Turkey has frozen assets linked to executives at multiple investment firms and
expanded a probe into a fund-industry crisis that has already produced failed
redemptions, arrests and a sharp stock-market sell-off. The justice minister
said the measures target executives connected to Tera Yatirim Menkul Degerler
and Pusula Finansi and include restrictions on asset transfers by board members,
signatories and certain relatives; transfers require prosecutor approval. The
action follows last week’s failure by several asset managers to meet redemption
requests, which prompted regulators to order liquidation of 131 funds managed by
seven firms; authorities have opened proceedings against 25 people, with 15
detained and 10 at large.
