Turkey Freezes Funds at 7 Firms, Sends 38 to Prosecutors in Stock Market Scandal

Turkey Freezes Funds at 7 Firms, Sends 38 to Prosecutors in Stock Market Scandal

Turkish authorities have frozen or liquidated investment funds and referred 38 people to prosecutors as they move to restore calm after a stock market scandal.

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Turkey's financial regulator has ordered the liquidation of investment funds managed by seven portfolio companies, and prosecutors have been asked to pursue 38 people in connection with a stock market scandal [243733]. The funds, traded on the TEFAS platform, are now closed to all transactions [243383].

The affected companies are Tera, Pusula, Hedef, Atlas, A1, Pardus, and Bulls [243383]. A liquidation means the funds will be sold off and the money returned to investors [243383].

Turkey's market regulator also filed criminal complaints against dozens of people and imposed trading bans [243108]. The action targets alleged share-price manipulation by asset managers at the center of turmoil shaking Turkey's investment fund industry [243108].

The regulator has not yet explained the reason for the decision [243383]. Investors in these funds should contact their portfolio company for further details [243383]. Further details were not immediately available [243099].

Sources

Turkey freezes funds in stock market scandal, sends 38 to prosecutors #243733Turkey Cracks Down: Criminal Complaints Filed Over Fund Collapse #243108Turkey Shuts Down Funds From 7 Major Firms #243383Turkey Shuts Down Funds Managed by 7 Firms #243099

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