The enforcement action
The Capital Markets Board ordered a phased wind-down of Tera Yatirim Menkul Degerler, citing "financial deterioration" in a bulletin released late Tuesday. Trading in the firm's shares was suspended as part of that enforcement action, and Borsa Istanbul stopped trading Tera Yatirim securities effective Oct. 28.
Borsa Istanbul also put a temporary trading suspension on Tera Finansal Yatirimlar Holding. The regulator last week suspended operations of three other broker-dealers linked to the same fund turmoil, and on Monday suspended the activities of Tera's asset-management arm.
The fallout and legal step-up
From mid-September through Tuesday, Tera Yatirim's share price plunged 95%. That market-value shock came after mid-September liquidity strains when Tera Yatirim and other asset managers could not meet redemption demands, which sparked mass investor withdrawals and wiped out more than $100 billion from Turkish equities.
Dozens of finance executives are detained awaiting trial; those named include Tera Group Chairman Emre Tezmen and Tera Yatirim CEO Emir Munir Sarpyener. Some funds run by Tera's asset-management division have gone into default.
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The cash picture
Earlier this month, Tera's investment bank missed principal and coupon payments totaling 6.05 billion liras, equivalent to $121.4 million. Tera Yatirim reported having 129 employees at the end of 2025.
What this means for your portfolio depends on your holdings tied to these names or linked markets, given the company actions and the wider market move since mid-September.
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