DREAM / The Prime Minister resigns and wakes up under the Parisian bridge!

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2026-10-05 21:22:33Kosova&Bota SHKRUAR NGA REDAKSIA VOX

A huge financial bubble has burst in Turkey, involving companies with a total value of around 18 billion euros and nearly half a million people who had invested in their funds.

At the center of the crisis are seven financial companies that managed 131 investment funds, while investigations have so far led to the arrest of more than 45 people.

The bubble began about two years ago. Seven financial companies began investing, through their funds, in companies whose shares were only slightly traded on the stock exchange.

The numerous acquisitions rapidly increased share prices, attracting more and more investors and new capital.

The growth was so great that Hedef, one of the companies involved, briefly became the second largest company by capitalization on the Istanbul Stock Exchange. But there were also warnings.

In June, financial group MSCI had highlighted the risks of investing in the Turkish market, raising suspicions that some companies could be manipulating share prices in a coordinated manner.

The crisis erupted in mid-September, when the financial company Pusula, which managed several funds, was no longer able to make payments to some investors.

Panic spread quickly, and investors began withdrawing money from other companies as well. The case of Hedef is particularly telling: its shares fell to just 8 Turkish liras, from more than 360 liras they had reached in August.

To stem the crisis, Turkey's Capital Markets Commission ordered the funds to be liquidated at the end of the month. Meanwhile, the Istanbul Stock Exchange excluded 27 companies from the BIST 100, the main index of the Turkish market.

The scandal also affected important figures in politics and academia. Fatma Betül Sayan Kaya, a former minister and deputy leader of Erdoğan's Justice and Development Party (AKP), resigned from her party post after the opposition accused her of profiting from investments in these funds before the crisis erupted.

The investigation was particularly focused on TERA, the most exposed company. Police arrested its president, Emre Tezmen, as well as two board members, brothers Kerem and Emre Alkin.

One had served as Turkey's ambassador to the OECD, while the other is a renowned economist, university rector and television commentator. In total, the number of those arrested has exceeded 45.

Finance Minister Mehmet Şimşek has tried to calm markets and the public, stating that the crisis does not pose a systemic risk and that the companies involved represent only a small part of the financial sector.

Authorities have ordered the liquidation of 131 funds, in a process expected to take six months. The funds' assets will be gradually sold and the proceeds returned to investors.

The problem is that the money collected is not enough to fully compensate everyone. For this reason, the authorities are considering an unusual scheme: investors who exited the market before the bubble burst and made profits would be asked to voluntarily return a portion of it, to then distribute it to those who suffered losses.

The possibility is also being considered for investors with positions under one million lira, around 18 thousand euros, to initially receive the invested amount, while for larger investments the reimbursement would be limited.


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