Turkey jails four fund executives in market manipulation probe after volatility

Turkish authorities jailed four ​people pending trial ​and imposed travel ‌bans and ​asset restrictions on 51 others on Friday in investigations into alleged market manipulation, ‌a day after authorities rolled out measures to support markets after recent volatility. The investigation followed a criminal complaint by ‌the Capital Markets Board (SPK) over alleged manipulative transactions in some ‌investment funds and shares, Justice Minister Akin Gurlek said.

Turkish authorities did not name the people affected. The four jailed suspects included a ⁠fund ​board chairman ⁠and board members, Gurlek said, adding that the court ordered restrictions on accounts ⁠and assets to prevent them from being transferred.

The announcement came ​a day after authorities moved to shore up financial ⁠stability after a small number of funds struggled to meet client withdrawals ⁠amid ​a stock market selloff. The capital markets board ordered liquidation of several investment funds worth around $18.3 billion ⁠managed by seven portfolio management companies.

Authorities also launched proceedings against people ⁠accused of ⁠using social media to manipulate capital markets, with 16 suspects jailed pending trial, the minister ‌said.