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.
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