Hürriyet
Oluşturulma Tarihi: Nisan 09, 2009 00:00
ISTANBUL - The crackdown on stock market manipulation is likely to increase investors’ confidence in the bourse, according to the chief of the bourse, who is expecting the ongoing investigation to be finalized soon.
Three out of the 45 people who were taken into custody in Istanbul, İzmir and Ankara on claims of manipulation were arrested. Galip Öztürk, head of Metro Turizm, a Turkish travel company, was among those released.
"We hope that serious investigations and cases will follow this operation and a conclusion will be reached without any delays. That is the only way to establish a deterrent power," said Hüseyin Erkan, chairman of the Istanbul Stock Exchange, or IMKB. That would show investors that these allegations were taken seriously, he said. "That will enable investors to believe that those that are involved in crimes will receive proper punishments, which then help raise their confidence in the market," Erkan added.
"IMKB and the Capital Markets Board, or SPK, have been using a joint audit program for years. Within this framework, we have transferred extraordinary price and volume movements to SPK," said Erkan, speaking at a ceremony held Tuesday to launch the trading of the IST30 Stock Market Investment Fund of Turkish lender Finansbank.
"IMKB does not have the authority to make an ascertainment. Therefore all that it can do is to gather data revealed by the initial supervision, prepare a report and present that report to SPK," said Erkan. "We submit reports to SPK each day and week. Then, SPK conducts its own research and files a lawsuit if required. This [operation] is a result of that routine."
Specialized courts have not been formed in Turkey yet, Erkan complained, adding that they have always voiced their opinion on the much-needed establishment of a specialized court that would focus on capital market crimes. "We have encountered many problems stemming from the absence of such an establishment. Reaching a legal conclusion over a capital market crime takes years. In some cases it may even take five years," said Erkan. "Unfortunately, it is not possible for us to secure efficient supervision in such a system. However, the latest operation plays a key role in increasing trust in capital market."
A deterrent for would-be manipulators
"We hope inquiries will be held and significant cases will be filed and swift conclusions will be reached," Erkan said. "We expect this will be deterrent on its own."
Noting that the growth of the capital market depends on confidence, Erkan said that confidence should be secured. "We are - maybe- among the most transparent bourses of the world. But we would like to see the outcome of this [operation]. I assess this operation in a positive way."