The SPK filed criminal complaints against 48 people, including central figures in the fund investigation. It also announced sanctions, including licence suspensions, against several people associated with Tera-affiliated investment and asset management companies.
The Capital Markets Board (SPK), following its investigation into the fund investigation, formally notified 48 people involved with Tera Yatırım, Tera Portföy, Pusula Portföy and others that they were subject to criminal complaints. Several representatives of Tera Yatırım are among those named.
The SPK also took licensing and authorisation-related measures against the affiliated companies, imposing trading bans on Tera Portföy Yönetimi AŞ, Tera Yatırım Değerler AŞ, Tera Yatırım Bankası AŞ, Tera Yatırım Holding AŞ and Century City Securities SA. A total of 28 licences have been revoked.
The list of people subject to criminal complaints includes Emre Tezmen, chairman of Tera Yatırım, and Erdin Özel, chairman of Tera Portföy, as well as Emre Alkin, Kerem Alkin and Muhammed Yarız. These individuals are the focus of the investigation.
The background to the spread of the fund crisis is said to include the overvaluation of assets held by some funds, raising concerns that investors would be unable to obtain redemptions and causing a sharp market decline. The government and regulators are proceeding with fund liquidation and corrective measures, while further developments are being closely watched.