Eigen RadarEconomics
Archive
Analysis

Turkey’s markets regulator orders criminal complaints against 37 people

Turkey’s Capital Markets Board decided to file criminal complaints against 37 people after investigations into trading in Vişne Madencilik and Işıklar Enerji shares. Its weekly bulletin also imposed two-year trading bans covering 42 people and companies. Licence cancellations apply to 21 people during the bans, with separate limits for specified investment firms.

Economics & Markets··Evening
A public-building courtyard seen through a stone colonnade, with a closed entrance gate and Turkish flag.

Complaints concern trading in two companies

Turkey’s Capital Markets Board, the national securities regulator, decided to file criminal complaints against 37 people following investigations into trading in two companies’ shares. The decisions appeared in its weekly bulletin dated October 16. They concern Vişne Madencilik and Işıklar Enerji ve Yapı Holding, with separate groups of people identified in each investigation. Vişne Madencilik shares trade under VSNMD, and Işıklar Enerji ve Yapı Holding shares under IEYHO.[1], [2]

The Vişne Madencilik investigation ended with complaints against 22 people. In trading involving Işıklar Enerji ve Yapı Holding shares, the board ordered complaints against 15 people. The decisions invoke Article 107/1 of Capital Markets Law No. 6362, concerning market manipulation. The regulator attributed the conduct identified in the investigations to the people covered by its decisions. The decisions provide for complaints to be filed with public prosecutors in the two share-trading cases.[2]

Two-year trading bans cover 42 people and companies

The board imposed two-year bans on trading in exchanges and other organised markets, covering 42 people and companies in total. The Vişne Madencilik restrictions cover 22 individuals alongside Tera Yatırım Menkul Değerler, Tera Portföy Yönetimi, MAG Tarımsal Ürünler Pazarlama ve Ticaret and Dilim Bilişim Teknolojileri Perakende Ticaret. The Işıklar Enerji decision covers 15 people and Alnus Yatırım Menkul Değerler. For Tera Yatırım, Tera Portföy and Alnus Yatırım, restrictions are confined to trades in the relevant shares on their own behalf and account.[1]

Licences are cancelled for the ban period

All capital-market licences held by 21 people were cancelled for the duration of their trading bans. A total of 12 were in the Vişne Madencilik investigation and 9 in the Işıklar Enerji investigation. These licence decisions concern the people specified in the two cases, alongside the criminal complaints and the restrictions on transactions set out in the bulletin.[1], [2]

The board also specified the payment condition for people seeking to benefit from effective-remorse provisions. The amount is twice the benefit obtained or secured for others, subject to a minimum of 500,000 lira. The SPK requires payment to be made to the relevant Treasury and Finance Ministry account within 15 days of the board’s decision.[2]

References

  1. News sourceDünya GazetesiTurkey’s markets regulator orders criminal complaints against 37 people↩1↩2↩3
  2. News sourceNefesTurkey’s markets regulator orders criminal complaints against 37 people↩1↩2↩3↩4
Chip wars and the supply chainCentral banks and the rate cycleEnergy transition and climate

More analysis from this desk

View all Brief analyses from the Economics & Markets desk →