HighIV Macro Policy & Sovereign Debt28 September 2026, Monday · 09:56 TRT (UTC+3)
Fund probe reaches factoring as regulator files complaints against 37 people
Executives of Destek Faktoring and Özata Denizcilik were detained on 28 September in the fourth operation of the fund investigation. The Capital Markets Board (SPK) filed criminal complaints against 37 people the same day and revoked 24 licences. The factoring index on Borsa Istanbul fell 8.73%.
According to a Medyahanesi report on 28 September, detention orders were issued for 10 suspects in the investigation run by the Istanbul Chief Public Prosecutor's Office, and 6 were apprehended. With the capture of 2 more people subject to arrest warrants, the number of detainees rose to 8. They include 4 board members of Destek Faktoring and 2 of Özata Denizcilik. Milliyet's live feed, published at 09:56 and updated at 22:41, gives the number of detainees as 9. The same report said an Özata Denizcilik board member who had fled to Montenegro on 26 September surrendered. According to Medyahanesi, 51 people are now in pre-trial detention.
According to the SPK's weekly bulletin of 28 September, as reported by Cumhuriyet, the board filed criminal complaints against 37 people for market fraud over trading in Tera Finansal Yatırımlar Holding shares. These 37 people, along with the proprietary trading of Tera Yatırım and Tera Portföy, were given a 2-year trading ban. The licences of 24 licence holders were revoked. According to CNBC-e, the BIST 100 fell 2.38% the same day to 12,592.76 points. The financial leasing and factoring index dropped 8.73% and the holding index 3.31%; the report cited the fund investigation as the source of local pressure.
Talay assessment
Bottom line
The investigation has spread from portfolio management to factoring and shipping companies, that is, to the non-bank financing of the real economy. The SPK's complaints against 37 people show the administrative track now running alongside the criminal one. The 8.73% fall in the factoring index shows markets extending contagion risk from brokerages to finance companies.
Likely effects
- Non-bank financeNegative1–6 months
The operation against factoring companies could squeeze SMEs' access to receivables financing and raise funding costs for this segment.
- Equity marketNegativeWeeks
On a day when 91 stocks fell, the holding and factoring indices stood out; new waves of the investigation continue to drive pricing.
- Market oversightUncertain1–6 months
The SPK's 2-year trading ban and 24 licence revocations show administrative sanctions accelerating and the oversight chain tightening.
Possibilities, ranked
- 1Investigation widens55%
New waves of operations reach other finance companies, the number held in detention rises and pressure on the index persists.
Watch: New detention announcements by the prosecutor's office and SPK weekly bulletins
- 2Containment30%
The investigation stays limited to the existing 4 groups and 2 new companies, and the market impact fades within weeks.
Watch: The factoring index recovering its 28 September loss
- 3Funding squeeze15%
Funding difficulties at factoring firms and holdings feed through to the real economy as payment delays.
Watch: A rise in bounced cheques and protested promissory notes
Probabilities are calibrated judgement based on the sources, not measurement, and are revised as new information arrives. Not investment advice.
Market reaction
Indicators affected
- Factoring index, 28 Sep▼ −8.73%
- BIST 100, 28 September▼ −2.38%
- SPK criminal complaints▲ 37 people