Turkish Regulator Examining Complaint Against Oyak, Sabah Says

Turkey’s capital markets regulator is studying allegations that Ordu Yardimlasma Kurumu or Oyak, the military pension fund, transferred profits from its listed companies to non-listed ones, Sabah newspaper reported.

The regulator in Ankara is looking at claims made against the company and hasn’t yet decided to start a formal investigation, spokesman Aydin Haskebabci said in a telephone interview with Bloomberg News. Asaf Ardak, a spokesman for Oyak in Istanbul, wasn’t available for comment.

Sabah said the regulator is studying a written complaint from an Oyak employee, who alleged the group used internal procurement procedures to channel profits to unlisted companies.

To contact the reporters on this story: Steve Bryant in Ankara at sbryant5@bloomberg.net; Ali Berat Meric in Ankara at americ@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.

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