A detention does not cancel the cash conversion
The justice ministry detained five people on Saturday: Pusula Holding chairman Serdar Turhan, Tera Yatirim Holding chairman Emre Tezmen and three fund administrators. Four other suspects were already under arrest. Those named by the Capital Markets Board were barred from travel with assets frozen. That is the criminal file after funds missed redemptions. It does not turn the tape green; 131 funds remain in liquidation.[1]
The 18.3 billion dollars still runs through TEFAS
The board handed 131 funds from seven firms, including Tera Portfoy, Pusula Portfoy and Hedef Portfoy, to Isbank and Ziraat. Mehmet Simsek said on Friday that liquidating 18.3 billion dollars of funds would not pressure Borsa Istanbul because the rule changes should stop contagion. The thesis sits there: seizure plus a state-bank mandate splits the cash conversion from the index. The alternative sits on the same figure: selling 18.3 billion dollars of assets can still search for a price even if it never hits the equity book. A detention does not close that bridge.[1]
The contagion claim is tested in volume
Authorities stepped in this week after a liquidity crunch triggered a sharp selloff in the benchmark, which then recovered some of its losses. That is the timing of the intervention. Simsek's line that there would be no pressure remains a claim until TEFAS publishes a cash-distribution calendar. When the forced seller is a state bank the flow becomes visible; the claim that it stays invisible is tested in volume.[1]