Tera and Adil Varlık face scrutiny over alleged circular bond transactions

YENİ Party Istanbul Deputy Gökan Zeybek has called for a detailed investigation into the financial transactions between Adil Varlık and the Tera group. Zeybek alleges a circular flow of funds involving a 134 million TL bond issuance.

According to the allegations, Adil Varlık issued the bond to borrow from the market, with Tera Yatırım organizing the issuance. Following the sale on October 20, 2025, Zeybek noted that by October 23, 2025, the entirety of the bond appeared in the portfolio of an investment fund managed by Tera Portföy. Zeybek claims this structure allows investor funds from the managed fund to be funneled back to Adil Varlık.

Zeybek further highlighted discrepancies in Adil Varlık’s financial records, noting that while a report claimed a capital increase from 50 million to 500 million TL was made from internal resources, the cash flow statement cited cash entry from a partner. He has called on the Capital Markets Board (SPK) and Borsa Istanbul to clarify these transactions to protect small investors.