Chief Public Prosecutor's Office launches Borsa Istanbul investigation

The Istanbul Chief Public Prosecutor's Office has announced that it has launched an investigation into individuals who produced and disseminated misleading news regarding the recent extraordinary price movements at Borsa Istanbul (BIST).

In a statement from the Chief Public Prosecutor's Office, it was stated that an investigation was opened following the unusual price and volume movements at Borsa Istanbul in recent days, and the misleading news and allegations that caused these movements. The statement emphasized that the price fluctuations in question occurred due to intentionally spread misleading information.

The Chief Public Prosecutor's Office stated that the investigation, initiated ex officio in accordance with Article 160 of the Criminal Procedure Code No. 5271, is continuing in conjunction with the examination and reporting processes to be conducted by the Capital Markets Board (SPK).

It was noted that the investigation, conducted to protect the safe, transparent, and efficient trading environment at Borsa Istanbul, aims to prevent such misleading news intended to influence commercial operations.

WHAT HAPPENED?

On February 21, the BIST 100 index closed the day at 9,602.16 points, losing 2.09 percent of its value. The banking index lost 1.74 percent, and the holding index lost 1.18 percent. Following this development, the Capital Markets Board (SPK) announced that an investigation had been launched into the extraordinary price movements in the BIST equity market. The written statement issued by the SPK included the following expressions:

"Our Board has launched an investigation into the extraordinary price movements in the BIST equity market. The transactions of all institutions have been placed under review by our Board and Borsa Istanbul A.Ş.

In the event that actions and transactions that would disrupt the functioning of the capital market in confidence, transparency, and stability are detected, criminal and/or administrative sanctions will be applied by our Board against those responsible within the framework of the provisions of the Capital Markets Law.

Furthermore, our Board has immediately initiated the necessary legal proceedings/investigations regarding those who produce intentional and misleading news that causes unusual price and volume movements, as well as those who disseminate such news."

News Source: 12punto