Turkey detains another 14 people in probe into Katilimevim share trading

Turkish authorities detained 14 more people ​on Tuesday in an ​investigation into transactions involving shares ‌of Katilimevim, ​a listed Turkish savings financing company, Justice Minister Akin Gurlek said. Turkey's Capital Markets Board last week ‌filed criminal complaints against 38 people over alleged manipulation of shares in Katilimevim and two other listed companies, and imposed two-year trading bans on them.

The detentions are ‌part of a widening crackdown on suspected share price manipulation at ‌the centre of a liquidity crisis that has shaken Turkey's investment fund industry, prompting regulators to freeze scores of funds and order their liquidation. "With the operation carried out today, legal ⁠proceedings have been ​launched against 60 ⁠suspects until now; 4 suspects have been arrested; legal processes for 44 detained suspects ⁠are continuing; efforts continue to capture 12 suspects," Gurlek said on X.

He said all legal ​and financial measures were being taken to "uncover proceeds from crime, prevent ⁠the concealment of assets, and protect the rights of our victimised citizens". On Monday, authorities ⁠detained ​15 people as part of the Katilimevim investigation, while freezing assets linked to executives at several other investment firms.

The liquidity crisis has led ⁠to the detention of top executives of several portfolio management firms and drawn scrutiny ⁠of concentrated bets ⁠in thinly traded stocks. Finance Minister Mehmet Simsek said on Friday that the problems were contained and will not ‌pose a ‌systemic risk.