Bloomberg News

Oyak Yatirim Falls in Istanbul on Report of Investigation

April 19, 2012

Oyak Yatirim Ortakligi AS (OYAYO), the listed investment unit of Turkey’s military retirement fund, dropped for a second day on a Milliyet newspaper report that a parliamentary committee was reviewing complaints against it.

The shares fell 3.2 percent to 61 kurus at the close in Istanbul, increasing their two-day slump to 14.1 percent.

Turkish authorities are investigating complaints regarding pension payments and market transactions, as well as allegations junior officers weren’t sufficiently represented on Oyak’s board, according to the Milliyet report today.

The review will be completed in 10 days, lawmaker Ismail Aydin, chairman of the subcommittee on Oyak in the parliament, told Milliyet. Twelve inspectors representing the parliament, Finance Ministry, Treasury, Social Security Institution, Capital Markets Board and Court of Accounts are studying documents at Oyak, according to the newspaper.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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