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Turkish Regulator Examining Complaint Against Oyak, Sabah Says

Feb. 22 (Bloomberg) -- 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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