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Turkish police have detained several financial executives in a probe into fund failures regulators have likened to a Ponzi-style scheme. Media reported Tera Holding chairman Emre Tezmen and board members Emre Alkin and Kerem Alkin were detained, and

2026-09-20

Turkish police have detained several financial executives in a probe into fund failures regulators have likened to a Ponzi-style scheme. Media reported Tera Holding chairman Emre Tezmen and board members Emre Alkin and Kerem Alkin were detained, and a detention order was issued for Pusula Holding chairman Serdar Turhan. Turkey’s market regulator has ordered liquidation of seven assets management firms and 131 funds totaling about $20bn, including vehicles managed by Tera and Pusula. Large redemptions left some funds unable to meet withdrawals; Tera and Pusula previously announced defaults on certain funds, triggering market panic and sharp equity declines. Justice officials described the episode as Ponzi-like, and Finance Minister Mehmet Simsek said anyone found to have violated rules will be held accountable.

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2026-09-19

Market news: Riyadh, the capital of Saudi Arabia, issued an alert warning of a hostile aerial threat.

Market news: Riyadh, the capital of Saudi Arabia, issued an alert warning of a hostile aerial threat.
2026-09-19

Refinitiv reported witnesses saw rising flames and large black plumes of smoke near Riyadh airport in Saudi Arabia.

Refinitiv reported witnesses saw rising flames and large black plumes of smoke near Riyadh airport in Saudi Arabia.
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