Turkey’s Capital Markets Board (SPK/CMB) has ordered 19 people to pay a combined sum of Turkish lira (TRY) 196mn ($6mn) in fines for manipulative activities on the trading board of Kizilbuk REIT (KZBGY), the SPK’s latest weekly bulletin showed on January 18.
Among those fined is Faruk Hacihaliloglu, a board member at football club Trabzonspor, which has a listed subsidiary, namely Trabzonspor Sportif Yatirim (TSPOR).
Table: The list of individuals fined by the SPK.
Manipulative trading activities on Borsa Istanbul are not infrequent, while the punishments handed out to the manipulators prove to be no deterrent.
Kizilbuk REIT operates Sinpas Thermal Wellness Resort in Marmaris town of Mugla province on Turkey’s Aegean coast.
Kizilbuk REIT was launched in March 2021 by Sinpas REIT (SNGYO).
In August 2021, Sinpas REIT sold a 25% stake in Kizilbuk REIT via a Borsa Istanbul initial public offering (IPO). Sinpas Yapi bought 78% of the offered shares.
Sinpas REIT currently controls a 65% stake in Kizilbuk REIT.
Local businessman Avni Celik controls a 38% stake in Sinpas REIT.
Related Articles
Kurdish official estimates Iraqi oil losses at $28bn
The 18-month suspension of oil exports from Iraqi Kurdistan has cost the state more than $28bn in lost revenue, a senior Kurdish official has said, as the fiscal damage is compounded by security ... more
Turkey’s Şahinler invests $100mn in Egypt’s garments and tourism sectors
Turkish group Şahinler Holding is expanding its operations in Egypt with new investments exceeding $100mn across the ready-made garments and tourism sectors, Al Sharq Business reported on August 27, ... more
Turkish government plans special "People's Aisle" sections in markets for cheaper products
A new government-backed initiative called “Cumhur Reyonu” (“People’s Aisle”) will be rolled out across Turkey’s major supermarket chains, which collectively operate over 55,000 branches ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
20 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago