Bloomberg wrote that Gildencrest Capital Ltd., a British brokerage firm with connections to Tera Yatırım Menkul Değerler at the center of the fund investigation in Türkiye, had a record year in 2025.
According to the news, based on financial records in England, Gildencrest's revenue reached 12.5 million pounds last year, reaching its highest level since the company was founded in 2011. The company announced a record profit of 2.8 million pounds in the same period.
One of the most important points that Bloomberg drew attention to was the source of growth. Gildencrest's revenue from stock transactions increased 283 percent in just one year.
THE FORMER NAME OF THE COMPANY IS TERA EUROPE
According to Bloomberg's claim, he was previously Tera Europe Ltd. Among the partners of London-based Gildencrest, which operates under the name of Tera, are Tera Chairman and founder Emre Tezmen and his father Oğuz Tezmen.
Bloomberg reported that Turkish authorities this week arrested Emre Tezmen, two Tera board members and some executives as part of a comprehensive investigation into allegations of irregularities in the asset management sector.
Regulatory authorities in Türkiye have taken action to liquidate billions of dollars of funds managed by companies including Tera.
In the news, it was reported that Minister of Justice Akın Gürlek described the structures in question as "Ponzi-like systems" that caused citizens to lose their savings.
"WE HAVE NO COMMERCIAL RELATIONSHIPS" CLAIM
In his statement to Bloomberg, Gildencrest distanced himself from the investigation in Türkiye.
“Gildencrest has no commercial relationships with any of the funds affected by the investigation in Türkiye,” the company spokesperson said.
Stating that the company is managed independently by its own board of directors and management team, the spokesperson said that all operational and commercial decisions are made by this staff.
Gildencrest also reported that Emre Tezmen does not have an executive position in the company and does not take part in the management of the company.
A Tera spokesperson did not comment on Bloomberg's questions about its relationship with Gildencrest.
TEZMEN REJECTED THE ACCUSES
Bloomberg also reported that Emre Tezmen rejected the allegations of irregularities against him.
Tezmen, in his statement from his
NOTICEABLE LINKS
According to Bloomberg, the connections between Gildencrest and Tera are not limited to Emre Tezmen's partnership.
Former Goldman Sachs trader David A. George serves as Gildencrest's CEO. In company records, George and Gildencrest executive Burak Akbulut, along with Emre Tezmen and Oğuz Tezmen, are listed among those with 'significant control' over the company.
According to Bloomberg's claim, it was stated that Akbulut and another Gildencrest manager, Fatma Nurcan Taşdelenler, also held senior positions in companies within Tera in the past, according to their LinkedIn profiles.
According to company records, Gildencrest owed 15.1 million TL to Tera at the end of 2024.
Bloomberg also reported that Taşdelenler's board membership at Gildencrest ended on Tuesday. Taşdelenler did not respond to Bloomberg's request for comment.
INCREASE EXCEEDING 500 PERCENT
The change in the company's business model also attracted attention in Gildencrest's growth.
According to the 2025 accounts reviewed by Bloomberg and approved in April, the company moved away from foreign exchange transactions, which it had focused on in the past, and turned to stock transactions.
Following this change, revenue from stock transactions increased by 283 percent, and this activity became the majority of the company's total business.
The transaction volume of the Gildencrest capital markets unit, which also includes stocks, increased by more than 500 percent in one year, reaching 4.8 billion pounds.
RISK OF 'GEOGRAPHICAL CONCENTRATION'
Bloomberg also reported that the fees the company receives from its customers are mainly in Turkish lira and dollars.
In Gildencrest's official records, it is stated that the concentration of customers in certain geographies is a 'source of risk' for the company.
A spokesperson for the Financial Conduct Authority (FCA), which regulates Gildencrest in the UK, did not comment on Bloomberg's questions on the subject.
66 THOUSAND PERCENT RETURN
Bloomberg also gave extensive coverage to the extent of Tera's rise in Türkiye in its news.
It was stated that Tera, which operates in the fields of investment banking and asset management, has been talked about for a long time in Istanbul financial circles with its returns that seem extraordinary under normal market conditions.
According to Bloomberg, Tera's flagship investment fund returned more than 66,000 percent in just three years.
The news stated that this performance was supported by a strategy based on directing billions of lira to a narrow group of interconnected companies and expanding positions through borrowing.
The picture put forward by Bloomberg does not establish a direct connection between the fund investigation in Türkiye and Gildencrest. However, it is noteworthy that the London-based company, where Tera has partnership and management connections, reached record levels in revenue, profit, share transaction income and transaction volume just before the fund crisis in Türkiye.
