Turkey Jails Four Fund Executives in Market Manipulation Probe
Turkish authorities jailed four fund executives pending trial and restricted 51 others in a market manipulation investigation following recent market volatility.
Turkish authorities have jailed four people pending trial and imposed travel bans and asset restrictions on 51 others as part of investigations into alleged market manipulation, Justice Minister Akin Gurlek said on Friday.
The four jailed suspects include a fund board chairman and board members, Gurlek said. The court also ordered restrictions on accounts and assets to prevent them from being transferred. Authorities did not name any of the individuals affected.
The investigation followed a criminal complaint by the Capital Markets Board (SPK) over alleged manipulative transactions in certain investment funds and shares, the minister said.
The detentions came a day after the government rolled out measures to shore up financial stability, as a small number of funds struggled to meet client withdrawals amid a stock market selloff.
As part of those steps, the capital markets board ordered the liquidation of several investment funds worth around $18.3 billion, managed by seven portfolio management companies.
Separately, authorities launched proceedings against people accused of using social media to manipulate capital markets. Sixteen suspects have been jailed pending trial in that case, according to the minister.