Nearly 456,000 investors hold stakes in Turkish funds ordered to liquidate
Turkey’s capital markets regulator said more than 100 investment funds worth about $18 billion were ordered to liquidate during a market selloff.
Ankara, Turkey. Nearly 456,000 individual investors hold stakes in more than 100 Turkish investment funds worth about $18 billion that authorities ordered to liquidate last week during a market selloff.
Turkey also introduced measures to support financial stability after some funds faced difficulties meeting withdrawal requests.
Fund investors and market measures
Turkey’s Capital Markets Board, known as the SPK, said on Wednesday that 455,758 individual investors were affected, citing records from the central securities depository.
Authorities last week took steps to increase lira liquidity and ease certain capital and margin requirements as part of efforts to support financial stability during the stock market selloff.
Investigation widened
Authorities have widened an investigation launched by prosecutors last week after the SPK filed criminal complaints over transactions involving shares in Turkish companies Katilimevim, Gundogdu Gida and Destek Finans.
Turkish media reported that five people detained in recent days appeared in court on Wednesday and were jailed pending trial.
Turkey’s justice ministry had no immediate comment. In a statement on Tuesday, the ministry said individuals faced charges including violations of Turkey’s capital markets law, membership of a criminal organisation and aggravated fraud committed by company executives or others acting on behalf of a company during commercial activities.
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