CMB launches investigation into 'Minister Şimşek resigned' posts
The Capital Markets Board (CMB) has launched an investigation into social media accounts that shared claims that Treasury and Finance Minister Mehmet Şimşek had resigned.
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Following posts on social media claiming that Treasury and Finance Minister Mehmet Şimşek had resigned, the CMB issued a statement.
Stating that an investigation has been launched into the accounts in question, the statement said, “Transactions in the Borsa Istanbul equity market are monitored instantaneously by our Board.
The audit mechanism against market-disrupting actions by real and legal persons is constantly operating. On the last trading day of the week, necessary investigations have been launched into social media accounts that misled stock market investors and caused them to suffer losses through baseless resignation news regarding our Treasury and Finance Minister, Mr. Mehmet Şimşek, on social media channels,” it said.
3 TO 5 YEARS IMPRISONMENT
Stating that the posts made constitute information-based market manipulation, the statement said, “In Article 107 of the Capital Markets Law No. 6362, titled 'Market Manipulation', transaction-based market manipulation and information-based market manipulation crimes are regulated.
In accordance with the aforementioned regulations, it is stipulated that 'those who buy or sell, place orders, cancel orders, change orders, or perform account movements in order to create a false or misleading impression regarding the prices, price changes, supply and demand of capital market instruments' and 'those who provide false, incorrect or misleading information, spread rumors, give news, make comments or prepare reports in order to influence the prices, values of capital market instruments or the decisions of investors, or spread these and thereby provide benefits, shall be punished with imprisonment from 3 to 5 years and a judicial fine of up to five thousand days.'
As mentioned above, the necessary legal proceedings/investigations have been immediately initiated by our Board regarding those who make these intentional and misleading news that cause unusual price and volume movements, and those who spread this news,” the statement included.