Tera Portfolio Chairman Erdin Özel: 'I Did Not Issue Instructions to Change Prices'

Rejected. Tera Portfolio Board Chairman Erdin Özel stated in his testimony to Istanbul Chief Public Prosecutor's Office Terrorism Financing and Money Laundering Crimes Investigation Bureau that he absolutely did not accept allegations of manipulation. Özel's prosecution testimony dated October 1st came to light today.

Özel stated that he resigned from his chairmanship position on September 27th and declared that his monthly income was 500,000 TL. Saying "I did not issue instructions to artificially inflate share prices, create the appearance of a buyer, or change the closing price," Özel argued that the funds did not even have his access password to the order system.

Addressing the institutional structure, Özel contended that purchases could not be made on the instruction of a single person and that there was a multi-layered approval mechanism in place.

Özel's testimony, who is among the 86 suspects detained within the scope of the fund investigation, inflamed ongoing fund crisis discussions in parliament. Good Party General Chairman Müsavat Dervişoğlu said in his group meeting yesterday "The bill for this matter cannot be passed to the Treasury, public banks, and the backs of 86 million people," demanding that the political connections of the investigation be examined.

The investigation has also brought to public attention the question of whether the Capital Markets Board and Banking Regulation and Supervision Agency fulfilled their oversight roles adequately.