Borsa Istanbul General Manager Detained in Fund Investigation

Istanbul Chief Public Prosecutor’s Office detained Borsa Istanbul General Manager Korkmaz Enes Ergun within the scope of the broad “Fund Investigation.” Ergun faces allegations of “membership in an organization established to commit crimes” and bribery.

The investigation concerns capital market transactions in which investment fund prices were allegedly artificially raised, harming investors. The crisis intensified in September 2026 when Pusula Portföy and Tera Portföy failed to meet investor withdrawal requests, triggering a sharp decline in the BIST 100 index.

“As Borsa Istanbul, we delivered our notifications to SPK; we did what was required of us.”

On September 17, the Capital Markets Board (SPK) decided to liquidate 131 investment funds linked to Pusula, Tera, and affiliated companies, affecting more than 455,000 investors. The liquidation and cash conversion schedule was later extended from three to six months.

By October 23, the number of detainees had risen to 99. Earlier, on October 21, 26 people were detained in a separate wave, and an arrest warrant was issued for Altınbaş Holding owner Nusret Altınbaş.

Recent custody decisions also covered Tera manager Hakan Gövdere and Ral Yatırım Holding Board Chairman Rıza Kandemir. In September, approximately 1.8 billion TL worth of two private jets and a yacht were seized under court order.

Tensions emerged between Borsa Istanbul and SPK during the process. Borsa Istanbul stated it had notified SPK 130 times since 2025 about suspicious funds, a claim SPK denied. Ergun had said on October 15 before the Turkish Grand National Assembly Plan and Budget Committee that the exchange fulfilled its obligations.

As of October 31, the investigation listed 120 detainees, and the judicial process continued to draw close attention from financial circles.