Story perspectives

Capital Markets Board Orders Liquidation of 131 Funds

By Drooid · Oct 2, 2026, 4:34 PM UTC · How we work

Summary

Story summary

Fatma Betül Sayan Kaya and husband Ilyas Kaya had assets frozen by prosecutors during the fund investigation.
Turkey’s Capital Markets Board ordered liquidation of 131 funds on Sept 17, affecting 455,758 investors and $18 billion in assets.
Police arrested Tera Holding chair Emre Tezmen and five senior executives on Sept 23, expanding the market-manipulation probe.
Police arrested executives from Destek Holding and Özata Denizcilik on Sept 28, while the Board lifted freezes on 46 companies.

History

Historical Context

On 19 February 2001 Prime Minister Bülent Ecevit warned of a “serious crisis” as the lira collapsed, interest rates spiked to about 3,000 % and the central bank lost $5 billion in reserves, prompting an IMF rescue package. Today’s arrests of Emre Tezmen, Ilyas Kaya and Tera Holding executives echo the 2001 market-manipulation investigations in Turkey's financial sector.

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Story summary

Fatma Betül Sayan Kaya and husband Ilyas Kaya had assets frozen by prosecutors during the fund investigation.
Turkey’s Capital Markets Board ordered liquidation of 131 funds on Sept 17, affecting 455,758 investors and $18 billion in assets.
Police arrested Tera Holding chair Emre Tezmen and five senior executives on Sept 23, expanding the market-manipulation probe.
Police arrested executives from Destek Holding and Özata Denizcilik on Sept 28, while the Board lifted freezes on 46 companies.

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