Turkey’s ever-widening post-coup purge has taken its toll on the Capitals Market Board (SPK) as the regulator fails to carry out its most basic tasks.
SPK’s workload has been piling up every passing day as it fails to function properly after three of its decision committee members were suspended over their alleged links to the Gülen movement.
According to Bloomberg, at least 25 companies are currently awaiting authorization for transactions including selling debt and capital increase.
The regulator has also failed to publish any of its weekly bulletins since July 26, making August the first month without one in the past 26 years.
SPK used to publish bulletins in order to announce fines and approvals.
Usually made up of seven officials, the decision committee requires at least five members to convene. Yet, SPK was left with only four members at most after the suspensions.
The government accuses the movement of masterminding the July 15 coup attempt while the latter denies any involvement. More than 100,000 alleged Gülen sympathizers have been either sacked or suspended from within state institutions.