By Bosphorus News Economy Desk
Borsa Istanbul suspended shares of Tera Yatırım Menkul Değerler and Tera Finansal Yatırımlar Holding on October 28, a day after Türkiye's Capital Markets Board (SPK) cancelled the brokerage's licence and ordered its gradual liquidation.
At 09:23, the exchange linked its halt of Tera Yatırım (TERA.E) to the SPK's October 27 decision. Fifteen minutes later, it suspended Tera Finansal Yatırımlar Holding (TRHOL.E), without stating why or when trading might resume. The liquidation decision applies to the brokerage; the holding company is a separate legal entity.
Tera Brokerage Faces Liquidation
The SPK had already suspended Tera Yatırım's capital markets activities on September 30. On October 27, it revoked the firm's operating permissions and authorisation certificate under Article 97(1) of Türkiye's Capital Markets Law. It also ordered investor compensation and gradual liquidation.
The regulator gave no payout amount, timetable or application procedure for brokerage customers.
Trading Investigations in Three Stocks
Following investigations into trading in Pasifik Eurasia (PASEU), Selçuk Ecza (SELEC) and Manas Enerji (MANAS) shares, the same SPK bulletin announced criminal referrals, two-year trading bans and the cancellation of professional licences for the duration of those bans.
The investigations concern transactions in those stocks. They do not establish criminal wrongdoing by the listed companies. The SPK's administrative measures are separate from any criminal proceedings, where liability must be determined by the courts.
Fund Repayments Follow a Separate Law
Law No. 7596, published in the Official Gazette on October 27, allows advances to eligible investors in specified funds being liquidated after the September market intervention. The affected funds include those established by Tera Portföy, Pusula Portföy and Atlas Portföy. Their liquidation is separate from that of the brokerage.
Under the September fund liquidation law, eligible investors may receive advances of up to TL1 million per investor in each fund, limited by their net investment and the cash available in the relevant fund. The advances are deducted from final liquidation proceeds.
Vice President Cevdet Yılmaz said payments would begin on October 30 through Türkiye İş Bankası and Ziraat Bankası. That timetable concerns the specified investment funds. No corresponding date has been announced for customers of Tera Yatırım Menkul Değerler.
Sources: Capital Markets Board of Türkiye, Borsa Istanbul, Public Disclosure Platform, Official Gazette of Türkiye, Anadolu Agency, Bosphorus News review and reporting.