Borsa Istanbul loses $12.7 billion after bribery probe

Borsa Istanbul loses $12.7 billion after bribery probe

ISTANBUL

DAILY NEWS photo, Emrah GÜREL

Borsa Istanbul (BIST) closed with a 5.2 percent loss yesterday, with the value of the BIST traded company losing 26 billion Turkish Liras ($12.7 billion), following the massive corruption probe launched yesterday.

Halkbank General Manager Süleyman Aslan and Murat Kurum, general manager of Emlak GYO, Turkey’s largest housing developer, were among those taken into custody in the raids.

Halkbank shares lost 12.3 percent and Emlak GYO shares lost 12.4 percent yesterday. This morning, the two companies’ share price saw a moderate fall compared to yesterday. Halkbank shares have fallen 2.8 percent and Emlak GYO shares have fallen 1.7 percent.

Overall, BIST lost 2.5 percent in value in the opening of the morning session today.

At least 84 people, including the sons of three Cabinet members, businessmen, officials and a mayor were detained in three separate investigations, on accusations of accepting and facilitating bribes for state projects and receiving construction permits for protected areas in exchange for money.
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