New allegations in the fund investigation: Dismissal of CMB members and Katılımevim regulation

New allegations were made in the fund investigation, which started in September with the liquidation of 131 funds and affected hundreds of thousands of investors.

Hürriyet writer Abdulkadir Selvi, in his article discussing the investigation, asked a series of questions about TERA's public offering process, changes in duties at the Capital Markets Board (CMB), the legal regulation made for Katılımevim and the transfer of Pusula Investment.

Selvi's most striking claim was the dismissal of two CMB members who expressed their opinions against TERA's public offering, shortly before the company was listed on the stock exchange.

WERE THE TWO CMB MEMBERS WHO OPPOSED TERA DISMISSED?

Selvi claimed that the CMB members of the period, Mutalip Ünal and Ali Akay, opposed TERA's opening to the public.

Selvi used the following expressions in his article:

CMB members Mutalip Ünal and Ali Akay express the opinion that the structure of the fund is weak and is not suitable for opening to the stock market. They don't sign. What happens? Mutalip Ünal and Ali Akay will be dismissed on October 30, 2022. So when will Tera be listed on the stock market? It will be opened to the stock market 2 months later, that is, in December 2022.

In the CMB's official board decision dated October 6, 2022, it is seen that Mutalip Ünal serves as Deputy Chairman and Ali Akay serves as a board member.

If Selvi's claim is true, the timing between the dismissal of the two members and TERA's public offering stands out as one of the topics that the investigation should clarify.

130 WARNING CLAIMS FROM BORSA ISTANBUL

Selvi also brought up another allegation against the CMB in the fund investigation.

Stating that it was claimed that the Istanbul Stock Exchange warned the relevant units 130 times in 2025, Selvi questioned why no transactions were made despite these warnings.

Selvi: "What did the CMB do in the face of these warnings? Who were the managers who ignored the warnings?" he asked.

Selvi also referred to the former CMB Chairman's "favor" statement and said, "It is understood that it is not the favor of the people, but of some powerful names." he said.

HAS THE LAW CHANGED FOR MY PARTICIPATION HOUSE?

Another topic that Selvi brought to the agenda was the legal regulation regarding Katılımevim.

Pointing out the limitation on the use of certain expressions in Law No. 7292 dated March 4, 2021, Selvi wrote that the phrase "My Participation House" was excluded from the scope with the later amendment.

According to the records of the Turkish Grand National Assembly, Law No. 7394 was accepted on April 8, 2022 and came into force by being published in the Official Gazette on April 15, 2022.

Selvi stated that following the change, Katılımevim received an operating permit from the BRSA in 2022 and asked the following questions:

"In this case, it is time to ask the right question again. Who was the power behind Katılımevim? Which power made a one-sentence change in the Parliament and paved the way for 'Participationevim'. Again, as announced on the official website, 'participationevim' received permission to establish a Participation Bank in 2024-25."

'IMPORTANT PERSON' CLAIM IN THE TAKEOVER OF PUSULA YATIRIM

Selvi also pointed out that Pusula Yatırım was transferred to TERA shortly before the fund investigation became public.

According to the claim in the article, Emre Tezmen, the owner of TERA, said in his statement that he bought Pusula on the recommendation of "an important person".

Selvi stated that the identity of the person in question should be revealed and pointed out that the investigation should not be limited to fund transactions only and the relationship network between companies should also be examined.

These allegations, which were recently brought to the agenda in the fund investigation, brought to the agenda again the debate that the process extending from the changes in duties at the CMB to the legislative regulations made in the Parliament and company transfers should be examined in a broader framework.