Turkish finance minister clears probe into former markets regulator chief Gönül

Treasury and Finance Minister Mehmet Şimşek has granted permission for prosecutors to investigate İbrahim Ömer Gönül, former chairman of Türkiye’s Capital Markets Board, over alleged failures in supervising investment funds.

Türkiye’s Treasury and Finance Minister Mehmet Şimşek has authorized an investigation into İbrahim Ömer Gönül, the former chairman of the Capital Markets Board (SPK), the country’s securities regulator. The decision was based on a preliminary review report prepared by the ministry’s Inspection Board.

The Istanbul Chief Public Prosecutor’s Office had requested permission to investigate Gönül for "abuse of office" as part of a wider probe into investment funds. Under the Capital Markets Law, investigating SPK board members over offenses linked to their duties requires the relevant minister’s approval. Şimşek tasked the Inspection Board with a preliminary review on Oct. 2.

"Clear and sufficient indications" on fund oversight

Treasury and Finance Minister Mehmet Şimşek (file photo)

In its letter to the ministry, the prosecutor’s office said there were "clear and sufficient indications" that the SPK, under Gönül’s chairmanship, failed to use its powers to inspect and supervise investment funds. It cited criminal complaints based on SPK reports of manipulative trading on Borsa Istanbul through funds between 2024 and September 2026, and noted that investors suffered losses in what became known as the "fund crisis."

Gönül gave a statement as a suspect to the prosecutors’ bureau in Istanbul on Sept. 30. He has previously argued that the SPK’s oversight processes are strict and that a rapid rise in a share price cannot on its own be considered manipulation.

85 arrests in the investigation

As part of the probe, prosecutors asked the financial crimes investigation board MASAK on Sept. 17 for financial data, including overseas money and crypto transfers, on executives of Pusula Finans Holding, Tera Yatırım, Hedef Holding, Bulls Yatırım and their subsidiaries. A total of 85 suspects, among them executives of brokerages, holding companies and portfolio managers, have been arrested.

Gönül served as SPK chairman from 2022 until his term ended in April this year.

Turkish finance minister clears probe into former markets regulator chief Gönül