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Turkey strives to control fund crisis as stocks fall
Turkey's government is focusing its efforts on containing a scandal involving approximately $18 billion stolen from investment funds, which affected over 450,000 investors and led to a significant decline in the Istanbul Stock Exchange. The index fell to around 12,494 points after losing 2.38% the previous day. President Recep Tayyip Erdoğan affirmed that Turkey's economy remains strong and that investigations are ongoing to hold those responsible accountable, with promises to prevent a recurrence of this crisis. The issue began when some funds, particularly those managed by "Tera Portfolio," were unable to meet redemption requests. Authorities are investigating allegations of stock price manipulation and the liquidation of 131 funds, including sources of their investors’ assets, a process that could take up to six months.
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