Turkey's SPK orders liquidation of 131 funds amid major probe

investment fund liquidation capital markets investigation SPK Tera Portföy financial fraud investigation

The Capital Markets Board (SPK) has initiated the liquidation of 131 investment funds belonging to seven portfolio management companies: Tera Portföy, Pusula Portföy, Hedef Portföy, Atlas Portföy, A1 Portföy, Pardus Portföy, and Bulls Portföy. The process affects over 500,000 investors and involves approximately 900 billion liras in assets. To manage the liquidation, Türkiye İş Bankası has been authorized for Tera Portföy funds, while Ziraat Bankası will manage the funds of the other six companies.

Due to market conditions and portfolio structures, the SPK has extended the maximum liquidation period from three months to six months. Assets will be converted to cash gradually to maintain market stability. Tera Portföy reported that a sudden surge in redemption requests, totaling approximately 300 billion TL, caused operational challenges, and some payments were halted due to transaction restrictions placed on accounts at Takasbank.

Simultaneously, the Istanbul Chief Public Prosecutor's Office is conducting a broad investigation into capital markets activities. This has led to the detention of numerous suspects, including Tera Yatırım board members Bülent Uygun and Abdulkadir Özkan. Authorities have also frozen the assets of managers and officials linked to nine companies, including Pusula Finans Holding and Hedef Holding, to prevent the transfer of assets. The investigation is also examining the financial activities of the immediate relatives of those involved.

Entities

Bülent Uygun · Capital Markets Board of Turkey · Istanbul Chief Public Prosecutor's Office · Istanbul Cumhuriyet Başsavcılığı · Pusula Finans Holding · Sermaye Piyasası Kurulu · Takasbank · Tera Portföy · Tera Portföy Yönetimi A. Ş. · Türkiye İş Bankası · Ziraat Bankası

Claims

What the coverage asserts, and how many sources carry each claim.

[● 8 SOURCES] Payments to investors were halted on September 18 due to transaction restrictions and blocks placed on the company's Takasbank account. www.borsagundem.com.tr · www.cnbce.com · www.ekoturk.com · www.bursahakimiyet.com.tr · www.f5haber.com
[● 5 SOURCES] The prosecutor's office requested MASAK to examine the financial data and international transfers of executives from Pusula Finans Holding and related companies. www.sondakika.com · www.sonhavadis.com
[● 8 SOURCES] Redemption payments for four specific funds (TRJ, FSU, TMM, and TRU) were completed between September 16 and 18, 2026. www.borsagundem.com.tr · www.cnbce.com · www.ekoturk.com · www.bursahakimiyet.com.tr · www.f5haber.com
[● 2 SOURCES] A MASAK report identified a transfer of approximately 2.889 billion TL from Pusula Portföy Chairman Muhammed Yarız to an account at Edmond de Rothschild Bank in Switzerland. www.internethaber.com · www.sondakika.com
[● 8 SOURCES] Tera Portföy experienced approximately 300 billion TL in total fund redemption requests over a short period. www.borsagundem.com.tr · www.cnbce.com · www.ekoturk.com · www.bursahakimiyet.com.tr · www.f5haber.com
[● 5 SOURCES] Tera Yatırım Board Members Bülent Uygun and Abdulkadir Özkan have been taken into custody as part of a fund market investigation. www.son.tv · www.karar.com · www.sondakika.com
[● 10 SOURCES] Türkiye İş Bankası A. Ş. has been authorized to manage the liquidation process for the affected funds. www.borsagundem.com.tr · www.bursahakimiyet.com.tr · www.f5haber.com · www.sonhavadis.com · www.ekoturk.com · +4 more
[● 7 SOURCES] Türkiye İş Bankası has been authorized to manage the liquidation of Tera Portföy funds. www.kentgazetesi.com · www.gercekgundem.com · haber.doviz.com · beyazgazete.com · www.haber3.com · +1 more
[● 2 SOURCES] Tera Yatırım board members Bülent Uygun and Abdulkadir Özkan have been detained as part of a capital markets investigation. www.son.tv
[● 5 SOURCES] The 7 affected portfolio companies are Tera, Pusula, Hedef, Atlas, A1, Pardus, and Bulls Portföy. www.takvim.com.tr · beyazgazete.com · www.haber3.com · onedio.com
[● 5 SOURCES] The liquidation process involves approximately 900 billion liras in assets and affects over 500,000 investors. www.kentgazetesi.com · www.takvim.com.tr · finans.mynet.com · onedio.com · www.haberaktuel.com
[DISPUTED] The SPK extended the liquidation period for certain investment funds from 3 months to 6 months. www.takvim.com.tr · www.gazetebirlik.com · www.gercekgundem.com · www.haber3.com · www.tgrthaber.com · +4 more