Business · Markets · 2 days ago
Turkey seeks to recover $3.8 billion in gains from troubled funds
Turkish prosecutors say 141 people and 73 companies made a combined 187.65 billion lira, about $3.8 billion, from three troubled investment funds.
The funds were managed by Tera, Pusula and Hedef, among seven companies whose funds are being liquidated.
The crisis followed suspected manipulation of shares that had few buyers, making it hard for funds to sell investments and meet requests to withdraw money as prices fell.
Investigators are examining sales and withdrawals made from September 13 to 16, and the justice minister said some people may have acted on advance information.
The names of those identified have not been made public, and the Savings Deposit Insurance Fund has begun notifying them to return the gains.
Authorities intend to use recovered money to compensate investors who suffered losses; officials also say payments to some investors have already been deposited.
A draft law on liquidating the funds and protecting investors was due to be submitted, with proposed rules for payments and recovering losses from those found responsible.
Turkish prosecutors identified 214 people and companies who allegedly made a combined 187.65 billion lira, about $3.8 billion, from troubled investment funds.
The Savings Deposit Insurance Fund has begun notifying those named that the gains must be returned.
Authorities say recovered money will go to investors who suffered losses.
The gains came from funds managed by Tera, Pusula and Hedef Portfolio Management.
Investigators are examining suspected advance information and withdrawals made in mid-September as part of a probe into suspected share price manipulation.
- Who
- Turkish prosecutors identified 141 people and 73 companies as having made the gains. The Savings Deposit Insurance Fund is seeking to recover the money.
- What
- Authorities are seeking to recover about 187.65 billion lira, or $3.8 billion, in gains from troubled investment funds and return the money to affected investors.
- When
- The story was reported on October 9, 2026. Investigators are scrutinizing transactions from September 13 to 16.
- Where
- Turkey.
- Why
- Prosecutors are investigating suspected share price manipulation and alleged use of advance information to sell fund holdings.
This story does not have two clearly opposing sides.
No direct quotes in the coverage so far.
Investigators focused on people who sold fund holdings and withdrew money during these dates.
Turkey’s Capital Markets Board ordered the liquidation of 131 investment funds managed by seven companies.
Treasury and Finance Minister Mehmet Şimşek said money owed to about 43,000 fund investors had been deposited in relevant banks.
Reports said prosecutors had identified 214 people and companies and the Savings Deposit Insurance Fund had begun notifying them to return the gains.
- People and companies identified
- 214: 141 people and 73 companies
- Combined gains
- 187.653 billion lira, about $3.8 billion
- Funds named
- Tera, Pusula and Hedef Portfolio Management
- Funds ordered into liquidation
- 131 funds managed by seven companies
- Investors affected
- 455,758
- Pusula gains for 19 individuals
- 69.7 billion lira, about $1.41 billion
Sources
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