The Prosecutor’s Office in Istanbul said that the authorities have been jointly owned by the construction company of Istanbul, Akram Imamoglu.
Türkiye arrested Imamoglu yesterday, Wednesday, on charges that include corruption and assisting a terrorist group, in a move criticized by the main opposition party and considered it a “attempt to counted the next president,” as he put it.
In a statement issued late yesterday, Wednesday, the Public Prosecutor’s Office said that the reservation of (Imamoglu Construction, Trade and Industry) was based on a court decision based on the reports of investigating financial crimes.
Market declines
This comes after the Turkish lira fell, the largest daily decrease ever during the trading yesterday, as it was fell to a record level of 42 pounds for the dollar, as it declined by 11%, in light of an intensive wave of sale that struck financial markets.
Despite the attempts of local banks to intervene partially support the lira, which improved to 38.90 pounds for the dollar in the latest trading, it is still at its lowest historical levels.
The lira was closed on Tuesday at 36.67 pounds for the dollar, which means that it lost more than 12% of its value within hours, becoming the worst performance among the emerging markets for this year.
The Turkish lira is trading at 38 against the dollar, in the latest transactions.
The wave of sale in the intervention of Turkish banks caused, as financial institutions sold approximately $ 8 billion in an attempt to stop the severe deterioration, according to the Bloomberg agency from informed sources. However, this intervention was not sufficient to contain the crisis, as the lira continued to retreat amid increasing concerns about political and economic stability in the country.
The Turkish stock market was not immune to economic repercussions, as the main index decreased by 6.9% at the opening of trading on Wednesday, before witnessing a recovery today.
The Turkish stock index rose 100 by 1.67% to 10025 points, in the latest trading today.
