Pusula Holding Chair Serdar Turhan Testifies in Fund Probe

Pusula Holding Chair Serdar Turhan testified to prosecutors in the capital markets investigation known as the "fund probe." He stated he founded Pusula Portfolio Management (PYŞ) to create a financial ecosystem but transferred its management to Muhammed Yariz and a new team, after which he claims no connection remained.

Turhan personally invested in the PKZ fund, which held Katilimevim shares. He acknowledged that PYSH managers sold those shares and used the cash in other funds, adding that troubled funds contained roughly 5-6 billion lira.

“After this transfer I had no connection left with PYSH, I had no information about the transactions it made.”

Prosecutors questioned a 1.928 billion lira money flow between Turhan and Yariz. Turhan said the amount stemmed from commercial relations, including payment for part of a Bursa plot owned by Katilimevim and vehicle trade settlements.

Turhan noted PYSH grew from 30 million to about 500 billion lira without any warning from the Capital Markets Board (SPK). He said he advised managers in June 2026 to shrink the operation, and a downsizing process began.