Astor Enerji shareholders Feridun and Enver Geçgel have assets unfrozen

The Istanbul Chief Public Prosecutor’s Office has lifted asset freezes and freezing orders against Feridun Geçgel and Enver Geçgel, the chairman and principal shareholders of electrical equipment manufacturer Astor Enerji. The decision was disclosed by the company via the Public Disclosure Platform (KAP) on October 23, 2026.

The restrictions were originally imposed in September 2026 as part of a large-scale investigation into the collapse of a group of investment funds. This investigation followed the Capital Markets Board’s order to liquidate 131 funds after they failed to meet redemption requests, affecting approximately 455,758 individual investors and assets totaling roughly ₺1 trillion ($20 billion).

While Astor Enerji’s disclosure did not explicitly link the lifting of the freezes to specific payments, reports indicate the brothers may have contributed a combined ₺5 billion (approximately $100 million) to a voluntary repayment account at the Savings Deposit Insurance Fund (TMSF). This account was established for individuals involved in the investigation regarding excessive gains from the liquidated funds.