> TWO TURKISH FINANCIERS AT THE CENTER OF THE BORSA ISTANBUL FUND CRISIS.
> EMRE TEZMEN (52).
> CFA HOLDER, BELGIAN-EDUCATED, FOUNDED TERA GROUP IN 2005 AFTER SELLING HIS HOUSE AND CAR.
> HE HOLDS DUAL TURKISH-BELGIAN (EU) CITIZENSHIP.
> BUILT IT INTO A FINANCIAL EMPIRE (BROKERAGE, BANKING, PORTFOLIO MANAGEMENT, CYBERSECURITY).
> FORBES LISTED HIM AT $1.3 BILLION IN MARCH 2026.
> LARGEST SHAREHOLDER OF TERA ON BORSA ISTANBUL.
> NOW HAS A TRAVEL BAN IMPOSED ON HIM AS THE INVESTIGATION DEEPENS.
> SERDAR TURHAN (MID-30S).
> CHAIRMAN OF PUSULA HOLDING AND KATILIMEVIM (INTEREST-FREE HOME/CAR SAVINGS SCHEME SERVING LARGE NUMBERS OF CUSTOMERS).
> RESIGNED FROM BOARDS ON SEPT 13, JUST BEFORE EVERYTHING COLLAPSED.
> REPORTS CITE GREEK RESIDENCY, A MANSION IN GREECE, VILLA IN DUBAI, PRIVATE JET AND YACHT.
> TRAVEL BAN IMPOSED.
> THE CONNECTION: TERA AGREED TO ACQUIRE PUSULA'S FINANCIAL COMPANIES, WITH TEZMEN REPLACING TURHAN AS CHAIRMAN.
> THEN IT ALL UNRAVELED.
> PUSULA'S PORTFOLIO CHIEF MUHAMMED YARIZ FLED BY BOAT FROM MARMARIS TOWARD GREECE (HE CLAIMS HE WAS RESTING), SPK FROZE 130 FUNDS FROM SEVEN COMPANIES, ORDERED LIQUIDATIONS.
> BOTH MEN NOW FACE TRAVEL BANS AND AN EXPANDING ISTANBUL PROSECUTOR'S INVESTIGATION.
> HEDEF HOLDING GOT PULLED INTO THE SAME CRISIS.
> THE GÖKALP FAMILY'S LISTED INVESTMENT HOLDING (HEDEF PORTFÖY, İNFO YATIRIM, HEDEF YATIRIM BANKASI) ISN'T OWNED BY TEZMEN OR TURHAN, BUT THE LINKS ARE THERE.
> PUSULA FUNDS HELD SHARES IN HEDEF HOLDING, AND HEDEF PORTFÖY WAS ONE OF THE SEVEN COMPANIES WHOSE FUNDS SPK FROZE 31 FUNDS, THE LARGEST NUMBER ON THE LIST.
> YESTERDAY, POLICE SEARCHED İNFO YATIRIM AND CHAIRMAN NAMIK KEMAL GÖKALP WAS TAKEN IN FOR QUESTIONING IN CONNECTION WITH THE SAME BROADER INVESTIGATION.
> HEDEF SHARES HAD ALREADY CRASHED THROUGH MULTIPLE LIMIT-DOWN SESSIONS.
> EMRE TEZMEN (52).
> CFA HOLDER, BELGIAN-EDUCATED, FOUNDED TERA GROUP IN 2005 AFTER SELLING HIS HOUSE AND CAR.
> HE HOLDS DUAL TURKISH-BELGIAN (EU) CITIZENSHIP.
> BUILT IT INTO A FINANCIAL EMPIRE (BROKERAGE, BANKING, PORTFOLIO MANAGEMENT, CYBERSECURITY).
> FORBES LISTED HIM AT $1.3 BILLION IN MARCH 2026.
> LARGEST SHAREHOLDER OF TERA ON BORSA ISTANBUL.
> NOW HAS A TRAVEL BAN IMPOSED ON HIM AS THE INVESTIGATION DEEPENS.
> SERDAR TURHAN (MID-30S).
> CHAIRMAN OF PUSULA HOLDING AND KATILIMEVIM (INTEREST-FREE HOME/CAR SAVINGS SCHEME SERVING LARGE NUMBERS OF CUSTOMERS).
> RESIGNED FROM BOARDS ON SEPT 13, JUST BEFORE EVERYTHING COLLAPSED.
> REPORTS CITE GREEK RESIDENCY, A MANSION IN GREECE, VILLA IN DUBAI, PRIVATE JET AND YACHT.
> TRAVEL BAN IMPOSED.
> THE CONNECTION: TERA AGREED TO ACQUIRE PUSULA'S FINANCIAL COMPANIES, WITH TEZMEN REPLACING TURHAN AS CHAIRMAN.
> THEN IT ALL UNRAVELED.
> PUSULA'S PORTFOLIO CHIEF MUHAMMED YARIZ FLED BY BOAT FROM MARMARIS TOWARD GREECE (HE CLAIMS HE WAS RESTING), SPK FROZE 130 FUNDS FROM SEVEN COMPANIES, ORDERED LIQUIDATIONS.
> BOTH MEN NOW FACE TRAVEL BANS AND AN EXPANDING ISTANBUL PROSECUTOR'S INVESTIGATION.
> HEDEF HOLDING GOT PULLED INTO THE SAME CRISIS.
> THE GÖKALP FAMILY'S LISTED INVESTMENT HOLDING (HEDEF PORTFÖY, İNFO YATIRIM, HEDEF YATIRIM BANKASI) ISN'T OWNED BY TEZMEN OR TURHAN, BUT THE LINKS ARE THERE.
> PUSULA FUNDS HELD SHARES IN HEDEF HOLDING, AND HEDEF PORTFÖY WAS ONE OF THE SEVEN COMPANIES WHOSE FUNDS SPK FROZE 31 FUNDS, THE LARGEST NUMBER ON THE LIST.
> YESTERDAY, POLICE SEARCHED İNFO YATIRIM AND CHAIRMAN NAMIK KEMAL GÖKALP WAS TAKEN IN FOR QUESTIONING IN CONNECTION WITH THE SAME BROADER INVESTIGATION.
> HEDEF SHARES HAD ALREADY CRASHED THROUGH MULTIPLE LIMIT-DOWN SESSIONS.