A new shock wave hit the Turkish capital market as two funds managed by Tera Portfoy Yonetimi AS, with total assets of 366 billion Turkish liras or approximately $7.5 billion, failed to meet share redemption requests. The development makes Tera Portfoy the second Turkish asset manager within the same week to announce an inability to cover redemption requests in the funds it manages. The company announced that the problems concern the Tera Portfoy Money Market Fund (TP2) and the Tera Portfoy Equity Intensive Fund (THF), according to two separate disclosures filed with the Istanbul stock exchange, Borsa Istanbul.
Funds with total assets of $7.5 billion
Tera Portfoy is a Turkish asset management firm whose funds attracted significant capital inflows in recent years, recording some of the highest returns in the Turkish investment fund market. TP2 and THF constitute the second and third largest funds of Tera. According to Tefas data, TP2 holds a portfolio of approximately 224 billion Turkish liras, while THF holds around 142 billion liras. In total, the two funds manage assets of around 366 billion Turkish liras, corresponding to roughly $7.5 billion.
Tera: Liquidity management process underway
In a statement, Tera Portfoy reported that the transaction reconciliation process with brokerage firms that executed trades through the accounts of these specific funds is currently underway. At the same time, the process of liquidity management is in progress. "Reconciliation with brokerage firms that conducted transactions through the relevant fund account, as well as the liquidity management process, are ongoing. All necessary measures are being taken with due diligence, and we will continue to inform our investors about developments regarding this matter," Tera stated.
New plunge on the Istanbul stock exchange
The news triggered fresh sell-off pressures in the Turkish equity market. Turkish stocks suffered heavy losses on Wednesday, September 16, 2026, following the announcement by Pusula Portfoy, another asset manager, that it failed to meet redemption requests in some of its funds. The Borsa Istanbul 100 Index fell by as much as 7.7%, eventually closing the session down 5.5%. At the same time, Atlas Portfoy announced that it would restrict redemptions in one of its funds. These developments have sparked deep concern across Turkish markets, with Turkey's Financial Stability Committee scheduling an emergency meeting for 08:00 AM on Thursday, September 17.
Focus turns to investments in illiquid Turkish equities
Tera had already been at the epicenter of concerns regarding risks stemming from funds that created large and highly concentrated positions in relatively illiquid Turkish stocks. The firm's flagship investment funds built a powerful social media presence as they recorded exceptionally high returns in recent years. These returns were largely achieved by deploying billions of Turkish liras into a relatively tight circle of affiliated companies. The heavy concentration of positions in securities with limited liquidity intensified fears that, in the event of mass redemption requests, the funds might face severe difficulty sourcing the required liquidity.
Emre Tezmen: "Extraordinary and unprecedented" speculative attack
Emre Tezmen, chairman of Tera, stated in a post on platform X that the company is facing an "extraordinary and unprecedented" speculative attack. As he argued, this attack carries the distinct risk of spreading into other segments of the financial market. His statements arrive at a critical juncture for Turkish capital markets, as within a matter of days, multiple Turkish asset managers have announced failures or restrictions regarding fund redemptions.
Turkish fund liquidity under the microscope
The failures at Tera and Pusula, alongside the restrictions announced by Atlas, bring the issue of fund liquidity back to the forefront, particularly for funds with heavy exposure to smaller, illiquid equities. The central question now centers on whether the distress manifested in specific funds can be contained as isolated cases or if it will trigger broader systemic pressure across the Turkish financial system. Consequently, the Financial Stability Committee meeting on Thursday is being watched with intense investor focus.
Golden Global Bank targeted by US authorities
Meanwhile, attention is focused on Turkey's intervention to assume control over the shareholder rights of a bank accused by Washington of helping Tehran convert oil revenues into cash and gold. The case involves Golden Global Investment Bank, marking the latest chapter in a decades-long saga linking the Turkish banking system, US sanctions, and economic ties with Iran. Golden Global was established largely by long-serving executives from state-owned Halkbank, which had inherited legacy banking ties with Iran when troubled Pamukbank was transferred to it nearly two decades ago. The same state fund that assumed control of Pamukbank in 2002 now exercises shareholder rights covering nearly all of Golden Global.
Turkey's intervention in Golden Global
The Turkish banking regulator decided on September 16 to place the shareholder rights representing nearly the entirety of Golden Global under the control of the Savings Deposit Insurance Fund (TMSF). The decision targets equity stakes held by three primary shareholders while excluding rights over dividend distributions. The regulatory move comes just three days before the expiration of a US license permitting the wind-down of transactions involving the sanctioned bank.
US allegations over Iran and the IRGC
The US Department of the Treasury imposed sanctions on Golden Global, asserting that the bank facilitated transactions worth tens of millions of dollars for the Quds Force of the Islamic Revolutionary Guard Corps (IRGC-QF). Furthermore, the US Treasury claims Golden Global was established specifically to facilitate the transfer of proceeds from Iranian oil sales from China to Turkey, where funds could be converted into cash and physical gold. Golden Global denies all allegations. It is noted that US sanctions target Golden Global and its subsidiaries directly, without naming any former Halkbank executives who later joined Golden Global's management. The professional ties between these executives and Halkbank are evident through official corporate filings and published executive biographies.
The heavy legacy of Pamukbank
The history originates many years prior to the establishment of Golden Global. Pamukbank was a private Turkish deposit bank founded in 1955. In 1984, it opened a representative office in Tehran to support bilateral commercial ties between Turkey and Iran. At the time, according to a report by the Turkish newspaper Milliyet, then Pamukbank General Manager Ibrahim Betil stated that inadequate banking connectivity presented a severe obstacle to cross-border trade. The bank maintained that its Tehran presence would streamline financing and corporate communication for Turkish enterprises. Pamukbank came under TMSF control in 2002 and was fully merged into Halkbank in November 2004. The state lender absorbed Pamukbank's assets, liabilities, and branch network, including the Tehran office and correspondent accounts already maintained by Iranian banks.
Halkbank and Iranian oil operations
By 2005, Halkbank publicly promoted its unique operational capacity within the Iranian oil sector. In its annual report, it stated that it was the sole Turkish bank authorized to issue direct letters of credit to the National Iranian Oil Company. The Turkish edition of the same report noted that its Tehran representative office helped process large foreign trade transactions with Iran. Later, former senior Halkbank official Hakan Atilla testified in a US trial that the bank initially conducted a preliminary assessment of inherited ties from Pamukbank before re-engaging in those activities following its 2007 public offering. Halkbank itself later dated the formal launch of its Iran-related foreign trade operations to 2004.
The 2008 US warning
In January 2008, then US Treasury Under Secretary Stuart Levey applied direct pressure on Halkbank management concerning its Iranian operations. A US diplomatic cable records that Levey urged the bank to close correspondent accounts linked to Iran and warned against expanding ties with Iranian financial institutions seeking international partners. Pressure intensified in 2009 when Treasury officials warned Halkbank about covert Iranian attempts to disguise transaction trails. For their part, Halkbank executives maintained they were financing fully documented trade and declined to execute third-party transactions, transit payments, or cash-for-commodities deals.
From Halkbank to Golden Global
Golden Global subsequently recruited bankers who had built their careers at Pamukbank and Halkbank, particularly across international banking, foreign operations, and compliance. The bank secured its banking license in early 2020 and launched full operations on June 1, 2020. Golden Global's founding chairman, Mustafa Akin, began his career at Pamukbank in 1986 and served as a branch manager for Pamukbank and Halkbank between 1994 and 2011. Golden Global's first general manager, Ozay Balta, started at Halkbank as an assistant inspector in 2004, serving as a branch manager from 2012 to 2016. His published resume lists no prior employer before Golden Global.
Yavuz Yeter: From Halkbank to Golden Global
In May 2024, Yavuz Yeter assumed the role of general manager at Golden Global. He joined Pamukbank's inspection board in 1996 and transitioned to Halkbank following the 2004 merger. He subsequently held executive roles within Halkbank's International Banking and Structured Finance division. Yeter was thus in senior international banking positions during the period when Halkbank actively promoted its business with the National Iranian Oil Company and received the official warning from Stuart Levey. However, this timeline does not inherently prove that Yeter directly managed Halkbank's Iranian operations. Hakan Atilla attributed oversight of Iranian accounts and the Tehran office to an entirely separate department. Yeter later moved into executive roles within Turkey's central bank. From 2016 to 2019, he served in the central bank's banking regulation sector. From 2020 to 2023, he served as the central bank's financial attaché in Frankfurt before acting as an advisor in Istanbul prior to joining Golden Global.
Coskun Cabuk and Cigdem Sefer
The executive connection to Halkbank extends to other key leaders at Golden Global. Coskun Cabuk joined Halkbank following the 2004 merger, working across audit, corporate banking, and regional coordination, according to Golden Global's 2025 annual report. Cabuk remained at Halkbank until 2017 before taking leadership of its subsidiary, Halk Finansal Kiralama, through 2024. Golden Global shareholders elected him to the board for a two-year term in March 2025, though his tenure concluded a year later. In July 2026, Cabuk was appointed general manager of Turkland Bank. The Halkbank connection also touches corporate compliance. Golden Global's 2025 annual report names Cigdem Sefer as head of regulatory compliance. Sefer started at Halkbank in 1996, working in international operations and compliance before joining Golden Global in November 2025. Her unit's responsibilities include evaluating correspondent banking relationships, screening clients against global sanctions, and monitoring anti-money laundering protocols.
Gold, cash, and correspondent banking in focus
Central to US allegations against Golden Global is its correspondent banking activity—the practice of utilizing third-party banks to clear international transactions and gain access to foreign financial networks. The US Treasury contends that Golden Global knowingly provided such clearing services to Iranian financial institutions, facilitating transactions through accounts controlled by the IRGC-QF. According to the US Treasury, Golden Global operated as part of Iran's "rahbar system," an offshore proxy network coordinating payments for Iranian banks through foreign accounts and currency exchanges. Authorities assert the network utilized correspondent banking, gold transfers, and physical cash to move funds overseas. The Treasury named Turkish businessman Sitki Ayan and his corporate entities among those tied to these networks. US OFAC sanctions were imposed on Ayan's network in 2022. Golden Global maintains it engaged in no direct or indirect transactions with the sanctioned individuals.
Explosive growth in physical gold and FX volumes
Golden Global's own financial disclosures document massive growth in operational areas central to US sanctions allegations. In its 2025 annual report, the bank disclosed maintaining 45 accounts across 20 foreign banks while hosting 66 correspondent accounts for 25 overseas banks. The identity of those 25 partner banks was not disclosed. Fee income generated from foreign trade settlement services rose by 56% in 2025, reaching 482 million Turkish liras. Additionally, the bank reported clearing $1.8 billion in physical gold transactions in 2025, nearly tripling the $613 million recorded the prior year. Physical banknote clearing transactions reached $4.4 billion, reflecting a year-over-year surge of approximately 70%. Golden Global also reported $21.9 billion in interbank foreign exchange transactions—nearly double its previous year's total—alongside $14.5 billion in currency swaps, more than doubling its 2024 figures. While these aggregate figures demonstrate vast volume in key clearing services, they do not intrinsically prove which specific transactions involved sanctioned entities.
US wind-down license expires September 19
The US Treasury designated Golden Global under Executive Order 13902, targeting key sectors of the Iranian economy, including the financial sector. The decision was issued under Operation Economic Outcast, a targeted enforcement campaign launched in August to sever remaining Iranian financial conduits. The sanctions are fully active. However, OFAC General License CC provided a temporary window to allow institutions to wind down existing transactions involving Golden Global. That authorization expires at 12:01 a.m. US Eastern Time on September 19. The license carried strict requirements, mandating that payments owed to blocked entities be deposited into blocked, interest-bearing US accounts. Upon expiration, all covered transactional authorizations cease entirely.
Golden Global's international correspondent ties under scrutiny
The US Treasury warned that foreign financial institutions clearing or facilitating significant transactions for designated entities risk losing their US correspondent banking access. For Golden Global, which maintains active counterparty relationships across more than a dozen nations, the regulatory pressure extends far beyond its Istanbul headquarters. It directly threatens the foreign financial institutions that connect the bank to the broader global financial system. The fallout around Golden Global once again highlights the long-standing, sensitive nexus between the Turkish banking sector, Turkey-Iran economic relations, and US enforcement, with Halkbank and Pamukbank serving as historical anchors in this evolving narrative.
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