — Photo: Artı Gerçek

Economy World press 25 sources 19 Sept, 07:19

Capital Markets Board begins liquidation of 131 investment funds, Şimşek says "no systemic risk"

The Capital Markets Board (SPK) began liquidating 131 funds under a 17 September decision and appointed İş Bankası and Ziraat Bankası as custodians; the process will be completed within three months at most. Minister Şimşek said the problem stemmed from credit and liquidity issues in a limited number of funds.

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Capital Markets Board (SPK) Mehmet Şimşek Türkiye İş Bankası Ziraat Bankası TEFAS Financial Stability Committee

Sermaye Piyasası soruşturmasında tutuklanan Destek Holding’in patronu Altunç Kumova’nın ifadesi ortaya çıktı — Photo: Ekonomim

Economy 19 sources 19 Sept, 19:40

In his testimony, Kumova described his deal with Tera Yatırım over the IPO

Altunç Kumova, the major shareholder of Destek Holding who was arrested in the investigation, said they agreed with Tera Yatırım on a 2% commission for Destek Faktoring's initial public offering (IPO), and that 20% of the IPO was purchased by Tera Group companies and qualified investors. He described the valuation rising to 1.3 trillion lira (TL) as an "abnormal figure."

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Altunç Kumova Destek Holding Destek Faktoring Tera Yatırım Istanbul Chief Public Prosecutor's Office Capital Markets Board (SPK)

Month	y/y	m/m
Sept 2025	33.29% y/y	3.23% m/m
Oct 2025	32.87% y/y	2.55% m/m
Nov 2025	31.07% y/y	0.87% m/m
Dec 2025	30.89% y/y	0.89% m/m
Jan 2026	30.65% y/y	4.84% m/m
Feb 2026	31.53% y/y	2.96% m/m
Mar 2026	30.87% y/y	1.94% m/m
Apr 2026	32.37% y/y	4.18% m/m
May 2026	32.61% y/y	1.71% m/m
Jun 2026	32.11% y/y	0.99% m/m
Jul 2026	31.75% y/y	1.78% m/m
Aug 2026	31.51% y/y	1.84% m/m

WSJ assesses Türkiye's investment fund crisis and liquidation of 131 funds

News sources 3 sources

Who is in this story

Then and now 1 USD in lira

WSJ assesses Türkiye's investment fund crisis and liquidation of 131 funds

News sources 3 sources

Who is in this story

Related

Five executives from Pusula and Tera detained in fund investigation

Differing figures on number of arrests in capital markets investigation

Capital Markets Board begins liquidation of 131 investment funds, Şimşek says "no systemic risk"

In his testimony, Kumova described his deal with Tera Yatırım over the IPO

Destek Investment Bank Chairman Kumova arrested

Names in Tera management in spotlight after Capital Markets Board liquidates 131 funds

Then and now 1 USD in lira