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Stock market operation cost Gedik Investment 478 million
Gedik Menkul Değerler, one of Turkey's oldest and well-established brokerage houses, announced yesterday that it made
Yazar: Charles Porter
Yayınlanma: 28 Ekim 2022 17:38
Güncellenme: 25 Nisan 2024 00:08
Stock market operation cost Gedik Investment 478 million
The damage caused by the biggest organized manipulation of all time in the stock market has begun to show up on the balance sheets of brokerage houses. According to Paramedya.com, Gedik Menkul Değerler, one of Turkey's oldest and well-established brokerage houses, announced yesterday that it made a provision of 478 million liras in its balance sheet.
Gedik Securities, one of the two most important pillars of the operation, had decided to increase its capital a while ago. In the balance sheet of Gedik Securities, it was seen that the stock market operation caused a damage of 478 million liras. The following explanation was made regarding the provision allocated in the footnotes of the balance sheet: "In the Company's Material Event disclosure dated September 30, 2022, it was announced that a receivable balance has arisen between the Company and its customers due to the developments arising from the recent extraordinary volatility in the Borsa Istanbul A.Ş. Equity Market and Futures and Options Market (VIOP). In the Capital Markets Board's bulletin dated October 2, 2022 and numbered 2022/52, a criminal complaint was filed against some of the Company's customers within the scope of Article 107/1 Market Fraud of the Capital Markets Law. As a result of the transactions carried out by the customers for which criminal complaints were filed, the Company had to fulfill the VIOP collateral settlement obligations that the customers could not meet and became a creditor of the related customers. Legal proceedings have been initiated by the Company for customers who have become problematic creditors, and a provision for doubtful receivables has been set aside for the balances in question."ONE OF TURKEY'S OLDEST BROKERAGE HOUSES
Founded in 1991, Gedik Menkul was managed for many years by Erhan Topaç, a veteran stockbroker, and in recent years by Onur Topaç. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!İLGİLİ HABERLER
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