Testimonies in Tera investigation revealed: Tezmen claims he was unaware of fund purchases

Details regarding the testimonies of Tera Group Chairman of the Board Emre Tezmen and former Tera Portfolio General Manager Alper Öztürk have emerged in the fund investigation conducted by the Istanbul Chief Public Prosecutor's Office, which concerns the grievances of citizens.

It was stated that within the scope of the investigation, the prosecutor's office questioned whether the money collected in the funds was directed to company shares under Tera's control, whether cash was received from company owners in exchange for inflating share prices, and the multi-billion lira money movements mentioned in MASAK reports.

Emre Tezmen denied the accusations in his testimony. Stating that he made the strategic investment decisions in the Tera Group, which consists of approximately 40 companies, Tezmen argued that Tera Portfolio Management had a separate structure and that he was not involved in the decision-making processes regarding which shares the funds bought or sold.

PROSECUTOR'S QUESTIONS

One of the topics the prosecutor's office addressed to Tezmen was the rapid increase in the market value of Tera Yatırım. According to the interrogation record, he was asked about the company's market value rising from approximately 1.4 billion lira to 280 billion lira within a year. Tezmen explained this increase with the company's growth, investments, and investor confidence.

It was reported that Tezmen said regarding the rise, "This is not an inflated rise. Even this price is still cheap." The prosecutor's office also asked Tezmen about the value increases in TRHOL, TEHOL, and PEKER shares. The testimony record included information that the total market value of the four companies owned by Tezmen rose from approximately 9 billion lira to 620 billion lira.

Another focus of the investigation was the investment of Tera funds into group companies. The prosecutor's office asked whether the money collected in the funds was used to buy company shares and inflate their prices. Tezmen denied this allegation, arguing that it is not legally prohibited for group company shares to be purchased by the funds and that the price increases did not provide him with any benefit.

The prosecutor's office also asked whether cash was received from company owners in exchange for using PYŞ funds to purchase shares of certain companies and inflate their prices. Tezmen categorically denied the allegation that such a relationship or negotiation existed.

The grievances of citizens were also brought up in the file. Regarding the prosecutor's question about responsibility for thousands of people who could not collect their money due to Tera PYŞ defaulting, it was stated that Tezmen argued he was saddened by what happened but that neither Tera nor its managers were at fault. Tezmen also claimed that withdrawal requests amounting to approximately 300 billion lira were received in a single day.

MASAK REPORT AND MONEY TRAFFIC

Money movements mentioned in the MASAK report were also asked to Tezmen during the testimony process. Stating that 1 billion 159 million 772 thousand lira was sent to Özen Kuzu in a single transaction on August 28, 2026, the prosecutor's office asked for the reason for the transfer, what was received in return, and the transaction documents.

It was reported that Tezmen said he thought this transaction was related to the acquisition of Prive Sigorta, but that he did not remember the details. The prosecutor's office also brought up the 2.8 billion lira sent to Tera Yatırım Bankası and the multi-billion lira transfers received from Tera Yatırım Holding and Tera Yatırım Menkul Değerler. Tezmen stated that he thought these transactions were related to the bank's capital increase.

STATEMENTS OF THE FORMER GENERAL MANAGER

The testimonies of former Tera PYŞ General Manager Alper Öztürk were one of the notable topics in the investigation. It was reported that Öztürk said the transaction regarding the fund purchase of Vişne Madencilik shares was carried out by the portfolio manager, but that it was not possible for such a decision to be taken alone.

It was stated that Öztürk described this decision as "a decision made by the senior managers of the controlling shareholder" and "a reflection of the will of the controlling shareholder." It was noted that he made similar assessments for Destek Faktoring.

Öztürk's testimony also included the statement, "My portfolio management was just a formality on paper." It was reported that he said he was uncomfortable with the transactions in Vişne shares, warned the employees, and that the process was subject to an SPK (Capital Markets Board) investigation. According to Öztürk, an administrative fine was imposed as a result of the investigation.

Stating that he decided to resign from all his portfolio management duties after the SPK requested a defense from Tera PYŞ, it was noted that Öztürk resigned from his position as General Manager of Tera PYŞ and as a member of the Board of Directors on January 12, 2026; however, he continued to work as a consultant at Tera Portfolio on the date his testimony was taken.

At the center of the investigation are the questions of whose instructions or guidance the fund money was actually used under, whether resources were transferred to group companies, and the economic justifications for the multi-billion lira money traffic. While Tezmen argues that he was unaware of the fund transactions, Öztürk's statements linking some purchases to the will of the controlling shareholder are considered a prominent contradiction in the file.

News Source: 12punto