Türkiye’s Treasury and Finance Minister Mehmet Şimşek has granted permission for prosecutors to investigate İbrahim Ömer Gönül, the former chairman of the Capital Markets Board (SPK), as part of the probe into the country’s investment fund scandal, Anadolu Agency reported on Oct. 14.
Separately, brokerage Tera Yatırım Menkul Değerler said in a filing the same day that the SPK had removed three of its pending applications from processing, including plans to raise tens of billions of liras.
Investigation permission
Under Turkish law, prosecutors generally need permission from the relevant authority before investigating public officials over actions related to their duties. The Istanbul Chief Public Prosecutor’s Office had requested such permission for Gönül.
Şimşek on Oct. 2 ordered the ministry’s Inspection Board to carry out an urgent preliminary review, and the decision to allow an investigation followed its report.
The fund investigation has already led to the arrest of 85 suspects, according to the report, including Tera Yatırım Holding chairman Emre Tezmen and senior executives of other financial firms. On Sept. 17, prosecutors asked the financial crimes unit MASAK for data on cash flows, including money and crypto transfers abroad since 2024, involving executives of Pusula Finans Holding, Tera Yatırım, Hedef Holding, Bulls Yatırım and their subsidiaries.
None of the allegations has been tested in court.
Tera’s funding plans shelved
In its disclosure, Tera Yatırım said the SPK had acted under Article 96 of the Capital Markets Law, taking into account "current conditions and uncertainties."
The three applications covered a debt issuance of up to 19 billion liras filed in September 2025; a capital increase planned for March 2026, reserved for shareholder Tezmen, targeting sales proceeds of 50 billion liras; and a bonus share issue that would have raised issued capital from 700 million liras to 28.7 billion liras, funded from 2025 net profit.
Background to the fund turmoil
The SPK on Sept. 17 decided to liquidate certain funds of seven portfolio management companies, including Tera Portföy. Türkiye İş Bankası was appointed to wind up six funds run by Tera Portföy.
The episode has rattled Turkish retail investors, many of whom had turned to mutual funds as an alternative to bank deposits and foreign currency. On Oct. 14, a parliamentary committee approved, with amendments, a bill on the liquidated funds that would allow advance payments to investors.
Central bank Governor Fatih Karahan said the same day that proactive measures had limited the risk of spillovers from the affected funds to the wider financial system.
For foreign investors, the case is being watched as a test of market oversight in Türkiye, where the SPK regulates listed companies, brokerages and asset managers.
Sources
- Bakan Şimşek, eski SPK Başkanı İbrahim Ömer Gönül hakkında soruşturma izni verdi (Bigpara/Hürriyet)
- Tera Yatırım’ın sermaye artırımı ve borçlanma aracı ihracı başvuruları işlemden kaldırıldı (NTV)
- Ekonomi ve siyaset gündemi – 14 Ekim 2026 (Bloomberg HT)
Photo: Jelican9 / CC BY-SA 4.0, via Wikimedia Commons
