Turkey remands four fund executives in custody — Asharq Al-Awsat
In Turkey, four people have been remanded in custody pending trial as part of an investigation into alleged capital market manipulation. Another 51 people were banned from leaving the country and had their ability to dispose of assets restricted, Asharq Al-Awsat reports.
Investigation into fund transactions
Justice Minister Akın Gürlek said the investigation was launched following a criminal complaint by Turkey’s Capital Markets Board (SPK). The complaint concerns allegedly manipulative transactions involving certain investment funds and shares.
Among the four suspects remanded in custody are the chair of one fund’s board and board members. According to Gürlek, the court also ordered restrictions on transactions involving accounts and assets to prevent their transfer. Authorities did not disclose the names of those involved.
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Measures after market instability
The announcement came a day after authorities took steps to support financial stability amid stock market volatility. Some funds encountered difficulties in processing clients’ withdrawal requests after a sell-off in shares.
The Capital Markets Board also ordered the liquidation of several investment funds with a total value of about $18.3 billion, managed by seven portfolio management companies. Separately, law enforcement launched proceedings against individuals suspected of manipulating the capital market through social media; 16 suspects in that case were remanded in custody pending trial.
