Justice Minister Akın Gürlek announced the jailing of 20 people pending trial on Friday following investigations into capital market manipulation. Turkish authorities ordered the liquidation of 131 investment funds and referred 38 people to prosecutors. Tera Portfoy stated it is working to repay investors during a liquidation probe.

Two of Turkey's largest banks are managing the asset wind-down after the government froze funds run by 7 asset managers. The crackdown targeting a 'Ponzi-like scheme' disrupted the country's asset-management industry and hit high-flying investment funds.