{"id":2159769,"date":"2026-09-23T10:33:15","date_gmt":"2026-09-23T07:33:15","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=2159769"},"modified":"2026-09-23T10:33:15","modified_gmt":"2026-09-23T07:33:15","slug":"turkey-arrests-tera-chairman-as-ponzi-like-fund-probe-affects-450000-investors","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=2159769","title":{"rendered":"Turkey arrests Tera chairman as \u2018Ponzi-like\u2019 fund probe affects 450,000 investors"},"content":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/92\/44\/09\/1200x675_cmsv2_b7604464-c053-5e2c-9c40-6ff31a777f5c-9924409.jpg&#8221;]<\/p>\n<article id=\"abe-2927986-pos1-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2927986\" data-cid=\"9924617\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927986-label-pos1-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/46\/17\/189x106_cmsv2_a0864b7d-4484-547d-a208-7d8e0954a403-9924617.jpg\" loading=\"lazy\" alt=\"The Ring in Athens\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    The Ring<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Who can afford to live in Greece? The Ring in Athens\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2928112-pos2-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2928112\" data-cid=\"9925371\" data-part-label=\"Partner content\">\n<figure id=\"abe-2928112-label-pos2-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/53\/71\/189x106_cmsv2_fde5fe82-f1c7-5091-b65b-61329d786eca-9925371.jpg\" loading=\"lazy\" alt=\"Iran&apos;s President Masoud Pezeshkian holds an image of late Ayatollah Ali Khamenei during the 81st session of the General Assembly at UN headquarters, 23 September 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Iran<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Pezeshkian tells UN Iran will not be bullied but will negotiate\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2928065-pos3-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2928065\" data-cid=\"9924933\" data-part-label=\"Partner content\">\n<figure id=\"abe-2928065-label-pos3-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/49\/33\/189x106_cmsv2_e4f0548d-8a6d-57ec-aca9-e7f1d66dac3e-9924933.jpg\" loading=\"lazy\" alt=\"A Syrian woman holds an AK-47 during an anti-Bashar Assad protest after Friday prayers on Friday, June 8, 2012, near Idlib, Syria.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    No Comment<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Syria&#8217;s first women graduate from new police academy\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2927944-pos4-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2927944\" data-cid=\"9924343\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927944-label-pos4-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/43\/43\/189x106_cmsv2_4f976211-3f05-5c7b-b44a-b833059093ba-9924343.jpg\" loading=\"lazy\" alt=\"Commission Executive Vice-President for Prosperity and Industrial Strategy, St\u00e9phane S\u00e9journ\u00e9, during an interview with Euronews on 23 September, 2026.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    The Europe Conversation<\/p>\n<div class=\"the-media-object__title  \">\n<p>    China trade rebalancing &#8216;existential&#8217; for EU &#8211; Commissioner S\u00e9journ\u00e9\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2927986-pos1-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video\" data-nid=\"2927986\" data-cid=\"9924617\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927986-label-pos1-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/46\/17\/189x106_cmsv2_a0864b7d-4484-547d-a208-7d8e0954a403-9924617.jpg\" loading=\"lazy\" alt=\"The Ring in Athens\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    The Ring<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Who can afford to live in Greece? The Ring in Athens\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2928112-pos2-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2928112\" data-cid=\"9925371\" data-part-label=\"Partner content\">\n<figure id=\"abe-2928112-label-pos2-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/53\/71\/189x106_cmsv2_fde5fe82-f1c7-5091-b65b-61329d786eca-9925371.jpg\" loading=\"lazy\" alt=\"Iran&apos;s President Masoud Pezeshkian holds an image of late Ayatollah Ali Khamenei during the 81st session of the General Assembly at UN headquarters, 23 September 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Iran<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Pezeshkian tells UN Iran will not be bullied but will negotiate\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2928065-pos3-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video\" data-nid=\"2928065\" data-cid=\"9924933\" data-part-label=\"Partner content\">\n<figure id=\"abe-2928065-label-pos3-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/49\/33\/189x106_cmsv2_e4f0548d-8a6d-57ec-aca9-e7f1d66dac3e-9924933.jpg\" loading=\"lazy\" alt=\"A Syrian woman holds an AK-47 during an anti-Bashar Assad protest after Friday prayers on Friday, June 8, 2012, near Idlib, Syria.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    No Comment<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Syria&#8217;s first women graduate from new police academy\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2927944-pos4-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video\" data-nid=\"2927944\" data-cid=\"9924343\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927944-label-pos4-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/43\/43\/189x106_cmsv2_4f976211-3f05-5c7b-b44a-b833059093ba-9924343.jpg\" loading=\"lazy\" alt=\"Commission Executive Vice-President for Prosperity and Industrial Strategy, St\u00e9phane S\u00e9journ\u00e9, during an interview with Euronews on 23 September, 2026.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    The Europe Conversation<\/p>\n<div class=\"the-media-object__title  \">\n<p>    China trade rebalancing &#8216;existential&#8217; for EU &#8211; Commissioner S\u00e9journ\u00e9\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article class=\"helper-site-row o-article-newsy\">\n<div class=\"helper-site-container o-article-newsy__container\">\n<div class=\"o-article-newsy__main\">\n<header class=\"h-grid o-article-newsy__main__header\">\n<nav aria-label=\"Breadcrumbs\" class=\"c-article-breadcrumbs\">\n<div id=\"adb-article-breadcrumb\" class=\"c-article-breadcrumbs__list\">\n<p>                          Business<\/p>\n<p>                          Business<\/p><\/div>\n<\/nav>\n<h1 class=\"c-article-redesign-title\">\n                            Turkey arrests Tera chairman as \u2018Ponzi-like\u2019 fund probe affects 450,000 investors<\/h1>\n<div class=\"c-article-image-video u-position-relative \">\n<div class=\"js-superdiv u-aspect-ratio-16x9 u-position-relative \" data-controller=\"video-player\" data-sponsored=\"Partner content\"><img fetchpriority=\"high\" decoding=\"async\" class=\"js-poster-img c-article-media__img\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/44\/09\/1536x864_cmsv2_b7604464-c053-5e2c-9c40-6ff31a777f5c-9924409.jpg\" width=\"1536\" height=\"864\" loading=\"eager\" alt=\"Tera Yatirim Holding Chairman Emre Tezmen\"><\/div>\n<div class=\"c-article-caption u-position-absolute\"><i id=\"article-caption-content\" class=\"c-article-caption__content\"><span class=\"c-article-caption__text\"><br \/>\n              Tera Yatirim Holding Chairman Emre Tezmen<br \/>\n                    <span class=\"u-color-white\">&#8211;\u00a0<\/span><span class=\"c-article-caption__copyright\">Copyright\u00a0<\/span><span class=\"c-article-caption__credit\">X\/TezmenEmre<\/span><\/span><\/i><\/div>\n<div class=\"c-article-image-copyright c-article-image-copyright--novideo\">\n      Copyright\u00a0X\/TezmenEmre\n  <\/div>\n<\/div>\n<\/header>\n<div class=\"h-grid o-article-newsy__main__body u-article-content\">\n<div class=\"o-article-newsy__contributors-publication-date\">\n<div class=\"c-article-contributors\">\n  By&amp;nbspQuirino Mealha\n<\/div>\n<div class=\"c-article-publication-date\" data-timestamp=\"1790159595\">\n                    Published on                 <time datetime=\"2026-09-23 12:33:15 +02:00\">23\/09\/2026 &#8211; 12:33 GMT+2<\/time><span class=\"c-article-publication-date__bullet\">\u2022<\/span>Updated<br \/>\n                                     <time datetime=\"13:32\">13:32<\/time><\/div>\n<\/div>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center js-c-article-share-comment-share\"><span class=\"c-article-share-comment__label\">Share<\/span><\/span><span class=\"c-article-share-comment__label\">Comments<\/span><span class=\"c-article-share-comment__label c-article-share-comment__label--always\">Add Euronews on Google<\/span><\/div>\n<div class=\"c-article-share-comment-popup-overlay 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alt=\"threads\" loading=\"lazy\"><span>Threads<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"48\" height=\"48\" alt=\"threads\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"24\" height=\"24\" alt=\"whatsapp\" loading=\"lazy\"><span>Whatsapp<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"48\" height=\"48\" alt=\"whatsapp\" class=\"u-show-for-desktop\" loading=\"lazy\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"c-article-summary\">\n        Turkish authorities arrested the chairman of Tera Yatirim Menkul Degerler AS on Wednesday morning, the brokerage at the centre of the country&#8217;s current investment fund scandal, with funds worth more than $18 billion (\u20ac15.7bn) and held by over 450,000 people now being liquidated.<br \/>\n    <\/h2>\n<div class=\"c-article-content c-article-content--business js-article-content\">\n<p>The founder of Tera Yat\u0131r\u0131m, a Turkish brokerage whose fund-management subsidiary reported missed payments last week, will be held in custody pending trial.<\/p>\n<div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<p>The arrest of Emre Tezmen, along with four other people, comes as investors in 131 Turkish funds face a wait of up to six months while their holdings are sold, with no certainty yet about how much money they will get back.<\/p>\n<p>The crisis began when some funds, including those run by Tera Portf\u00f6y and Pusula Portf\u00f6y, struggled to pay people trying to withdraw their savings. They held large stakes in shares that were difficult to sell quickly as selling too many at once would drive down prices and reduce the money available to repay investors.<\/p>\n<p>The fund management branch of Tera Yat\u0131r\u0131m said on 16 September that it had failed to make some payments due to investors withdrawing from two of its funds while Pusula Portf\u00f6y also reported delays.<\/p>\n<p>Tezmen, first detained on 19 September, was formally arrested in the early hours of Wednesday alongside Tera board members Kerem Alkin and Emre Alkin, Tera Portf\u00f6y general manager Alper \u00d6zt\u00fcrk and Pusula Finans Holding chairman Serdar Turhan, Turkish broadcaster NTV reported.<\/p>\n<p>Kerem Alkin retired from the foreign ministry last year and served as Turkey&#8217;s ambassador to the OECD from 2021 to 2024, while his brother Emre is a well-known economist and television commentator.<\/p>\n<p>Turkish authorities have frozen assets linked to executives at several financial firms and restricted transactions by some of them, their spouses and close relatives, state news agency Anadolu reported.<\/p>\n<p>Prosecutors have also requested records of money and crypto transfers abroad since 2024 to establish whether assets were moved overseas.<\/p>\n<p>Brokerage Bulls Yat\u0131r\u0131m said on Wednesday that its chairman, Kemal Akkaya, had been released after giving testimony. It said Akkaya told prosecutors the firm had no involvement in fund structures described as \u201cPonzi\u201d or \u201cchain schemes\u201d.<\/p>\n<p>Last Friday, soon after the scandal broke out, Turkish Justice Minister Ak\u0131n G\u00fcrlek stated in a social media post that \u201cthose who exploit the sweat, labour, and savings of our citizens will be held accountable before the law!\u201d <\/p>\n<p>The minister also added that authorities were pursuing allegations involving \u201cPonzi-like\u201d methods. By then, four suspects had been remanded in custody and 51 people barred from leaving the country.<\/p>\n<h2>How the funds unravelled<\/h2>\n<p>The funds put most of their money into shares that were rarely traded. With relatively few shares available, even modest buying could push prices up.<\/p>\n<p>Those increased valuations flattered reported returns and drew in new savers whose cash went into the same or related stocks. Some fund managers also borrowed against the shares they held to buy more.<\/p>\n<p>However, when investors sought to withdraw their money, selling those holdings risked driving down prices significantly and quickly. As withdrawal requests grew, that became an immediate problem since the funds needed cash to pay investors, but selling their holdings fast risked pushing share prices down further.<\/p>\n<p>The warning signs predated last week\u2019s payment delays.<\/p>\n<p>In June, index provider MSCI cautioned about \u201cpossible coordinated trading\u201d involving fund holdings linked to smaller Turkish listed companies. It said this could be distorting prices. At the time, MSCI did not name Tera or any other company.<\/p>\n<p>Tera&#8217;s own share price rose more than 50,000% from its listing to its peak, but after Turkey\u2019s regulators tightened rules affecting investment funds in August, the downfall of the share price accelerated.<\/p>\n<p>MSCI has said it may consider further action concerning the treatment of Turkish securities in its indices if it sees insufficient progress by its November review.<\/p>\n<h2>Containing the damage<\/h2>\n<p>The Capital Markets Board has ordered the liquidation of 131 funds run by seven firms.<\/p>\n<p>On Wednesday, it said 455,758 distinct investors held stakes in them. \u0130\u015fbank and state-owned Ziraat Bank will oversee the liquidations as the regulator extended the period for selling themfrom three to six months on 21 September.<\/p>\n<p>&#8220;This regulation was made to enable the funds subject to liquidation to be sold under the most favourable conditions possible, taking into account their portfolio structures and market conditions,&#8221; the regulator stated.<\/p>\n<p>Investors are supposed to receive proceeds in proportion to their holdings as assets are sold, however, it remains unclear how much they will ultimately recover.<\/p>\n<p>Finance Minister Mehmet \u015eim\u015fek put the funds&#8217; value at $18.3 billion (\u20ac15.9bn) and added that he does not expect the crisis to spread across Turkey\u2019s financial markets.<\/p>\n<p>&#8220;We have placed the problematic area under quarantine,&#8221; the minister said in a television interview, noting that the affected funds make up just 10% of the sector.<\/p>\n<p>The Borsa Istanbul All Shares index has fallen 12% since the start of last week, with about 50 of its stocks losing 40% or more.<\/p>\n<\/div>\n<p>                                  Go to accessibility shortcuts<\/p>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center js-c-article-share-comment-share\"><span class=\"c-article-share-comment__label\">Share<\/span><\/span><span class=\"c-article-share-comment__label\">Comments<\/span><span class=\"c-article-share-comment__label c-article-share-comment__label--always\">Add Euronews on Google<\/span><\/div>\n<div id=\"adb-article-you-might-also-like\" class=\"perf-cv-auto c-article-you-might-also-like\">\n<h2 class=\"c-article-you-might-also-like__title\">\n        Read more<br \/>\n      <\/h2>\n<div class=\"c-article-you-might-also-like__container\">\n<article id=\"abe-2927725-pos0-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2927725\" data-cid=\"9923180\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927725-label-pos0-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/31\/80\/480x270_cmsv2_ff4d1bf5-db4d-56e1-b72f-80cc9c9aa1df-9923180.jpg\" loading=\"lazy\" alt=\"File - A worker prepares to fill up an aircraft with jet fuel at the airport in Duesseldorf, Germany, 27 April 2026.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Europe may avoid jet fuel shortage, but small airports remain at risk<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2927653-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2927653\" data-cid=\"9922741\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927653-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/27\/41\/480x270_cmsv2_6a1bffa0-8cf6-5a05-9146-351f90a05228-9922741.jpg\" loading=\"lazy\" alt=\"File - A view of the Central Oil Tank Farm near Nelahozeves, Czech Republic, Tuesday, 14 Jan. 2025. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Czechia caps fuel margins and cuts diesel tax as prices soar<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2927504-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2927504\" data-cid=\"9922016\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927504-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/20\/16\/480x270_cmsv2_bbfa478a-9be3-51e4-bd5a-ecf2c611edb1-9922016.jpg\" loading=\"lazy\" alt=\"A customer reaches for a pump at a gas station in Berlin on Friday, June 13, 2025.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Fuel taxes in Europe: Which country taxes petrol the most?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto\">\n<ul id=\"adb-article-tags\" class=\"c-tags-list\">\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Arrest<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Turkiye (Turkey)<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Fraud<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Financial scandal<br \/>\n<\/section>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"tp-vuukle\">\n<div class=\"c-vuukle-skeleton\" aria-hidden=\"true\">\n<div class=\"c-vuukle-skeleton__header\"><span class=\"c-vuukle-skeleton__title\">Comments<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<aside class=\"o-article-newsy__aside\">\n<div class=\"c-ad-wrapper o-article-newsy__aside__content-1\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<div id=\"adb-article-top-stories\" class=\"perf-cv-auto c-top-stories\">\n<h2 class=\"c-top-stories__title\">Top stories<\/h2>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2927952-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video the-media-object--no-label\" data-nid=\"2927952\" data-cid=\"9924364\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927952-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/43\/64\/320x180_cmsv2_b7781494-c130-5338-ba61-ece8089656e0-9924364.jpg\" loading=\"lazy\" alt=\"File - A protester carries a mock fuel pump during a May Day march in France on 1 May 2026, criticising fuel prices and oil companies. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Higher fuel bills are costing the EU \u20ac270 million a day, report says<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2927727-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2927727\" data-cid=\"9923183\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927727-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/31\/83\/320x180_cmsv2_419eeca3-30bd-544e-b131-65279962abef-9923183.jpg\" loading=\"lazy\" alt=\"A customer fuels his vehicle at an Essence gas station in Paris, 5 April 2026. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Surging prices, voters\u2019 anger: France\u2019s fuel crisis hits the campaign<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2928046-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2928046\" data-cid=\"9924875\" data-part-label=\"Partner content\">\n<figure id=\"abe-2928046-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/48\/75\/320x180_cmsv2_c03ca012-4da2-52a9-bb60-25789e00296b-9924875.jpg\" loading=\"lazy\" alt=\"FILE. Shipping containers are seen ready for transport at the Guangzhou Port in the Nansha district in southern China&apos;s Guangdong province, 17 April 2025\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    OECD lifts 2026 global growth forecast to 2.9% despite Iran war<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2927725-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2927725\" data-cid=\"9923180\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927725-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/31\/80\/320x180_cmsv2_ff4d1bf5-db4d-56e1-b72f-80cc9c9aa1df-9923180.jpg\" loading=\"lazy\" alt=\"File - A worker prepares to fill up an aircraft with jet fuel at the airport in Duesseldorf, Germany, 27 April 2026.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Europe may avoid jet fuel shortage, but small airports remain at risk<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2926811-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2926811\" data-cid=\"9918912\" data-part-label=\"Partner content\">\n<figure id=\"abe-2926811-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/91\/89\/12\/320x180_cmsv2_77c5bb94-4cc1-537a-a9fc-6a0e28b7cb95-9918912.jpg\" loading=\"lazy\" alt=\"House and apartment prices in leading Polish cities have spiraled upward since the nation&apos;s 2004 entry into the European Union. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Why young Europeans are struggling to get on the property ladder<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto c-ad-wrapper o-article-newsy__aside__content-2\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto c-most-viewed\">\n<h2 class=\"c-most-viewed__title qa-section-title\">Most read<\/h2>\n<div class=\"c-most-viewed__list\">\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">1<\/span><\/p>\n<article id=\"abe-2927504-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-video the-media-object--has-related the-media-object--no-label\" data-nid=\"2927504\" data-cid=\"9922016\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Fuel taxes in Europe: Which country taxes petrol the most?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-most-viewed__item\"><span 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alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<\/article>\n<article id=\"abe-2927725-pos0-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2927725\" data-cid=\"9923180\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927725-label-pos0-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/31\/80\/480x270_cmsv2_ff4d1bf5-db4d-56e1-b72f-80cc9c9aa1df-9923180.jpg\" loading=\"lazy\" alt=\"File - A worker prepares to fill up an aircraft with jet fuel at the airport in Duesseldorf, Germany, 27 April 2026.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Europe may avoid jet fuel shortage, but small airports remain at risk<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2927653-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2927653\" data-cid=\"9922741\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927653-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/27\/41\/480x270_cmsv2_6a1bffa0-8cf6-5a05-9146-351f90a05228-9922741.jpg\" loading=\"lazy\" alt=\"File - A view of the Central Oil Tank Farm near Nelahozeves, Czech Republic, Tuesday, 14 Jan. 2025. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Czechia caps fuel margins and cuts diesel tax as prices soar<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2927504-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2927504\" data-cid=\"9922016\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927504-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/20\/16\/480x270_cmsv2_bbfa478a-9be3-51e4-bd5a-ecf2c611edb1-9922016.jpg\" loading=\"lazy\" alt=\"A customer reaches for a pump at a gas station in Berlin on Friday, June 13, 2025.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Fuel taxes in Europe: Which country taxes petrol the most?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2927952-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video the-media-object--no-label\" data-nid=\"2927952\" data-cid=\"9924364\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927952-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/43\/64\/320x180_cmsv2_b7781494-c130-5338-ba61-ece8089656e0-9924364.jpg\" loading=\"lazy\" alt=\"File - A protester carries a mock fuel pump during a May Day march in France on 1 May 2026, criticising fuel prices and oil companies. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Higher fuel bills are costing the EU \u20ac270 million a day, report says<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2927727-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2927727\" data-cid=\"9923183\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927727-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/31\/83\/320x180_cmsv2_419eeca3-30bd-544e-b131-65279962abef-9923183.jpg\" loading=\"lazy\" alt=\"A customer fuels his vehicle at an Essence gas station in Paris, 5 April 2026. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Surging prices, voters\u2019 anger: France\u2019s fuel crisis hits the campaign<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2928046-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2928046\" data-cid=\"9924875\" data-part-label=\"Partner content\">\n<figure id=\"abe-2928046-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/48\/75\/320x180_cmsv2_c03ca012-4da2-52a9-bb60-25789e00296b-9924875.jpg\" loading=\"lazy\" alt=\"FILE. Shipping containers are seen ready for transport at the Guangzhou Port in the Nansha district in southern China&apos;s Guangdong province, 17 April 2025\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    OECD lifts 2026 global growth forecast to 2.9% despite Iran war<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2927725-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2927725\" data-cid=\"9923180\" data-part-label=\"Partner content\">\n<figure id=\"abe-2927725-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/92\/31\/80\/320x180_cmsv2_ff4d1bf5-db4d-56e1-b72f-80cc9c9aa1df-9923180.jpg\" loading=\"lazy\" alt=\"File - A worker prepares to fill up an aircraft with jet fuel at the airport in Duesseldorf, Germany, 27 April 2026.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Europe may avoid jet fuel shortage, but small airports remain at risk<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2926811-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2926811\" data-cid=\"9918912\" data-part-label=\"Partner content\">\n<figure id=\"abe-2926811-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/91\/89\/12\/320x180_cmsv2_77c5bb94-4cc1-537a-a9fc-6a0e28b7cb95-9918912.jpg\" loading=\"lazy\" alt=\"House and apartment prices in leading Polish cities have spiraled upward since the nation&apos;s 2004 entry into the European Union. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Why young Europeans are struggling to get on the property ladder<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2927504-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-video the-media-object--has-related the-media-object--no-label\" data-nid=\"2927504\" data-cid=\"9922016\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Fuel taxes in Europe: Which country taxes petrol the most?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2926811-pos2-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2926811\" data-cid=\"9918912\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Why young Europeans are struggling to get on the property ladder<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2927351-pos3-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2927351\" data-cid=\"9921030\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Qatar rules out Hormuz bypass, launches new investments platform<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2927669-pos4-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2927669\" data-cid=\"9923096\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    One-bedroom flat rent in Portugal costs more than minimum wage<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2927469-pos5-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-video the-media-object--has-related the-media-object--no-label\" data-nid=\"2927469\" data-cid=\"9921758\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    &#8216;Made in Europe&#8217; battery rules could add \u20ac2,100 to electric car prices<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<div class=\"articleBody\" data-key=\"articleBody\">The founder of Tera Yat\u0131r\u0131m, a Turkish brokerage whose fund-management subsidiary reported missed payments last week, will be held in custody pending trial.The arrest of Emre Tezmen, along with four other people, comes as investors in 131 Turkish funds face a wait of up to six months while their holdings are sold, with no certainty yet about how much money they will get back.The crisis began when some funds, including those run by Tera Portf\u00f6y and Pusula Portf\u00f6y, struggled to pay people trying to withdraw their savings. They held large stakes in shares that were difficult to sell quickly as selling too many at once would drive down prices and reduce the money available to repay investors.The fund management branch of Tera Yat\u0131r\u0131m said on 16 September that it had failed to make some payments due to investors withdrawing from two of its funds while Pusula Portf\u00f6y also reported delays.Tezmen, first detained on 19 September, was formally arrested in the early hours of Wednesday alongside Tera board members Kerem Alkin and Emre Alkin, Tera Portf\u00f6y general manager Alper \u00d6zt\u00fcrk and Pusula Finans Holding chairman Serdar Turhan, Turkish broadcaster NTV reported.Kerem Alkin retired from the foreign ministry last year and served as Turkey&#8217;s ambassador to the OECD from 2021 to 2024, while his brother Emre is a well-known economist and television commentator.Turkish authorities have frozen assets linked to executives at several financial firms and restricted transactions by some of them, their spouses and close relatives, state news agency Anadolu reported.Prosecutors have also requested records of money and crypto transfers abroad since 2024 to establish whether assets were moved overseas.Brokerage Bulls Yat\u0131r\u0131m said on Wednesday that its chairman, Kemal Akkaya, had been released after giving testimony. It said Akkaya told prosecutors the firm had no involvement in fund structures described as \u201cPonzi\u201d or \u201cchain schemes\u201d.Last Friday, soon after the scandal broke out, Turkish Justice Minister Ak\u0131n G\u00fcrlek stated in a social media post that \u201cthose who exploit the sweat, labour, and savings of our citizens will be held accountable before the law!\u201dThe minister also added that authorities were pursuing allegations involving \u201cPonzi-like\u201d methods. By then, four suspects had been remanded in custody and 51 people barred from leaving the country.How the funds unravelledThe funds put most of their money into shares that were rarely traded. With relatively few shares available, even modest buying could push prices up.Those increased valuations flattered reported returns and drew in new savers whose cash went into the same or related stocks. Some fund managers also borrowed against the shares they held to buy more.However, when investors sought to withdraw their money, selling those holdings risked driving down prices significantly and quickly. As withdrawal requests grew, that became an immediate problem since the funds needed cash to pay investors, but selling their holdings fast risked pushing share prices down further.The warning signs predated last week\u2019s payment delays.In June, index provider MSCI cautioned about \u201cpossible coordinated trading\u201d involving fund holdings linked to smaller Turkish listed companies. It said this could be distorting prices. At the time, MSCI did not name Tera or any other company.Tera&#8217;s own share price rose more than 50,000% from its listing to its peak, but after Turkey\u2019s regulators tightened rules affecting investment funds in August, the downfall of the share price accelerated.MSCI has said it may consider further action concerning the treatment of Turkish securities in its indices if it sees insufficient progress by its November review.Containing the damageThe Capital Markets Board has ordered the liquidation of 131 funds run by seven firms.On Wednesday, it said 455,758 distinct investors held stakes in them. \u0130\u015fbank and state-owned Ziraat Bank will oversee the liquidations as the regulator extended the period for selling them from three to six months on 21 September.&#8221;This regulation was made to enable the funds subject to liquidation to be sold under the most favourable conditions possible, taking into account their portfolio structures and market conditions,&#8221; the regulator stated.Investors are supposed to receive proceeds in proportion to their holdings as assets are sold, however, it remains unclear how much they will ultimately recover.Finance Minister Mehmet \u015eim\u015fek put the funds&#8217; value at $18.3 billion (\u20ac15.9bn) and added that he does not expect the crisis to spread across Turkey\u2019s financial markets.&#8221;We have placed the problematic area under quarantine,&#8221; the minister said in a television interview, noting that the affected funds make up just 10% of the sector.The Borsa Istanbul All Shares index has fallen 12% since the start of last week, with about 50 of its stocks losing 40% or more.<\/div>\n<p>[analyse_source url=&#8221;https:\/\/www.euronews.com\/2026\/09\/23\/turkey-arrests-tera-chairman-as-ponzi-like-fund-probe-affects-450000-investors&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/92\/44\/09\/1200x675_cmsv2_b7604464-c053-5e2c-9c40-6ff31a777f5c-9924409.jpg&#8221;] The Ring Who can afford to live in Greece? 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