Turkish authorities have launched a major investigation into Tera Holding and Destek investment group following mass redemption defaults and allegations of share-price manipulation. The crisis began on September 16 when Tera Portföy reported defaults on payments totaling approximately 366 billion Turkish lira, or $7.5 billion, across two of its primary funds.
In response, the Capital Markets Board of Turkey, known as the SPK, suspended trading for funds linked to Tera Portföy and ordered the liquidation of around 130 investment funds. Law enforcement officials conducted raids in Istanbul, resulting in the detention of executives including İbrahim Bekçi from Tera Holding and Altunç Kumova from Destek Yatırım.
Travel bans have been issued for 48 individuals, including Tera chairman Emre Tezmen. Furthermore, the SPK has filed criminal complaints against dozens of people regarding the manipulation of stocks such as Destek Finans Faktoring and Gündoğdu Gıda. Certain fund managers involved in the case are now subject to strict trading bans.
The financial groups affected by the crisis, including Tera, Pusula, and Atlas, previously managed assets exceeding $29 billion. During the height of the market panic, daily outflows reached $1 billion. Turkish regulators are currently implementing liquidity support measures to stabilize the broader financial system.
