The Istanbul chief prosecutor’s office summoned Hamdi Akin, the billionaire board chairman of Akfen Holding, as part of the investigation centred on jailed Istanbul mayor Ekrem Imamoglu, government-run news service Anadolu Agency reported on October 21.

Akfen Holding said that Akin was not detained. He was summoned, questioned and then released.

Boss of Mandarin Hotels

On the same day, Vedat Asci, board chairman of Astas Holding, was also summoned by the chief prosecutor’s office as part of the same investigation, Anadolu also reported.

Astas Holding owns Mandarin Hotels.

Official of Koc Holding

On October 20, Anadolu reported that Murat Tomruk, general manager of Divan Hotels, was summoned by the chief prosecutor’s office as a “suspect” under the same investigation.

Tomruk was also released after his statement was taken.

Divan Hotels are owned by largest Turkish conglomerate Koc Holding (KCHOL).

On October 21, pro-government daily Yeni Safak reported that Tomruk was asked about an illegal construction at Divan Kurucesme Hotel in Istanbul.

Prosecutors asked Tomruk for his opinion on the allegation that Imamoglu, Turkish president Recep Tayyip Erdogan's chief political rival, ordered municipality officials to accelerate procedures in the licensing of the construction.

Tomruk replied that he had no information on the issue, according to the daily.

Stocks hit

KCHOL is listed on Borsa Istanbul while Akfen Holding also has listed units. The newsflow on the prosecutors’ actions created volatility on the trading boards of the associated stocks.