Alarm in Turkey: Arrests of Market Executives After Massive Capital Outflows - iefimerida.gr
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10 Articles
Turkish authorities have announced the arrest of several high-ranking financial sector executives. Other individuals have been banned from leaving the country as part of an investigation into massive capital outflows from specific investment funds over the week. The authorities’ interventions helped the Istanbul Stock Exchange recover on Thursday, paring much of the losses it had recorded the previous day. Investment firm executives in the spot…
130 funds with 350,000 investors exposed are being liquidated, while authorities investigate massive capital movements - Istanbul Stock Exchange recovers after sell-off
The immediate mobilization of the Turkish authorities contributed to the recovery of the Istanbul Stock Exchange, limiting a significant part of the losses.
Turkish authorities have suspended trading in funds managed by seven asset managers. The assets in 130 funds have been ordered to be liquidated, according to the Financial Times. The reason for the Turkish authorities' intervention is that a small number of funds had problems handling client sell-offs in connection with stock market turmoil earlier this week, writes the news agency Reuters. […]
Following the turmoil in the financial markets, a decision was made to liquidate 130 funds in seven portfolio management companies, while the question remains how and at what value approximately 800 billion TL worth of assets will be converted into cash...
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