Wednesday, July 27, 2016

Erdogan Files Criminal Charges Against Head Of Research At Turkish Bank For Writing Displeasing Report

Having purged virtually all of his domestic political enemies, it will probably not come as a surprise the head of research as well as the chief strategist 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 the first expansion of the president's unprecedented crackdown on the nation’s private financial sector.
According to Bloomberg, the Capital Markets Board published a decision in which it said 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.
  • Head of Research at Ak Investment
  • Boasts 18 years of experience in financial markets, including equity research and cross-asset strategy, quantitative analysis, investment advisory and online brokerage
  • 9 years of management experience as Head of Research and Executive Vice President, managing three different departments and a total of 40 employees
  • Investment advisory coverage comprised global stock, bond, FX, commodity and real estate markets, as well as asset allocation, with a specific focus on Turkish financial markets
  • Advisory to primary deals, including IPOs, private placements, M&As and venture capital
  • Strategic planning and risk management experience in the energy subsidiary of a conglomerate

Ulker is the first financial 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."
What did Ulker say that so displeased Erdogan? Did he ref out an excel model? Or did he overwrite a spreadheet with "paste values"? Or, gasp, use a mouse with Excel?
As Bloomberg adds, in a 2,750-word report published on the Monday after coup, Ak Investment summarized the most recent developments and offered forecasts for the Turkish lira, the stock market and the impact on the economy: in other words it merely did what every other professional and armchair analyst in the world has done over the past two weeks. It also analyzed the likely trajectory of Turkish politics, saying the developments had “resulted in more power being concentrated in President Erdogan’s hands."
Again, hardly a controversial statement.

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