Turkey probes stock market manipulation linked to ex-regulator

A recent report from the Istanbul Office of Financial Crimes Investigations pointed to manipulative practices involving certain stocks traded on the Istanbul Stock Exchange, carried out through fund management companies and investment funds. The report evaluates the responsibility of former Turkish Capital Markets Board Chairman Ibrahim Omer Gonul, who is now being asked by the government to face investigations on charges of abuse of power. The inquiries include scrutinizing stock and fund movements, classifying these actions as deliberate scams, money laundering, and market manipulation. The findings reveal that some funds generated abnormal profits while causing losses to certain investors, utilizing legal and financial tools to influence the market. Additionally, the reports indicate a neglect of Gonul's responsibilities during his tenure as chairman, and the Finance Minister is now calling for permission to investigate him.

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