Istanbul Chief Prosecutor Lifts Asset Freeze on Geçgel Brothers

The Istanbul Chief Prosecutor's Office lifted the asset freeze and foreign travel ban on Astor Energy A.Ş. partners Enver Geçgel and Feridun Geçgel on October 23. According to information, the two paid 5 billion lira to the Savings Deposit Insurance Fund's voluntary restitution account on the same day; Anadolu Agency confirmed this payment.

Asset freezes were placed on the Geçgel brothers' assets as of end of September, and they were also banned from traveling abroad. According to Forbes Turkey data, Feridun Geçgel's wealth reached 5.3 billion dollars in June; however, as Astor Energy came under mention in the fund investigation, the company's shares declined and his wealth fell to 2.7 billion dollars as of September 29.

In the investigation covering 131 funds belonging to seven portfolio management companies on which the CMB made a liquidation decision on September 17, the number of detained individuals had reached 85 as of end of September. Justice Minister Akın Gürlek disclosed that unjust fund gains identified during the investigation process totaled 187 billion lira. Treasury and Finance Minister Mehmet Şimşek reported that the money of 43 thousand fund participants had been transferred to banks.

Among those whose assets were previously frozen in the investigation and who subsequently applied for restitution are former Family Minister Fatma Betül Sayan Kaya and her husband İlyas Kaya. The Presidency of Communications announced that the liquidation process for 49 funds belonging to A1, Bulls, and Pardus companies would be completed by the end of the week of October 13.