Details of the testimonies given by Kerem Alkin and Emre Alkin to the prosecutor's office in the fund investigation into the Tera Group have been reflected in the file. In the investigation numbered 2026/149004, conducted by the Istanbul Chief Public Prosecutor's Office's Bureau of Investigation into Terrorism Financing and Money Laundering Crimes, the two brothers were asked questions regarding their duties in the group companies, stock and fund transactions, the rise in market value, and the resignation processes.
One of the prominent topics in the file was the fact that the two brothers left their positions one day apart. Emre Alkin stated that he began his role as an independent board member at Tera Portföy Yönetim AŞ in July 2026 and resigned on September 17, 2026. Kerem Alkin, on the other hand, stated that he left his position as an independent board member at Tera Yatırım Menkul Değerler AŞ, which he began in May 2025, on September 18, 2026.
The prosecutor's office also asked whether the resignations were linked to the fund crisis. Kerem Alkin argued that the resignations and the subsequent developments were "independent of each other." Emre Alkin also stated that during his approximately two-month tenure, only one introductory meeting was held, no board meetings were conducted afterward, and his name was not on the company's signature circular.
VALUATION INCREASE AND RISK REPORT QUESTIONED
One of the striking parts of the investigation concerned the market value of Tera Yatırım. The prosecutor's office asked both brothers the reason for the company's market value reaching 280 billion lira from approximately 1.4 billion lira within a year. Emre Alkin stated that a perception might have been formed that the subsidiaries would also gain value depending on the growth of Tera Holding, but that he had no direct knowledge of stock market transactions.
Kerem Alkin said that the issue of who invested in or sold the stocks and funds could be revealed more clearly with Capital Markets Board (SPK) reports. Stating that the supply-demand relationship might have been effective in the rise in market value, Alkin argued that he did not participate in stock trading processes during his tenure and that the transactions were carried out by the company's relevant teams.
In Kerem Alkin's testimony, the risk reports he prepared during his tenure also came to the agenda. Alkin said he prepared one risk report in November 2025 and two in 2026. According to the file, the report for the second half of 2026 consisted of 54 pages. His defense counsel stated that the reports included warnings regarding securities, liquidity ratios, and sudden exit risks, and contained assessments that the company could face problems if there were a mass outflow of money from the funds.
Kerem Alkin's statement regarding capital markets was also recorded in the minutes. Alkin said that he and his immediate family did not invest in the stock market, capital markets, or funds, and used the phrase, "I do not have sufficient knowledge about the capital market." His defense counsel argued that Alkin was an independent board member and therefore did not have an office, business card, or corporate email address at the company.
The prosecutor's office also asked who made the investment decisions within Tera Holding. Kerem Alkin stated that the chairman of the board, the board member responsible for executive affairs, the general manager, and the deputy general managers played a role in the decision-making processes. Emre Alkin also stated that he had no knowledge of stock decisions and that negotiations regarding the company's buying and selling were conducted by Emre Tezmen.
The planned cooperation between the Tera Group and Doğa Sigorta was also included in Emre Alkin's testimony. Alkin said that the cooperation, which had not yet begun, was terminated upon learning that the regulatory authority had not granted approval.
The Alkin brothers' defense counsel argued that there were no money transfers, SPK reports, or Financial Crimes Investigation Board (MASAK) reports shown to them regarding their clients. The defense also claimed that the brothers did not transfer assets before or after their duties and that there was no extraordinary enrichment in their assets.
Within the scope of the investigation, the topics of which transactions caused the sharp rise in market value, when and to whom the warnings in the risk reports were conveyed, what steps the management took in response to these warnings, and how the consecutive resignations will be evaluated in terms of the file stand out.
News Source: 12punto
