Türkiye’s Capital Markets Board (SPK), the regulator of the country’s stock market, brokerages and investment funds, has cancelled all activity permits and the authorisation certificate of brokerage Tera Yatırım Menkul Değerler AŞ and decided that the firm will be wound down gradually.
The decision was published in the board’s weekly bulletin No. 2026/77 on Tuesday evening and was taken under the Capital Markets Law No. 6362, business channel CNBC-e reported. According to the bulletin, as reported by CNBC-e, 12punto and NTV, the board also decided that the brokerage’s investors will be compensated. None of the reports gave amounts, a timetable or an application procedure for the compensation.
Trading bans and criminal complaints
In the same bulletin the board imposed a two-year ban on trading on Borsa İstanbul and other organised markets on 51 individuals and four companies: Aura Portföy Yönetimi AŞ, Tera Yatırım Menkul Değerler AŞ, Tera Portföy Yönetimi AŞ and MAG Tarımsal Ürünler Pazarlama ve Ticaret AŞ, 12punto and NTV reported. It also filed criminal complaints against 50 individuals, cancelled the licences of 31 individuals and moved to block access to five websites offering unauthorised capital market services.
Yeni Şafak reported that the bulletin found irregular and manipulative trading in the shares of Pasifik Eurasia Lojistik (PASEU), Selçuk Ecza Deposu (SELEC) and Manas Enerji (MANAS), and that those referred to prosecutors were barred from trading for two years. Under the law’s effective repentance provisions, they can benefit from reduced liability if they pay the Treasury, within 15 days, twice the gain they obtained or caused, with a minimum of 500,000 lira, according to the newspaper.
Yeni Şafak added that the board had started legal proceedings to block the "Global Alnus Yatırım" websites and the "Matrix5" mobile app, which it said operate without the required permits. In a separate decision, the board approved brokerage Piramit Menkul Kıymetler AŞ’s request to raise its capital from 300 million to 500 million lira.
Part of the wider fund crisis
Tera’s fund management arm, Tera Portföy, is one of the asset managers whose funds are being liquidated under Türkiye’s new fund law. Vice President Cevdet Yılmaz said on Tuesday that interim payments of up to 1 million lira to investors in funds under extraordinary liquidation will start on Friday through İş Bankası and Ziraat Bankası, NTV reported, with İş Bankası handling Tera Portföy funds. Earlier coverage: Şimşek on refunds and 1 million lira interim payouts and 40.8 billion lira already paid to investors.
Sources
- SPK’dan Tera Yatırım kararı: Tüm faaliyet izinleri iptal edildi, tasfiye süreci başlıyor (CNBC-e)
- SPK’dan Tera Yatırım kararı: Tedrici tasfiye süreci başladı (Yeni Şafak)
- SPK’dan Tera Yatırım kararı: Faaliyet izinleri iptal edildi, tedrici tasfiye süreci başlatıldı (12punto)
- SPK, Tera Yatırımın tüm faaliyet izinlerini ve yetki belgesini iptal etti (NTV)
Photo: Thomas Steiner / CC BY-SA 2.5, via Wikimedia Commons
