Erdogan Post-Coup Purge Claims First Finance Industry Victim
The head of research at one of Turkey’s largest brokerages was stripped of his professional license and is facing criminal charges over a report analyzing the impact of the July 15 coup attempt, marking an extension of President Recep Tayyip Erdogan’s crackdown to the nation’s private financial sector.
The Capital Markets Board published the decision in its bulletin on Wednesday, saying the strategist, Mert Ulker, failed to “fulfill his responsibilities” in the preparation and publication of a July 18 report produced by Ak Investment, the brokerage arm of Turkey’s second-largest bank. Ulker also faces charges under articles 299 and 301 of the penal code, which make insulting Turkey’s president, the nation or its institutions a crime. The CMB license is required to work in capital markets in Turkey. The statement didn’t say whether
Ak Investment’s status was affected.
Ulker, who was also chief strategist for the Istanbul-based broker, is the first analyst to have his license revoked amid a purge of tens of thousands of bureaucrats, educators and security-forces personnel in the wake of the failed attempt by a faction of Turkey’s military to overthrow Erdogan’s government 12 days ago. Turkish regulators have been requesting that banks hand over their analysis of the putsch, with Mehmet Ali Akben, head of the banking regulator, saying on July 21 that it disapproved of the publication of “reports that would turn expectations and the atmosphere negative."
Investor Confidence
The CMB declined to comment on the issue when contacted by Bloomberg, referring to the bulletin. Ulker couldn’t be reached on his cellphone following the statement on Wednesday.
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http://www.bloomberg.com/news/articles/2016-07-27/turkey-research-chief-stripped-of-license-for-post-coup-analysis
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