Merrill Lynch details in fund investigation: Exited from 5 stocks, earned 8 billion TL
In the investigation conducted by the Istanbul Chief Public Prosecutor's Office regarding the fund crisis, it was claimed that Merrill Lynch International made a net profit of 8 billion TL by closing its positions in some stocks shortly before the operations.
Quick Look
In the fund investigation carried out by the Istanbul Chief Public Prosecutor's Office, it was claimed that US-based Merrill Lynch International made a net profit of approximately 8 billion TL by closing its positions in five stocks recently from its fund operations.
AI-generated summary
Why It Matters
Istanbul Chief Public Prosecutor's Office is conducting a comprehensive investigation into the fund crisis affecting hundreds of thousands of investors in Türkiye.
A new allegation came to the fore in the investigation conducted by the Istanbul Chief Public Prosecutor's Office regarding the fund crisis that affected hundreds of thousands of investors in Turkey.
It was determined that the US-based Merrill Lynch International (MLI), operating under Bank of America, exited the market by closing its position worth billions of lira in some shares in Borsa Istanbul, shortly before the operations against the funds.
It was claimed that the institution earned a net profit of approximately 8 billion TL as a result of these transactions.
CLAIMED TO EXIT FIVE SHARES BEFORE THE OPERATION
Within the scope of the investigation, it was stated that Merrill Lynch International carried out intensive buying and selling transactions in Destek Faktoring, Özata Denizcilik, Katılımevim, Odine and Peker GYO shares.
It was claimed that Merrill Lynch International, which operates under the supervision of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) in England, completely closed its positions in these five stocks before judicial operations against the funds.
It was stated that as a result of these transactions, a net profit of approximately 8 billion TL was achieved.
THE TIMING OF THE 8 BILLION TL GAIN IS BEING EXAMINED
It was reported that the Chief Public Prosecutor's Office examined the relationship between the dates of fund operations and the timing of Merrill Lynch International's exit from the shares in question.
It was noted that the transactions resulting in the gain, which was stated to be approximately 8 billion TL, and the background of the transaction timing were investigated within the scope of the investigation.
It was stated that high-volume share and fund transactions carried out through Merrill Lynch are monitored with the code "BoFA" in market data screens and brokerage exchange distributions.
MANY ARRESTS DURING FUND INVESTIGATION
In the fund investigation carried out by the Istanbul Chief Public Prosecutor's Office, Tera Yatırım Holding Chairman Emre Tezmen, Board Member Emre Alkin, Independent Board Member Kerem Alkin, Tera Portföy General Manager Alper Öztürk, Pusula Holding Chairman Serdar Turhan and Pusula Portföy Yönetimi A.Ş. Many people, including Chairman of the Board of Directors Muhammed Yarız, were arrested.
While Namık Kemal Gökalp, Altunç Kumova and İbrahim Bekçi were also arrested within the scope of the investigation, the detained Enver Çevik and Kemal Akkaya were released after their statements to the prosecutor's office.
It was also decided to arrest Doğa Sigorta Chairman Nihat Kırmızı and Tera Yatırım Board members Bülent Uygun and Abdulkadir Özkan.
During the continuation of the investigation, an arrest warrant was issued for 49 suspects, including Tera Investment Chief Executive (CEO) Emir Münir Sarpyener and Tera Portföy Chairman of the Board Erdin Özel.
Among those arrested were Tera Holding Deputy Chairman and CEO, former Deputy Chairman of the Central Bank of the Republic of Turkey Erkan Kilimci and Tera Portföy Board Member Haldun Saffet İnal.
What to Watch
AI outlook — possibilities, not facts
Taking new statements within the scope of the investigation and deepening the investigations
Very likely · Within weeks
Open Questions
- With what transactions was the 8 billion TL gain achieved?
- Is transaction timing a coincidence or an information leak?
