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Turkey imposes freeze on investment officials
Turkish authorities have frozen the assets of several executive officials involved in investment companies, including "Tera Yatirim," "Bousola," "Hadaf," and "Bulls Portfolio," as part of a fund recovery crisis that led to the liquidation of 131 funds across seven companies. Twenty-five individuals, including company leaders, have been detained. These measures threaten to undermine investor confidence amid a significant decline in the Turkish financial market, with the Istanbul Stock Exchange's main index dropping by 1% and the all-share index decreasing by 2.2%. Shares of 100 companies have fallen, and the Sovereign Wealth Fund has intervened by purchasing shares of the top 30 companies to stabilize the market, after about $11 billion in market value was lost over the past few months. Additionally, the fund liquidation period has been extended to six months.
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