Turkish Watchdog Files Complaints, Orders Trading Bans Over Share Manipulation
Synopsis
Turkey’s Capital Markets Board has filed criminal complaints against 38 people and imposed two-year trading bans over alleged manipulation involving three Borsa Istanbul-listed companies, while also sanctioning fund manager Pusula Portfoy.
Turkey’s Capital Markets Board (CMB) has filed criminal complaints against 38 people and imposed two-year trading bans on them over alleged manipulation involving shares of three companies listed on Borsa Istanbul.
The action marks a significant step in the country’s latest market surveillance efforts.
The Turkey stock market manipulation ban covers trading linked to Katilimevim, Gundogdu Gida, and Destek Finans Faktoring, according to the regulator.
The Borsa Istanbul trading ban prevents the individuals from participating in the market for two years.
Regulator Targets Three Stocks
The Turkey share manipulation probe also involves Pusula Portfoy, a fund management company within the same group as Katilimevim. The firm has also been barred from trading for two years, while its executives were among those referred to prosecutors through the SPK criminal complaint process.
Pusula Portfoy could not be reached for comment outside regular business hours. Tera Group had previously agreed to acquire Pusula Finans, which includes the fund management unit, although the transaction remains subject to regulatory approval.
Pusula Portfoy said this week that some of its funds had defaulted after investors withdrew money following regulatory changes.
Stocks Had Posted Sharp Gains
The regulatory action comes after substantial gains in the three stocks despite their recent declines. Katilimevim remains up more than 300% year to date, although its shares have fallen almost 59% over the past two weeks.
Gundogdu Gida has gained more than 140% this year but has dropped more than 75% from its late-July peak. Destek Finans Faktoring is also up more than 300% year to date, despite losing 37% from its early-July peak.
The latest Turkey market watchdog crackdown highlights increased scrutiny of trading activity as Turkish authorities continue monitoring market volatility and potential manipulation.
Source: Reuters
Vishal is an experienced Editor at Inspirepreneur Magazine with key interests in artificial intelligence, eCommerce, entrepreneurship, lifestyle and startup sector. Prior to joining Inspirepreneur, he was a Content Writer cum Correspondent at Siliconindia Magazine, where he worked on Company Profiles, Cover Stories, Executive Profiles, Feature Articles and Thought Leadership content.
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