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Turkey Liquidates 131 Funds, Detains 45 in Market Manipulation Probe

Capital Markets Board orders liquidation of funds holding $18 billion after detecting price manipulation in low-float stocks.

Sources: Dimokratia, Ekonomim, Greek City Times3 sources ↓|· 1 min read
Turkey Liquidates 131 Funds, Detains 45 in Market Manipulation Probe
Photo: Dimokratia

KEY POINTS

  • SPK liquidated 131 funds worth over $18 billion affecting 455,758 investors
  • 45 suspects detained, 76 total in probe for fraud and market manipulation
  • New August 28 rules on concentration limits triggered liquidity crisis
  • Finance Minister Simsek denies resignation rumors amid confidence crisis
  • Funds exploited low-float stocks to inflate returns and attract capital

Turkey's Capital Markets Board (SPK) ordered the liquidation of 131 investment funds managed by seven portfolio companies on September 17, affecting 455,758 investors and assets exceeding $18 billion. The move followed August 28 regulations targeting excessive concentration in low-float stocks, which triggered liquidity crises when redemption requests surged.

Justice Minister Yilmaz Tunc announced criminal proceedings against 76 suspects, with 45 detained and assets frozen for fund owners, executives, and their relatives. Prosecutors are investigating organized crime, fraud, and market manipulation charges.

“The rumors are baseless and damage economic stability.”

— Mehmet Simsek, Finance Minister

Finance Minister Mehmet Simsek publicly denied resignation rumors yesterday, calling them "baseless" and damaging to economic stability. The crisis has evolved into a broader confidence test for Turkish capital markets.

According to SPK observations from late 2025, funds accumulated large positions in thinly traded shares, inflating prices and paper returns to attract new investor money. This self-reinforcing cycle collapsed when new rules forced diversification and redemptions overwhelmed liquidity.

READ THE FULL STORYat Dimokratia

2 more sources below

TOPICS

#Economy#Investment#Stock Market#Fraud

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