Former SPK chairman comments on 1,000-fold stock gains
Former Capital Markets Board (SPK) Chairman İbrahim Ömer Gönül, who was called to testify as a suspect as part of the fund investigation, commented on extraordinary increases in stock prices.
Responding to questions about how a stock could rise 1,000-fold without being flagged by the SPK and how alleged manipulation in funds went undetected, Gönül said supervision and monitoring were strict but that evidence was required before a price movement could be classified as manipulation.
Gönül said strong investor demand for a particular stock could also lead to sharp price movements and that such activity could not automatically be classified as manipulation. He added that SPK surveillance units monitor stock movements daily and conduct further reviews when suspicious transactions are detected. According to Gönül, preparing an investigation file can take an average of three to four months.
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