Turkish broker loses license, job over analysis of failed military coup

Turkish broker loses license, job over analysis of failed military coup

- in All News, Regulation
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Mert Ulker, head analyst of the leading Turkish brokerage AK Investment, was stripped of his broker license and is facing criminal charges under articles from Turkey’s penal code covering insults to the president, the nation and state institutions.

The cause is an analysis on the economic impact of the failed military coup from July 15 on the Turkish economy, which also contained some theories who might be responsible. One of the mentioned theories is the suggestion that the coup was a “false flag” event stage-managed to give president Tayyip Erdogan an opportunity to purge the military of opponents and extend his grip on Turkey. The report, published on July 18 and sent out to investors, also suggested the developments had “resulted in more power being concentrated in President Erdogan’s hands.”

In its regular bulletin, Turkey’s Capital Markets Board announced it is canceling the license of Ulker because he had not “fulfilled his responsibilities”, reports Reuters. Along with his license, the broker lost his job as well.

The reason, according to Mert Erdogamus, general manager of AK Investment, was that Ulker’s analysis contained “mistakes and a lack of foresight”.

“Mert Ulker’s contract with Ak Investment has been canceled as of July 25, Monday and since then he is no longer an employee,” said Mert Erdogmus for the Bloomberg agency.

Brokers from large investment companies commented for Bloomberg that the punishment of Ulker would most likely backfire and any further report coming out from Turkey will be taken with a grain of salt.

Mert Ulker is just one of the more than 60 000 soldiers, judges, teachers, journalists and others who got arrested, sacked or placed under investigation in the continuing purge in Turkey.

At the same time, in the wake of the coup, the Turkish lira slid to its lowest historical levels, which prompted many forex brokers to either suspend trading in TYR altogether or increase the margin requirements.

AK Investment (AK Yatırım) is a subsidiary of the leading Turkish bank Akbank. It is one of the largest Turkish brokerage houses and serves Turkish and international institutional investors.

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