A Turkish court has officially ruled arrest five of eight people Detained for the weekend for Alleged fraud in Transactions of Banking Services shares on Istanbul Stock Exchange marketSweetened media I mentioned late on Tuesday.
Banking Services shares on The Istanbul Stock Exchange (BIST) experienced a sharp decline in Recent weeks, after rising more More than 150% between start of The year and mid-September. The decline Largely due to margin calls on forward positions.
According to the attorney general office investigation, a total of 10 people made large volume transactions in Banking stocks and futures, giving the impression of high demand And artificially raising prices, Anadolu Agency (AA) reported.
Three suspects arrested over the weekend were released. with one to stay under house arrest The other two were prevented from leaving the country.
Apart from the eight people The other two suspects who were being held over the weekend were abroad.
The investigation showed that the suspects made a profit of 2.5 billion Turkish liras ($135 million), before losing 1 billion Turkish liras when it was steep. decline in Prices started in mid-September.
The Capital Markets Board (SPK) said a criminal A complaint has been filed against 10 people over Transactions of the Istanbul Stock Exchange for Futures and Options (VIOP), with The same people A construction company banned from trading for Two years.
sudden reversal in Turkish stocks market Bank stock saw drop 39% in Three-week long defeat began on September 13, according to Bloomberg News, threatens some brokerages financial More. It was estimated that this path wiped out about $14 billion in market the value.
Analysts said Ankara may do so move To reduce futures contracts on shares of small or medium-sized companies with a little trading size prone to price processing.
Investors in Futures contracts must meet margin calls by showing cash and shares or other securities equal to the margin call to keep them trading positions. Otherwise, brokerages meet them by selling shares.
