60 Suspects Face Legal Action in Capital Markets Investigation

News: Gökhan Turhan

Justice Minister Akın Gürlek said investigations into transactions carried out in the capital markets are continuing on multiple fronts to protect citizens’ rights, identify proceeds allegedly obtained through crime and ensure that those found legally responsible are held accountable before the courts. In the latest operation linked to Katılımevim Tasarruf Finansman AŞ (KTLEV) shares, legal proceedings were initiated against 25 suspects, while 15 were taken into custody.

According to Gürlek’s statement, efforts are continuing to locate 10 suspects who remain at large. As part of the financial investigation, the movement of funds and assets belonging to executives and officials associated with Pusula Finans Holding, Pusula Yatırım Menkul Değerler, Tera Yatırım Menkul Değerler, Tera Portföy Yönetimi, Hedef Holding, Hedef Portföy Yönetimi, Bulls Yatırım Menkul Değerler, Bulls Portföy Yönetimi and Ufuk Yatırım Yönetim ve Gayrimenkul has been frozen.

Letters were sent to the Banks Association of Türkiye, Participation Banks Association of Türkiye, Notaries Union of Türkiye, General Directorate of Land Registry and Cadastre, General Directorate of Maritime Affairs, General Directorate of Civil Aviation and the Financial Crimes Investigation Board (MASAK) to prevent assets covered by the investigation from being concealed, transferred to third parties or otherwise reduced.

Relevant institutions were also notified that transactions capable of reducing the assets of the chairpersons and members of the boards of directors, authorized signatories of the companies concerned, as well as their spouses and first-degree blood relatives, should not be carried out without the knowledge and assessment of the Office of the Chief Public Prosecutor.

Separately, a new operation was conducted as part of an investigation led by the Istanbul Chief Public Prosecutor’s Office in coordination with the Istanbul Provincial Police Department. The operation followed findings by the Capital Markets Board of Türkiye (SPK) concerning alleged market manipulation involving shares of Katılımevim, Destek Holding and Hedef Holding. Of the 15 suspects subject to arrest warrants in simultaneous operations in Istanbul and Aydın, 14 were detained, while one suspect was determined to be abroad.

With the latest operation, legal proceedings have now been initiated against 60 suspects in the investigation. Four suspects have been arrested, judicial procedures for 44 suspects who remain in custody are ongoing, and efforts to locate 12 suspects are continuing.

Gürlek said that anyone found legally responsible would be held accountable before the courts. He added that authorities would continue tracing alleged criminal proceeds and implement all necessary judicial and financial measures to protect the rights of citizens affected by the investigation.