Once liability is established, the question becomes how much. For foreign institutions with losses from Turkey’s 2026 market manipulation and fund cases, the amount recoverable in a Turkish court depends on rules that differ from those many investors know from other jurisdictions. The claimant must prove its loss, but where the exact amount cannot be proved the judge determines it equitably (Turkish Code of Obligations Art. 50). The judge may reduce compensation where the injured party contributed to the loss (Art. 52). In tort claims the defendant is in default from the date of the act, so default interest runs from that date (Art. 117). Since 31 July 2026 the statutory interest rate has been linked to the Central Bank’s rediscount rate (Law No. 3095 Art. 1, as amended by Law No. 7589), and commercial claims may carry the Central Bank’s higher advance rate. Loss exceeding default interest, which may include losses a foreign investor suffers from currency movements, can be claimed unless the defendant proves it was entirely without fault (Art. 122). This guide explains each element and how they fit together in a claim. It reflects the legislation in force as at 25 October 2026.
- The elements of a damages claim
- Proving the loss
- Loss in disclosure claims
- Loss in manipulation claims
- Reduction of compensation
- Several defendants
- Interest from the date of the act
- Which interest rate applies
- Currency and foreign investors
- Loss exceeding default interest
- Building a claim schedule
- Compensation through the criminal process
- Limitation and the amount claimed
- Quantum in the proceedings
- Securing and collecting the amount
- Unit holders in the liquidated funds
- Frequently asked questions
- Related guides
The elements of a damages claim
How the amount of an investor’s claim is built
| Element | Rule | Basis |
|---|---|---|
| Loss | Proved by the claimant; if the exact amount cannot be proved, determined equitably by the judge | Turkish Code of Obligations Art. 50 |
| Causation in disclosure claims | Presumed for purchases and sales within the protected period; defendants may rebut, including by showing the loss would have occurred anyway | Capital Markets Law Art. 32(4)–(5) |
| Scope of compensation | Determined by the judge according to the circumstances, especially the gravity of fault | Turkish Code of Obligations Art. 51 |
| Reduction | Where the injured party consented, contributed to or increased the loss, or aggravated the defendant’s position | Art. 52 |
| Several defendants | Joint and several liability, with recourse among them; differentiated in company law claims | Arts. 61 and 62; Turkish Commercial Code Art. 557 |
| Default interest | From the date of the act in tort claims, at the statutory rate or, in commercial matters, the Central Bank advance rate if higher | Art. 117; Law No. 3095 Arts. 1 and 2 |
| Excess loss | Loss beyond default interest, unless the defendant proves it was entirely without fault | Art. 122 |
Each element is pleaded and proved separately. A claim that states only the principal loss, without asking for default interest from the date of the act or for excess loss, may leave significant amounts unclaimed, because the court decides only what is requested. The petition should therefore set out the principal, the start date and type of interest claimed, and any excess loss, with the evidence for each.
Proving the loss
Anyone who causes loss to another by a culpable and unlawful act must compensate it (Turkish Code of Obligations Art. 49). The injured party bears the burden of proving its loss and the defendant’s fault (Art. 50(1)). Where the amount of the loss cannot be proved exactly, the judge determines it equitably, taking into account the ordinary course of events and the measures taken by the injured party (Art. 50(2)).
The second paragraph matters in securities cases, where prices are affected by many factors and the counterfactual price, what the shares would have been worth without the manipulation or misleading information, can never be observed directly. It does not relieve the claimant of the need to prove that it suffered a loss, but it allows the court to fix the amount where precise calculation is impossible. Courts normally obtain expert opinions on such technical questions (Code of Civil Procedure Art. 266(1)), and the expert’s method is often the decisive issue in the case.
Investors should therefore assemble, for each account and each security: trade confirmations with dates, quantities and prices; custody statements showing holdings over time; records of any sales after the truth emerged; and the internal documents showing how investment decisions were made. The last category matters for causation, especially if the defendant argues that the investor did not rely on the disclosures at all.
Loss in disclosure claims
The Capital Markets Law does not prescribe a formula for damages from misleading prospectuses and public disclosure documents, but it defines when causation is presumed. Where an investor’s assets suffer loss because securities bought in the initial public offering or on the exchange during the validity of a misleading prospectus, or immediately after another disclosure document is made public, are sold on the exchange immediately after the true information emerges, or vice versa for sales, the causal link between the document and the loss is deemed established (Capital Markets Law Art. 32(4)).
Defences that defeat or limit a disclosure claim
| Defence | Effect | Article |
|---|---|---|
| The purchase or sale was not based on the disclosure document | Claim rejected | Capital Markets Law Art. 32(5)(a) |
| The investor traded knowing the information was false, misleading or incomplete | Claim rejected | Art. 32(5)(b) |
| A correction was announced before the investment decision or trade | Claim rejected | Art. 32(5)(c) |
| The investor would have suffered the loss even if the information had been accurate | Claim rejected to that extent | Art. 32(5)(ç) |
| The signatory did not know of the inaccuracy, and this was not due to intent or gross negligence | That defendant is not liable | Art. 32(3) |
The defence in Art. 32(5)(ç) is where most quantum disputes are fought. A defendant will argue that part of the price fall resulted from general market movements, sector news or the wider crisis rather than from the correction of the misleading information. In the 2026 cases, where the Borsa Istanbul 100 index itself fell sharply during the crisis, separating the effect of the specific disclosure from market-wide movements is a central expert question. Agreements and statements limiting liability for disclosure documents are void (Art. 32(7)). The rules on disclosure liability are explained in Prospectus and Disclosure Liability in Turkey.
Loss in manipulation claims
Claims against those who manipulated prices are tort claims under the general rule of Turkish Code of Obligations Art. 49, without the statutory causation presumption of the Capital Markets Law. The investor must show that the manipulation caused its loss. The usual pattern in trade-based manipulation is that prices are pushed up artificially and then collapse; investors who bought at inflated prices and held or sold after the collapse suffer the difference between the price paid and the value received or held. The court must still be satisfied that the price paid was inflated by the manipulation and by how much, which again is a matter for expert evidence and, where precise proof is impossible, for the judge’s equitable assessment (Art. 50(2)).
The criminal file can be important for quantum as well as liability. SPK’s analysis of the trading and the value obtained from the offence, which must be obtained before assets are seized (Criminal Procedure Code Art. 128(1)), and the evidence in the indictment may support the investor’s calculation. How investors obtain access to the file is explained in Joining a Criminal Case in Turkey as a Foreign Investor, and the offence itself in Market Manipulation under Turkish Law.
Contact Hukukçular Evi Ankara
For questions on how investor losses, interest and currency effects are assessed in Turkish claims arising from the 2026 fund and manipulation cases, you can reach our office by phone or WhatsApp. We correspond in English. Hukukçular Evi Ankara: +90 554 648 37 15
Reduction of compensation
The judge determines the scope and manner of payment of compensation according to the circumstances and, in particular, the gravity of the fault (Turkish Code of Obligations Art. 51(1)). The judge may reduce compensation, or remove it altogether, where the injured party consented to the harmful act, contributed to the occurrence or increase of the loss, or aggravated the position of the person liable (Art. 52(1)). Where the person liable caused the loss through slight fault and would fall into poverty by paying, and equity requires, the judge may also reduce compensation (Art. 52(2)).
For institutional investors, the contributory-fault argument is the one to anticipate. A defendant may say that the investor ignored warning signs, failed to apply its own risk limits, or kept buying after concerns became public. The measures the injured party took are also relevant to the equitable assessment of the amount (Art. 50(2)). Documenting the investor’s decision-making and risk controls at the time is therefore part of the damages case, not only the liability case.
Several defendants
Where several persons cause the same loss together, or are liable for the same loss on different legal grounds, they are jointly and severally liable (Turkish Code of Obligations Art. 61). Among themselves, the compensation is shared considering all the circumstances, especially the gravity of each one’s fault and the intensity of the danger each created, and one who pays more than its share has recourse against the others and is subrogated to the injured party’s rights (Art. 62).
For the investor, joint and several liability means it can claim the whole amount from any one of the persons liable, leaving them to settle their shares among themselves through recourse (Art. 62).
In company law claims, the rule is differentiated: each person liable for the same loss is jointly and severally liable with the others only to the extent the loss can be personally attributed to that person, considering fault and the circumstances (Turkish Commercial Code Art. 557(1)), and the court may determine each defendant’s liability in the same case (Art. 557(2)). Signatories of public disclosure documents are jointly and severally liable (Capital Markets Law Art. 32(1)). Which rule applies affects how much the investor can recover from the most solvent defendant, explained further in Suing Directors and Auditors of Turkish Listed Companies.
Interest from the date of the act
A debtor whose debt is due is put in default by the creditor’s demand, but in tort the debtor is in default from the date the act was committed (Turkish Code of Obligations Art. 117(2)). A debtor in default must compensate the creditor for loss caused by late performance unless it proves it was not at fault (Art. 118), and a debtor in default of a sum of money must pay default interest for past days (Law No. 3095 Art. 2(1)).
For investor tort claims, this means default interest can be claimed from the date of each harmful act, in practice often linked to the dates of the investor’s transactions, rather than from the date of a demand or of the lawsuit. Given the length of Turkish proceedings, interest can become a substantial part of the award. Default interest cannot itself bear default interest (Turkish Code of Obligations Art. 121(3)), and compound interest is not applied when calculating statutory and default interest, subject to the Commercial Code’s provisions (Law No. 3095 Art. 3).
Which interest rate applies
Interest rates under Law No. 3095
| Rate | How it is set | Article |
|---|---|---|
| Statutory interest | Eighty percent of the Central Bank’s rediscount rate for short-term credit transactions on 31 December of the previous year; if the rate on 30 June differs by five points or more, eighty percent of the 30 June rate applies in the second half of the year | Law No. 3095 Art. 1 (as amended by Law No. 7589, in force 31 July 2026) |
| Default interest | At the statutory rate, unless agreed otherwise | Art. 2(1) |
| Default interest in commercial matters | The Central Bank’s short-term advance rate on 31 December of the previous year, if higher than the statutory rate, even without agreement; mid-year adjustment if the 30 June rate differs by five points or more | Art. 2(2) |
| Where a higher contractual rate exists | Default interest is not lower than the contractual interest rate | Art. 2(3) |
| Foreign currency debts | The highest rate paid by state banks on one-year deposits in that currency, unless a higher rate is agreed | Art. 4/a |
The amendment by Law No. 7589 replaced the previous system with a statutory rate tied to the Central Bank’s rediscount rate, and it took effect on 31 July 2026. Because the rates are set by reference to dates, an award covering several years may apply different rates to different periods. Whether the higher commercial rate applies depends on whether the claim arises from a commercial matter: transactions and acts concerning a commercial enterprise, and matters regulated in the Commercial Code, are commercial (Turkish Commercial Code Art. 3). Claims against directors and auditors under the Commercial Code are therefore more likely to attract the commercial rate than tort claims against individuals with no commercial connection, but the classification is decided case by case.
Where interest is agreed by contract, the Code of Obligations caps it: contractual interest may not exceed the statutory rate by more than fifty percent (Art. 88(2)), and contractual default interest may not exceed it by more than one hundred percent (Art. 120(2)). These caps are relevant to contractual claims, for example against managers or brokers, rather than to tort claims.
Currency and foreign investors
Shares on Borsa Istanbul trade in Turkish lira, so an investor’s loss on them is usually calculated in lira, and a Turkish court awards compensation in lira. A money debt is paid in the national currency (Turkish Code of Obligations Art. 99(1)). Where payment in a foreign currency has been agreed, the debt may be paid in lira at the rate on the payment date unless the contract requires payment in the foreign currency itself; and if such a debt is not paid when due, the creditor may demand payment in the foreign currency or in lira at the rate on either the due date or the actual payment date (Art. 99(2)–(3)). These rules are relevant to contractual claims denominated in foreign currency, for example under an agreement with a manager or broker, where interest follows Law No. 3095 Art. 4/a.
For a foreign institution whose base currency is not the lira, the economic loss on Turkish shares includes the effect of currency movements between the date of the loss and the date of payment. Default interest in lira compensates for delay in lira terms. Whether the investor can recover more than that is governed by the excess loss rule below.
Loss exceeding default interest
A creditor who suffers loss greater than default interest is entitled to that excess loss as well, unless the debtor proves that it was entirely without fault (Turkish Code of Obligations Art. 122(1)). Where the amount of the excess loss can be determined in the pending case, the judge decides it together with the merits on the claimant’s request (Art. 122(2)).
Excess loss is not presumed. The creditor must show that it actually suffered a loss beyond what default interest covers and quantify it. For a foreign investor, a claim based on currency depreciation would need evidence of the investor’s base currency, what it would have done with the money if paid on time, and the resulting loss. The test for the defendant is strict: only proof that it bore no fault at all excuses it, and in deliberate manipulation cases that will rarely be possible. Requesting the court to determine excess loss in the same case (Art. 122(2)) avoids a second lawsuit.
Practical point: In a long Turkish case, the combination of default interest from the date of the act (Turkish Code of Obligations Art. 117(2)), the commercial rate where it applies (Law No. 3095 Art. 2(2)) and excess loss where proved (Art. 122) can make the final amount substantially higher than the original loss. Each element must be claimed expressly in the petition.
Hukukçular Evi Ankara
Ankara-based law office, Av. Fatma Öztürk. Telephone and WhatsApp: +90 554 648 37 15. We correspond in English.
Building a claim schedule
Turkish courts decide quantum on the evidence, usually with an expert. A well-prepared claim schedule makes the expert’s task, and the court’s, easier. The structure below is illustrative; it shows the information typically needed for each holding, with the legal rule each item relates to.
Illustrative structure of an investor’s claim schedule
| Item | What it records | Why it matters |
|---|---|---|
| Transaction record | Each purchase and sale: date, account, quantity, price, costs | Proof of loss (Turkish Code of Obligations Art. 50(1)); presumed causation for trades in the protected period (Capital Markets Law Art. 32(4)) |
| Disclosure timeline | Dates of the prospectus or announcements relied on, and of the corrective information | Defines the protected period and the correction defence (Art. 32(4) and (5)(c)) |
| Position after the truth emerged | Sale proceeds, or the value of shares still held | The amount of loss actually suffered |
| Market and sector movement | Index and sector performance over the same period | The defence that the loss would have occurred anyway (Art. 32(5)(ç)); equitable assessment (Turkish Code of Obligations Art. 50(2)) |
| Decision records | Investment committee papers, risk limits, research relied on | Reliance and contributory fault (Capital Markets Law Art. 32(5)(a); Turkish Code of Obligations Art. 52) |
| Interest start dates | Date of each harmful act relevant to the investor’s loss | Default from the date of the act in tort (Art. 117(2)) |
| Currency and funding data | Base currency, conversion dates, alternative use of funds | Proof of excess loss beyond default interest (Art. 122) |
Compensation through the criminal process
The criminal court does not award damages to investors, but the criminal process can bring money to them indirectly. Two provisions work very differently:
Payments that reduce criminal penalties
| Provision | Who receives the payment | Effect on the penalty | Article |
|---|---|---|---|
| Remorse in trade-based market manipulation | The Treasury: twice the benefit obtained or caused, and at least TL 500,000 | No penalty if paid before the investigation; halved if paid during the investigation; reduced by one third if paid before judgment | Capital Markets Law Art. 107(3) |
| Effective repentance in property offences such as abuse of trust and fraud | The victim: full return or compensation of the loss | Up to two thirds off if before prosecution begins; up to half if before judgment; partial compensation counts only with the victim’s consent | Turkish Criminal Code Art. 168(1), (2) and (4) |
The remorse payment for manipulation goes to the Treasury, not to investors, so it does not reduce their claims. Effective repentance, by contrast, requires compensating the victim, and where only partial compensation is offered the victim’s consent is required (Turkish Criminal Code Art. 168(4)). Where the charges include abuse of trust or fraud, investors who are victims of those offences may therefore be in a position to negotiate. Proceeds of offences are also confiscated only where they cannot be returned to the victim (Art. 55(1)), as explained in Freezing Assets in Turkey for Investor Claims.
Limitation and the amount claimed
Limitation periods apply to the claim as a whole, so the way the amount is claimed affects protection against them. Filing a lawsuit interrupts limitation (Turkish Code of Obligations Art. 154(2)). Filing a partial claim does not waive the rest unless expressly stated (Code of Civil Procedure Art. 109(3)), and when a partial claim is increased under the 2026 rule, limitation for the increased part is treated as interrupted from the date the case was filed (Art. 109(4)). Where mandatory mediation applies, the application suspends limitation (Law No. 6325 Art. 18/A(15)).
Limitation periods relevant to quantum
| Claim | Period | Article |
|---|---|---|
| Prospectus and public disclosure claims | Six months from the loss | Capital Markets Law Art. 32(6) |
| Tort claims | Two years from knowledge of the loss and the person liable; ten years from the act; the longer criminal limitation period where the act is a crime | Turkish Code of Obligations Art. 72 |
| Claims against founders, directors, managers and auditors | Two years from knowledge; five years from the act; the longer criminal period where applicable | Turkish Commercial Code Art. 560 |
| Increase of a partial claim | Once, until the end of the investigation stage; limitation treated as interrupted from filing | Code of Civil Procedure Art. 109(4) |
Two practical consequences follow. First, an investor that waits for full quantum evidence before suing may lose the six-month disclosure claim altogether; a partial claim filed in time protects the whole. Second, where loss suffered by the company is claimed against directors, the compensation is paid to the company, not to the shareholder who sues (Turkish Commercial Code Art. 555(1)), so the shareholder’s own recovery from such a claim is indirect.
Quantum in the proceedings
How quantum is handled procedurally
| Issue | Rule | Basis |
|---|---|---|
| Value of the claim | The petition must state the value of the subject matter in claims concerning property rights | Code of Civil Procedure Art. 119(1)(d) |
| Starting before quantum is known | A partial claim may be filed and increased once, until the end of the investigation stage; limitation for the increase is treated as interrupted from the filing date | Art. 109(1) and (4), as amended by Law No. 7589 |
| Expert evidence | Obtained where special or technical knowledge is needed; one expert as a rule, or an odd-numbered panel with reasons | Arts. 266(1) and 267(1) |
| Court fee | 68.31 per thousand of the amount decided on the merits; one quarter in advance | Fees Law No. 492, Art. 28(a) and Tariff 1 |
| Costs | Borne by the losing party, or shared in proportion to success | Code of Civil Procedure Art. 326(1)–(2) |
| Lawyer’s fee | The fee fixed under the statutory tariff is awarded to the successful represented party; it may differ from the fees actually paid | Code of Civil Procedure Art. 330 |
| Excess loss | Decided in the same case on request if it can be determined there | Turkish Code of Obligations Art. 122(2) |
Because the advance fee and the costs risk depend on the amount claimed, and the amount often depends on expert evidence that comes later, the partial claim with a single increase is now the standard way to start an investor damages case. The unquantified claim that used to serve this purpose was repealed by Law No. 7589. Several investors can coordinate their quantum evidence through joint or consolidated claims, as explained in Can Foreign Investors Bring a Class Action in Turkey?
Securing and collecting the amount
An award is only as good as the defendant’s assets. A precautionary attachment, ordered for a specific amount stated in the order (Enforcement and Bankruptcy Law Arts. 257 and 260), can secure assets for the claim before judgment; it requires security from the claimant (Art. 259) and lapses if the short completion deadlines are missed (Arts. 261 and 264).
Once a Turkish money judgment is obtained, an appeal does not stop its enforcement (Code of Civil Procedure Art. 367(1)). Enforcement begins with an enforcement order requiring payment within seven days (Enforcement and Bankruptcy Law Art. 32), and a debtor who appeals can obtain a stay only by depositing the amount or providing security accepted by the enforcement court (Art. 36). Default interest continues to run for the days that pass until payment (Law No. 3095 Art. 2(1)). The differences between enforcing a Turkish and a foreign judgment are explained in Suing in Turkey or Abroad: Jurisdiction and Enforcement.
Unit holders in the liquidated funds
For investors who held units in the 131 funds SPK ordered into liquidation on 17 September 2026, quantum works differently. According to the text of Law No. 7596 approved by parliament on 22 October 2026, as reported, interim payments to unit holders are calculated on an inflation-adjusted net-investment basis, up to TL 1 million per investor per fund. The law had not been published in the Official Gazette as at 25 October 2026. Unit holders’ routes are explained in our fund liquidation guide. Shareholders of listed companies are outside that regime and rely on the general rules in this guide.
Frequently asked questions
Who has to prove the amount of the loss?
The claimant (Turkish Code of Obligations Art. 50(1)). Where the exact amount cannot be proved, the judge determines it equitably, considering the ordinary course of events and the measures the claimant took (Art. 50(2)).
From when does interest run on a tort claim?
From the date of the harmful act, because in tort the debtor is in default from that date (Art. 117(2)).
What is the statutory interest rate now?
Since 31 July 2026 it is eighty percent of the Central Bank’s rediscount rate for short-term credit on 31 December of the previous year, with a mid-year adjustment if the 30 June rate differs by five points or more (Law No. 3095 Art. 1, as amended by Law No. 7589).
Can the commercial default rate be claimed?
In commercial matters, the Central Bank’s short-term advance rate can be claimed if it is higher than the statutory rate, even without agreement (Law No. 3095 Art. 2(2)). Whether a claim is commercial depends on its basis (Turkish Commercial Code Art. 3).
Can a foreign investor recover currency losses?
Compensation is awarded in lira. Loss beyond default interest, which may include currency-related loss, can be recovered if proved, unless the defendant shows it was entirely without fault (Turkish Code of Obligations Art. 122).
Can compensation be reduced because of the investor’s own conduct?
Yes, where the investor consented to the act, contributed to or increased the loss, or aggravated the defendant’s position (Art. 52(1)).
Can the defendant argue the shares would have fallen anyway?
Yes. In disclosure claims, the claim is rejected to the extent the investor would have suffered the loss even with accurate information (Capital Markets Law Art. 32(5)(ç)).
Does the court award interest automatically?
No. Interest must be claimed, with its start date and type. In tort the debtor is in default from the date of the act (Turkish Code of Obligations Art. 117(2)), and the commercial rate may be claimed where the matter is commercial (Law No. 3095 Art. 2(2)).
When does the defendant have to pay a Turkish judgment?
An appeal does not stop enforcement of a money judgment (Code of Civil Procedure Art. 367(1)). The enforcement order requires payment within seven days, and a stay requires depositing the amount or giving security (Enforcement and Bankruptcy Law Arts. 32 and 36).
Can lost profits be claimed?
Turkish law treats compensable loss as covering both the reduction in the injured party’s assets and the profit it was prevented from making, but lost profit must be proved like any other loss, subject to the judge’s equitable assessment where exact proof is impossible (Turkish Code of Obligations Art. 50).
Does waiting for expert evidence put the claim at risk?
It can. The six-month period for disclosure claims runs from the loss (Capital Markets Law Art. 32(6)). A partial claim filed in time and increased later protects the whole claim (Code of Civil Procedure Art. 109(4)).
Does a manipulator’s remorse payment reduce my claim?
No. Under Capital Markets Law Art. 107(3) the payment goes to the Treasury. Effective repentance under Turkish Criminal Code Art. 168, which applies to offences such as abuse of trust and fraud, requires compensating the victim.
Is compound interest allowed?
Not for statutory and default interest, subject to the Commercial Code’s provisions (Law No. 3095 Art. 3), and default interest cannot bear default interest (Turkish Code of Obligations Art. 121(3)).
Related guides
- Turkey’s 2026 Fund and Market Manipulation Crisis: Legal Guide for Foreign Institutional Investors — the entry point to this series
- Turkish Bond Defaults: Bondholders’ Boards and Enforcement
- Continuous Disclosure in Turkey: Inside Information and Delayed Disclosure
- How a Securities Lawsuit Proceeds in Turkey
- Limitation Periods for Investor Claims in Turkey
- Concealed Profit Transfers and Controlling Shareholder Liability
- Claims Against Brokers, Custodians and Portfolio Managers in Turkey
- When a Turkish Issuer or Broker Becomes Insolvent
- Obtaining and Preserving Evidence in Turkey for Securities Claims — preservation, document production and the criminal file
- Shareholder Rights in Turkish Listed Companies after the 2026 Crisis — general meetings, release, annulment and exit rights
- Insider Dealing in Turkey: Capital Markets Law Article 106 — trading on non-public information
- Prospectus and Disclosure Liability in Turkey: Articles 10 and 32
- Suing Directors and Auditors of Turkish Listed Companies
- Can Foreign Investors Bring a Class Action in Turkey?
- Freezing Assets in Turkey for Investor Claims
- Suing in Turkey or Abroad: Jurisdiction and Enforcement
- Market Manipulation under Turkish Law: Article 107 and SPK Enforcement
- Joining a Criminal Case in Turkey as a Foreign Investor
- Suing Turkey’s Capital Markets Board (SPK)
- Norway’s Wealth Fund and Turkey’s Market Manipulation Crisis
Important note: This guide is for general information only and does not constitute legal advice on any matter. It reflects the legislation in force as at 25 October 2026, including the amendment to Law No. 3095 made by Law No. 7589, in force since 31 July 2026. It does not state any current interest rate figure, because the rates are set by reference to the Central Bank’s rates on specified dates. The amount recoverable in any case depends on the facts, the evidence and the court’s assessment. Law No. 7596 had been approved by the Turkish Grand National Assembly but not yet published in the Official Gazette. Legislation relied on: Turkish Code of Obligations No. 6098, Arts. 49–52, 61, 62, 72, 88, 99, 117–122 and 154; Law No. 3095 on Statutory and Default Interest, Arts. 1, 2, 3 and 4/a (Art. 1 as amended by Law No. 7589); Capital Markets Law No. 6362, Arts. 32 and 107; Turkish Commercial Code No. 6102, Arts. 3, 555, 557 and 560; Law No. 6325, Art. 18/A; Code of Civil Procedure No. 6100, Arts. 109, 119, 266, 267, 326, 330 and 367; Criminal Procedure Code No. 5271, Art. 128; Enforcement and Bankruptcy Law No. 2004, Arts. 32, 36, 257, 259, 260, 261 and 264; Turkish Criminal Code No. 5237, Arts. 55 and 168; Fees Law No. 492, Art. 28 and Tariff 1.
