Türkiye jails 4 fund execs in market manipulation probe after volatility
Traders walk on the floor of the Borsa Istanbul Stock Exchange in Istanbul, Türkiye, Feb. 29, 2016. (Reuters Photo)


Turkish authorities jailed four people pending trial and ​imposed travel bans and asset restrictions on 51 others ⁠Friday ⁠in investigations into alleged market manipulation, a day after authorities ​rolled out measures to ​support markets ⁠after recent volatility.

The investigation followed a criminal complaint by the Capital Markets Board (SPK) over alleged manipulative transactions in some investment funds and shares, Justice Minister Akin Gürlek said.

Turkish authorities did not name the people affected.

The four ⁠jailed suspects ⁠included a fund board chair and board members, Gürlek said, adding that the court ordered restrictions on accounts and assets to prevent them from being transferred.

The announcement came a day after ⁠authorities moved to shore up financial stability after a small number of funds struggled to ​meet client withdrawals amid a stock ​market selloff.

The capital markets board ordered liquidation ⁠of ‌several investment funds ‌worth around $18.3 billion managed ⁠by seven portfolio ‌management companies.

Authorities also launched proceedings against ​people accused of using ⁠social media to ⁠manipulate capital markets, with 16 suspects ⁠jailed pending ​trial, Gürlek said.