Archive · 30 Sep 2026
Norway Wealth Fund Holds Turkish Stocks in Manipulation Probe
Norway has a very large investment fund that owns shares in companies around the world.
It owned shares in 10 Turkish companies now connected to a market-manipulation investigation.
Turkish prosecutors say some investment funds may have pushed up the prices of hard-to-trade stocks.
Some prices rose dramatically before falling sharply.
For example, shares in Odine Solutions later lost 94% from their peak.
Several people, including fund managers and company leaders, have been arrested or detained.
The investigation started after two funds could not pay their investors.
Norway's fund would not say whether it still owns the affected shares.
Norges Bank Investment Management held stakes worth nearly 2 billion kroner in 10 Turkish companies linked to the investigation.
Turkish prosecutors allege investment funds used thinly traded stocks to drive prices up, in some cases nearly 100-fold.
Most of the affected companies have lost substantial value since June 30, including Astor Enerji, Odine Solutions and Destek Finans.
The investigation began after two asset managers failed to pay investors, prompting trading disruptions and the suspension of 131 funds.
NBIM declined to say whether it still owns the shares; company founder Emre Tezmen has denied wrongdoing.
- Who
- Turkish prosecutors, investment funds, company executives and Norges Bank Investment Management are involved in the reported developments.
- What
- Authorities are investigating alleged market manipulation involving funds and thinly traded Turkish stocks, some of which were owned by Norway's wealth fund.
- When
- The investigation began in September, after two asset managers failed to pay investors; the holdings cited are dated June 30.
- Where
- Turkey, particularly companies and markets connected to Istanbul and Borsa Istanbul.
- Why
- Prosecutors allege that investment funds were used to drive up stock prices and that the schemes harmed investors and citizens' savings.
Authorities' Allegations
Companies' and Fund Responses
Alleged market manipulation
Authorities' Allegations
Turkish prosecutors allege that investment funds accumulated illiquid stocks and drove their prices sharply higher, describing some schemes as Ponzi-like.
Companies' and Fund Responses
The article does not report a detailed response from the investigated funds or executives. Emre Tezmen, founder and chairman of Tera, has denied wrongdoing.
Norway fund's involvement
Authorities' Allegations
The holdings show that NBIM owned shares in 10 companies linked by prosecutors or regulators to the case, including Tera-related firms.
Companies' and Fund Responses
NBIM declined to comment on whether it still owned the stocks and said it does not comment on changes between its twice-yearly holdings disclosures.
Investment management responsibility
Authorities' Allegations
The report notes that NBIM previously used Istanbul Portfoy, whose managing partner had been fined for a form of market manipulation in other shares.
Companies' and Fund Responses
Neo Asset Management said the stocks were added before it began working with Norges in July 2026; TRG Management did not respond to a request for comment.
- Norway fund
- Norges Bank Investment Management held nearly 2 billion kroner in stakes in 10 linked Turkish companies.
- Total Turkish holdings
- NBIM reported 20.4 billion kroner in Turkish shares as of June 30.
- Largest named stake
- NBIM's largest holding among the linked companies was a 2% stake in Astor Enerji.
- Market decline
- Borsa Istanbul's benchmark index fell more than 6% on September 16, triggering a circuit breaker.
- Regulatory action
- Turkey's Capital Markets Board suspended 131 funds run by seven firms and ordered them liquidated.
- Stock example
- Odine Solutions shares rose 987% this year to an August 12 peak before falling 94%.
- Fund management
- NBIM previously used Istanbul Portfoy; Neo Asset Management began working on the Turkish mandate after June 30, according to the report.