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Friday, 24 June 2011

33 in custody for Turkish stock exchange manipulation


According to reports, the Istanbul Financial Crimes Public Security Branch simultaneously raided several locations in the city and took 33 people into custody for manipulating shares.

Brokers, dealers and former football players were among those taken into custody including the current manager of Beşiktaş’s football team, a previously blacklisted trader and a former national team player.

The suspected transactions took place with the shares of Makine Takım, Işıklar Investment Holding and Hateks. Hateks stock rose 35.4 percent between May 31 and June 8 but then plummeted by nearly 29 percent in 10 days.

The police operation took place “without prior knowledge of the ISE,” according to a statement from the bourse’s chairman.

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