Those who profited from fund scandal 'identified': Turkish minister
Simsek said 85 people have been jailed pending trial as regulators liquidated seven firms managing about $17 billion in funds.
- On Tuesday, Finance Minister Mehmet Simsek announced that authorities have identified everyone who profited from Turkey's investment fund scandal, expressing confidence the capital markets will emerge stronger from the crisis.
- Regulators placed seven firms managing 131 investment funds with assets worth $17 billion into liquidation to address alleged market manipulation affecting 455,000 individual investors, with 66 funds already liquidated.
- Authorities have jailed 85 people pending trial, and Simsek stated individuals making real gains of 10 million lira or more will be approached for asset recovery from unlawfully transferred funds.
- SPK chief Mahmut Sutcu was removed via presidential decree while deputy finance minister Osman Celik resigned on Monday; Kurdish DEM party co-chair Tuncer Bakirhan called the $20 billion affair "one of the biggest scams in history."
- Turkey pledged to "significantly increase sanctions" and "strengthen supervision and oversight" to address legislative gaps, while ratings agency MSCI warned of "possible coordinated trading" and threatened to reassess Turkey's emerging-market status by June 2027.
54 Articles
54 Articles
All who profited from fund scandal 'identified': Turkish minister
The scandal hit the headlines just over a month ago, with prosecutors looking into allegations of widespread market manipulation affecting the savings of some 455,000 individual investors. It has raised uncomfortable questions about who might have profited, putting pressure on President Recep Tayyip Erdogan's ruling AKP, which has lost one senior official, an ex-minister who resigned following allegations about her investment activities. On Mon…
Those who profited from fund scandal 'identified': Turkish minister
The scandal hit the headlines just over a month ago, with prosecutors looking into allegations of widespread market manipulation affecting the savings of some 455,000 individual investors. It has raised uncomfortable questions about who might have profited, putting pressure on President Recep Tayyip Erdogan's ruling AKP, which has lost one senior official following allegations about her investment activities. On Monday, the head of Turkey's SPK…
The developments come a month after the case was revealed. The post Turkey: Resignations in the financial administration after the investment fund scandal appeared first on in.gr.
The head of the Turkish Money Markets Authority resigned for health reasons, and the Deputy Minister of Finance requested retirement in the midst of a crisis involving the liquidation of 131 funds comprising some 456,000 investors, following the approval of interim payments for the recovery of part of the investor ' s funds.
Breaking News - Latest News: Capital Markets Board (SPK) Chairman Mahmut Sütçü has submitted his resignation due to health problems, while Deputy Minister of Treasury and Finance Osman Çelik has also submitted his retirement application to Minister Şimşek, effective today. Capital Markets Board (SPK)...
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