Turkey Probe Brings 37 Complaints and Two-Year Trading Bans

Turkey’s Capital Markets Board, or SPK, decided to file criminal complaints against 37 people over trades in Vişne Madencilik (VSNMD) and Işıklar Enerji ve Yapı Holding (IEYHO). The regulator also imposed two-year trading bans on 42 people and companies, according to its Oct. 16 bulletin.

The complaints concern 22 people linked to VSNMD trades and 15 linked to IEYHO trades. The trading bans also cover four companies in the VSNMD case and Alnus Yatırım in the IEYHO case.

Separately, a broader Istanbul investigation into suspected market manipulation has put 31 companies’ shares under review. Digital examinations and correspondence sent to SPK indicated that some stocks may have been driven up as much as 100-fold through artificial trades, according to Ekonomim.

The report said suspected traders allegedly used funds to buy targeted shares, raising their prices and the funds’ unit values. Ekonomim also reported that nine people deposited 2 billion 1 million 170 thousand lira into a voluntary return account at Birleşik Fon Bankası, under the Savings Deposit Insurance Fund, citing Sabah.

Authorities have taken judicial action against 302 suspects in the broader probe: 86 were jailed, 163 placed under judicial control and arrest warrants issued for 35 fugitives. SPK said people facing complaints must pay at least 500 thousand lira, or twice the benefit they obtained or caused, to qualify for effective remorse provisions.