Turkey was hit by a major financial crisis: after the collapse and liquidation of more than 130 investment funds, the assets of 455,758 investors were frozen.
As reported by the Capital Markets Board of Turkey, the liquidation of funds worth about $20 billion resulted from an investigation into schemes involving manipulation of illiquid stocks. Between August 31 and September 23, investors withdrew roughly 600 billion lira from Turkish investment funds.
The key figure in the scandal was Emre Tezmen, chairman of the board of the management company Tera. He was arrested after payments to clients of the companies Tera Portfoy Yonetimi AS and Pusula Portfoy Yonetimi AS were suspended.
As reported by the Capital Markets Board of Turkey, the liquidation of funds worth about $20 billion resulted from an investigation into schemes involving manipulation of illiquid stocks. Between August 31 and September 23, investors withdrew roughly 600 billion lira from Turkish investment funds.
The key figure in the scandal was Emre Tezmen, chairman of the board of the management company Tera. He was arrested after payments to clients of the companies Tera Portfoy Yonetimi AS and Pusula Portfoy Yonetimi AS were suspended.