SPK imposes two-year trading ban and files criminal complaints against Pusula Portföy managers

The Capital Markets Board (CMB) has decided to impose a two-year trading ban on Pusula Portföy and numerous fund managers as part of investigations into transactions carried out in Katılımevim and Gündoğdu Gıda shares.

According to the decision published in the CMB's weekly bulletin, a two-year trading ban was imposed on Pusula Portföy and several fund managers, including Pusula Portföy Chairman of the Board Muhammed Yarız, due to transactions in Katılımevim shares.

The Board also applied the same duration of trading bans to numerous Pusula Portföy fund managers for transactions in Gündoğdu Gıda shares. Furthermore, the CMB decided to file criminal complaints with the public prosecutor's office against certain Pusula Portföy fund managers regarding the transactions in Katılımevim and Gündoğdu Gıda shares.

SANCTION ALSO FOR TERA PORTFÖY MANAGER

The CMB's sanction decisions were not limited to Pusula Portföy. The Board also decided to file a criminal complaint with the public prosecutor's office against Tera Portföy fund manager İbrahim Bekçi due to transactions in Destek Finans Faktoring shares and to impose a two-year trading ban on Bekçi.

The decisions came following the sharp sell-off wave experienced on Borsa İstanbul on September 16. While the BIST 100 index closed the day down 5.54 percent at 13,122.58 points, a circuit breaker was also triggered as losses deepened during the day.

It is assessed that liquidity problems in the fund market and investor outflows were effective in the selling pressure in the market. It had been noted that the liquidity crunch experienced in investment funds, particularly following developments originating from Pusula Portföy, had increased the selling pressure.