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TMSF takes control of five Turkish financial firms amid investigation
The Banking Regulation and Supervision Agency (BDDK) has transferred the management of five financial institutions to the Savings Deposit Insurance Fund (TMSF). The affected entities include three investment banks—Tera Yatırım Bankası, Destek Yatırım Bankası, and Hedef Yatırım Bankası—as well as two factoring companies, Destek Finans Faktoring and Tera Finans Faktoring.
This action follows a major investigation by the Istanbul Chief Public Prosecutor's Office into allegations of terrorism financing, money laundering, and market manipulation. The investigation has led to 56 detainees and the imposition of asset freezes and travel bans on various individuals and legal entities.
In a related move, the Capital Markets Board (SPK) has ordered the liquidation and suspension of trading for 131 investment funds linked to several companies, including Tera, Pusula, Hedef, Atlas, A1 Capital, Pardus, and Bulls Portföy Yönetimi. This measure directly impacts approximately 455,000 individual investors.
Additionally, the BDDK has mandated that certain shareholders, including Altunç Kumova and the Tezmen brothers, have six months to transfer their stakes in the factoring companies to qualified individuals or entities.
Entities
Banking Regulation and Supervision Agency · Destek Yatırım Bankası · Hedef Yatırım Bankası · Savings Deposit Insurance Fund · Tera Yatırım Bankası
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] Emre and Oğuz Tezmen have 6 months to transfer their respective 53.01% and 37% stakes in Tera Finans Faktoring A.Ş. www.gazetearena.com · www.tgrthaber.com
- [● 3 SOURCES] The five companies transferred to TMSF are Tera Yatırım Bankası, Destek Yatırım Bankası, Hedef Yatırım Bankası, Destek Finans Faktoring, and Tera Finans Faktoring. www.gazetearena.com · www.gazetebirlik.com · www.tgrthaber.com
- [○ 1 SOURCE] The number of detainees in the investigation has reached 56. www.gazetebirlik.com
- [○ 1 SOURCE] An investigation is being conducted regarding the financing of terrorism and money laundering crimes. www.gazetebirlik.com
- [○ 1 SOURCE] A total of 131 investment funds belonging to companies including Tera, Pusula, Hedef, Atlas, A1 Capital, Pardus, and Bulls Portföy Yönetimi have been closed to trading and ordered for liquidation. www.gazetebirlik.com
- [● 3 SOURCES] The management of five companies has been transferred to the Savings Deposit Insurance Fund (TMSF). www.gazetearena.com · www.gazetebirlik.com · www.tgrthaber.com
- [● 2 SOURCES] Altunç Kumova has 6 months to transfer a 73.81% stake in Destek Finans Faktoring A.Ş. www.gazetearena.com · www.tgrthaber.com