Thirteen individuals apprehended in Istanbul as part of an inquiry into stock manipulation, with a focus on Investco Holding.
In a shocking turn of events, an investigation launched into irregular trading on Borsa Istanbul, Türkiye's main stock exchange, has led to the arrest of 19 individuals, including executives from Investco Holding.
The allegations centre around the manipulation of prices by these suspects, with the proceeds of the alleged manipulation accused of being laundered through Investco Holding. The arrests took place over the course of several days, starting with fourteen suspects detained on Tuesday, followed by five more on Thursday, raising the total to 19.
Investco Holding, a conglomerate active in various sectors such as renewable energy, mining, chemicals, iron and steel, technology, venture capital, food, and health care, has been at the centre of the investigation. The company, founded in 2011, operates in Turkey and has subsidiaries including Verusa Holding and Pan Teknoloji, as well as an overseas arm, Investat Holding Limited, in London.
The abnormal transactions in certain listed shares have been the focus of the investigation, with the arrests of 13 suspects linked to Investco Holding taking place on Friday. Notably, well-known market analyst Isik Okte, who was also among those detained, was released but remains subject to a travel ban.
The exact reasons for the possible placement of Investco Holding under full trusteeship have not been made clear, with no search results providing a direct explanation. As for the current status of the investigation, no information has been provided to the public.
This incident has had a significant impact on the stock market, with Investco Holding experiencing a 30% decrease in its shares and those of its subsidiary Verusa over the week. The investigation is ongoing, and further developments are expected to unfold in the coming days.
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