BREAKING: The head of Türkiye's stock exchange has been detained in a widening fund scandal.
BREAKING: The head of Türkiye's stock exchange has been detained in a widening fund scandal.
Korkmaz Enes Ergun, general manager of Borsa Istanbul since 2021, was taken into custody on Saturday in an Istanbul prosecutors' investigation into investment funds, according to state-run Anadolu Agency. He faces allegations of membership in a criminal organization and bribery.
The probe began when several funds failed to meet redemptions in September. The regulator has since ordered 131 funds liquidated, and the benchmark index has fallen for seven straight weeks. The board has named deputy Atila Türeli as acting chief.
Why it matters: the scandal has now reached the top of the exchange itself, and Monday's market open will show whether investors see a cleanup or a deeper crisis.
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