In its new bulletin, the Capital Markets Board (CMB) announced its new decision regarding the liquidation process of the funds founded by Hedef Portföy Yönetimi AŞ, within the scope of the investigation into investment funds.
The Board decided to exclude Hedef Portföy funds, which were decided to be liquidated on September 17, from the scope of the decision numbered 64/1775 dated September 30 and to begin liquidation procedures.
Thus, Hedef Portföy was removed from the interim payment decision and taken into the ordinary liquidation process.
The decision in question envisaged an interim payment of up to 1 million lira to investors in Tera, Pusula, Atlas and Hedef Portföy funds, to be offset from the amount they would be entitled to as a result of the final liquidation.
NEW PRINCIPLES WILL BE APPLIED IN LIQUIDATION
According to the new decision of the CMB, the liquidation of Hedef Portföy funds will be carried out according to the principles previously determined for A1 Capital Portföy, Bulls Portföy and Pardus Portföy funds.
Within the scope of this regulation, the liquidation process will first start with money market funds. The funds will be liquidated in order from the highest number of investors to the lowest.
Funds that are not within the scope of liquidation but whose trading transactions have been suspended will be able to be reopened under certain conditions.
NEW SANCTION DECISIONS
CMB also announced new sanction decisions regarding the transactions carried out in the share markets of Vişne Madencilik Üretim Sanayi ve Ticaret AŞ (VSNMD) and Işıklar Enerji ve Yapı Holding AŞ (IEYHO).
Within the scope of the first paragraph of Article 107 of the Capital Markets Law No. 6362 regarding market fraud, the Board decided to file a criminal complaint against 22 people for transactions in Vişne Madencilik shares and 15 people for transactions in Işıklar Enerji and Yapı Holding shares.
NEW BAN ON TERA INVESTMENT AND TERA PORTFOLIO
CMB decided to impose a two-year transaction ban on individuals and companies, including Tera Yatırım Menkul Değerler AŞ, Tera Portföy Yönetimi AŞ and 22 people, due to transactions in Vişne Madencilik shares.
Within the scope of the decision, names including Emre Tezmen, Emir Münir Sarpyener, Kerem Alkin, Alper Öztürk, Kadir Boy, İbrahim Bekçi and Ayşegül Kaya were included.
The transaction ban also covered MAG Tarımsal Ürünleri Pazarlama ve Ticaret AŞ and Dilim Bilişim Teknolojileri Dağıtım Ticaret AŞ.
For companies, the ban was limited to transactions to be carried out in their own names and accounts. The sanction will be valid for two years on VSNMD shares, as well as on the stock exchange and other organized markets.
CRIMINAL COMPLAINT AGAINST 15 PEOPLE IN IŞIKLAR HOLDING SHARES
CMB decided to file a criminal complaint against 15 people due to the transactions carried out in the share market of Işıklar Enerji and Yapı Holding.
Among these names are Nusret Altınbaş, Mücahit Acaralp, Çetin Genç, Seyit Tahir Özek, Osman Saraç, Serdar Altınbaş and Hakan Avdan.
In addition to the 15 people in question, the Board also imposed a two-year transaction ban on IEYHO shares and stock exchange transactions on Alnus Yatırım Menkul Değerler AŞ.
It was decided that the current ban periods of Nusret Altınbaş, Mücahit Acaralp and Çetin Genç, who were previously banned for six months, will be deducted from the new two-year period.
LICENSES OF 21 PEOPLE WERE CANCELLED
CMB also canceled all capital market licenses of 21 people, against whom it was decided to file a criminal complaint due to the transactions carried out in the share markets of the two companies, during the transaction ban.
12 of these people took part in the investigations regarding the shares of Vişne Madencilik and 9 of them took part in the investigations regarding the shares of Işıklar Enerji and Yapı Holding.
The Board also reminded that in order to benefit from the provisions of effective remorse, those against whom a criminal complaint decision has been made must deposit twice the benefit they have obtained or caused to be obtained, not less than 500 thousand liras, to the relevant account of the Ministry of Treasury and Finance within 15 days from the date of the decision.
IT WAS ALSO ON THE AGENDA IN THE FUND INVESTIGATION
Vişne Madencilik shares have been on the agenda before due to the transactions of funds managed by Tera Portföy.
The shares of the company, which went public in February 2025, rose sharply in the following months and then experienced significant losses in value.
In October 2025, CMB imposed an administrative fine of approximately 8.9 million lira separately on the then Tera Portföy managers Alper Öztürk and Ayşegül Kaya due to the transactions in Vişne Madencilik shares.
Within the scope of the deepening fund crisis in September 2026, many investment funds managed by companies, including Tera Portföy, were put into liquidation process, and a large-scale judicial investigation was initiated due to transactions in the capital market.
In another bulletin published on September 28, CMB decided to file a criminal complaint against 37 people due to transactions in Tera Financial Investments Holding (TRHOL) shares.
With the last bulletin, transactions in Vişne Madencilik and Işıklar Enerji and Yapı Holding shares became the subject of new criminal complaints, transaction bans and license cancellations.
