Bribery Claims Add to Turkish Stocks’ Worst Month Since 2014
- Borsa Istanbul 100 Index extends monthly loss to 8.6 percent
- Investors also assessing Simsek’s powers in government
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Allegations of bribery involving the former head of the nation’s largest publicly traded state bank helped put Turkish stocks on course for their biggest monthly slump in more than two years.
The Borsa Istanbul 100 Index fell 0.8 percent after U.S. prosecutors alleged Wednesday in a court filing that Turkiye Halk Bankasi AS’s ex-chief executive officer Suleyman Aslan and former government officials were involved in a high profile bribery scheme. The allegations coincide with an announcement that Deputy Prime Minister Mehmet Simsek, who is perceived by investors as market friendly, is no longer responsible for capital markets and banking regulators after a government reshuffle this week.