A Turkish court has ordered the seizure of assets belonging to two large investment companies, Hat Holding and Investco Holding, as part of a criminal investigation into alleged stock market manipulation and money laundering, Turkish Minute reported.
The İstanbul 3rd Criminal Court of Peace made the decision on Tuesday after a request from the İstanbul Chief Public Prosecutor’s Office.
The court appointed the Savings Deposit Insurance Fund (TMSF) to take over the management of the companies while the investigation continues.
Prosecutors said they were investigating possible violations of Turkey’s Capital Markets Law, forming a criminal organization and laundering money through stock trades.
They accused the two companies of publishing false financial statements, manipulating market prices and attempting to maintain respectability to attract investors while hiding earlier administrative penalties.
The prosecutor’s office said the court had frozen the companies’ assets and shares owned by their executives and shareholders to protect investors and secure financial records.
The investigation into Investco Holding on September 19 led to detentions that included former police officer and stock trader Nihat Özçelik.
Thirteen people were later arrested, and six others, including economist Işık Ökte, were released under judicial supervision.
Police detained 11 more suspects in a second series of arrests on September 27 as the investigation expanded.
Investco Holding was founded in 2011 and operates in renewable energy, mining, chemicals, steel, software and venture capital.
It owns or controls several other companies, including Verusa Holding and Pan Teknoloji, and has offices in London and the United States under the name Investat Holding.
Its board chairman, businessman Mustafa Ünal, appeared on Forbes Türkiye’s 2024 list of billionaires with an estimated fortune of about $1.1 billion.
Investco’s shares have been publicly traded on the Istanbul Stock Exchange since 2022.
Hat Holding was created in 2013 by merging several smaller companies and specializes in gases used in surgical procedures, MRI services and industrial lubrication systems.
The prosecutor’s office said the investigation was ongoing and that the court order was necessary to “preserve financial records and protect individual investors.”
The TMSF is a state agency under the Turkish Treasury that manages failed banks and seized assets.
