Turkish authorities have arrested Emre Tezmen, chairman of investment company Terra Yatirim Menkul Degerler, and others as part of an investigation into the collapse of a stock fund that wiped out large amounts of investor money. According to NTV, Tezmen, board members Kerem Alkin and Emre Alkin, and another company executive were arrested in the early hours of the 23rd, with Tezmen having been in custody since the 19th. Kerem Alkin had just retired from the Turkish Foreign Ministry last year and served as Turkey's permanent representative to the Organisation for Economic Co-operation and Development from 2021 to 2024, while his brother Emre was a prominent economist who regularly appeared on national television. According to NTV, Serdar Turhan, chairman of Pusula Finans Holding, another epicenter of the turmoil alongside Terra, was also arrested as part of the same investigation. State-run Anadolu Agency reported that authorities froze assets linked to several financial company executives, imposed restrictions on transactions that would reduce assets on some executives, their spouses and close relatives, and requested data on overseas remittances and crypto assets since 2024 to check for any transfer of assets abroad. The Capital Markets Board announced on the 23rd that it had ordered the liquidation of 131 funds managed by seven companies including Terra, and that a total of 455,758 people had invested in these funds.
Chairman Emre Tezmen and board members arrested and assets frozen in the fund collapse investigation, with 131 funds including Terra's ordered liquidated.
Chairman Serdar Turhan arrested as part of the same fund fraud investigation into the collapsed stock fund.
