Turkey issued a statement saying that a number of financial executives have been detained and others have been banned from leaving the country. This move is part of an investigation into the large-scale outflow of funds from some funds this week. According to a statement from the Public Prosecutor's Office, Muhammed Yariz, Chairman of Pusula Portfoy Yonetimi AS, and Namik Kemal Gokalp, Chairman of Hedef Holding AS, have been arrested. Businessman Altunc Kumova was taken into custody. He is a major shareholder of Destek Holding. Over the past year, the stock prices of some of his companies have soared by thousands of percentage points, making him one of the richest people in Turkey in terms of paper wealth. Tera Portfoy Yonetimi AS Deputy CEO Ibrahim Bekci was also detained. Tera Holding Chairman Emre Tezmen and Pusula Holding's Serdar Turhan were banned from leaving the country. Turkish authorities earlier on Thursday ordered the liquidation of 130 funds managed by seven portfolio management companies, including those managed by Tera and Pusula. A person familiar with the matter, who asked not to be named, said that as of Wednesday evening, the total investment amount of funds ordered to be liquidated was equivalent to about $18 billion, involving more than 350,000 investors.

Turkey issued a statement saying that a number of financial executives have been detained and others have been banned from leaving the country. This move is part of an investigation into the large-scale outflow of funds from some funds this week. According to a statement from the Public Prosecutor's Office, Muhammed Yariz, Chairman of Pusula Portfoy Yonetimi AS, and Namik Kemal Gokalp, Chairman of Hedef Holding AS, have been arrested. Businessman Altunc Kumova was taken into custody. He is a major shareholder of Destek Holding. Over the past year, the stock prices of some of his companies have soared by thousands of percentage points, making him one of the richest people in Turkey in terms of paper wealth. Tera Portfoy Yonetimi AS Deputy CEO Ibrahim Bekci was also detained. Tera Holding Chairman Emre Tezmen and Pusula Holding's Serdar Turhan were banned from leaving the country. Turkish authorities earlier on Thursday ordered the liquidation of 130 funds managed by seven portfolio management companies, including those managed by Tera and Pusula. A person familiar with the matter, who asked not to be named, said that as of Wednesday evening, the total investment amount of funds ordered to be liquidated was equivalent to about $18 billion, involving more than 350,000 investors.