Century City: CHF 300,000 in capital, at least TRY 1.3 billion in Turkish share purchases

The record

A trading ban is an administrative sanction, not a finding that a crime has been committed. The criminal referrals in the decision concern 48 individuals. Century City and the Tera companies received trading bans; Lydia and Bulls companies are not among those institutions. Enver Çevik was released after giving a statement in the funds investigation in September; his companies denied involvement in manipulative trading.

The connections below are drawn from KAP disclosures and Swiss and UK registers. They show companies appearing in the same transactions and ownership tables; they do not establish coordination or identify who is behind Century City. The Ledgers presents its questions to the parties concerned; responses will be published when received.

Many of these connections were first compiled in a thread by X account @bymns001. Halk TV and Evrensel also reported Century City’s Özata and Gildencrest links in early October. The Ledgers checked the records individually and identifies the information it could not verify.

Boxes on the left show intersections with Tera; those on the right concern Enver Çevik’s Lydia–Bulls group. Both groups appeared in the Özata transaction.

22 October: on the same ban list as Tera

SPK bulletin 2026/73, dated 22 October, covers Altınkılıç Gıda (ALKLC) and Anel Elektrik (ANELE). In the ANELE file, 48 individuals were referred for criminal investigation and banned from trading for two years; 28 individuals’ licences were revoked for the duration of the ban. Institutional sanctions were as follows:

Source: bulletin summaries by Paratic and Hukukçular Evi. The precise scope of the bans on Century City and Tera Yatırım Holding requires confirmation against the decision itself.

In the ALKLC file, Tera Portföy received a two-year ban limited to proprietary transactions in that share. After ANELE had risen 903% in a year, Borsa İstanbul prohibited short selling and margin trading in the stock from 10 September to 9 October (Paratic).

The decision follows a series of measures affecting Tera. On 17 September, SPK suspended trading in funds managed by seven portfolio companies, including Tera Portföy and Bulls Portföy, and ordered the liquidation of around 130 funds (İstiklal). Tera Yatırım Holding chair Emre Tezmen was detained on 19 September and remanded in custody on suspicion of commercial fraud, forming a criminal organisation and violating the Capital Markets Law (Milli Gazete). Remand is not proof of guilt. On 30 September, SPK temporarily suspended Tera Yatırım’s activities effective 18 October; on 16 October it imposed bans on Tera Yatırım and Tera Portföy over transactions in Vişne Madencilik (VSNMD) shares (Hukukçular Evi).

A CHF 300,000 company in Lugano

Century City Securities SA was entered in Ticino’s commercial register on 8 June 1998 (UID CHE-104.690.993). Its registered capital is CHF 300,000. In April 2026, its address moved from Via Serafino Balestra 27 to Via Guglielmo Marconi 4 in Lugano (Moneyhouse register).

The register lists Luca Freudiger as a board member and Fabrizio Scalera and Giorgio Lombardo as authorised signatories. Its auditor since 2011 has been Prosolve SA of Bioggio.

Its objects clause, amended in 2021, covers short-term securities trading for its own account, brokerage exclusively for institutional clients and management of its own assets. The same clause states that the company does not conduct activities requiring authorisation from Swiss regulator FINMA.

Shareholders are not public: Switzerland’s commercial register does not publish the shareholders of companies of this form. The company’s Legal Entity Identifier (LEI), registered since 2017, lists no parent either, citing the absence of a consolidated financial reporting obligation (LEI record).

An unanswered question remains. The KAP disclosure for the Galatasaray Sportif sale described Century City’s purchase as being for its own account. Public records do not explain the funding behind billion-lira proprietary purchases by a company with CHF 300,000 in registered capital.

Purchases reported to KAP: at least TRY 1.33 billion

At disclosed prices, the six transactions in which Century City appears as a buyer since 2023 total at least TRY 1.33 billion. The largest single purchase was the Özata Denizcilik deal, in which Tera and Bulls both participated.

Source: KAP disclosures and Rota Borsa reports reproducing them. Values are nominal shares multiplied by disclosed prices, calculated by The Ledgers. The exact price of the Galatasaray purchase was not disclosed.

Özata: from TRY 212 to TRY 5,000, then back. The block sale transferred TRY 3.3 billion in shares, representing 21.86% of capital. The price rose in subsequent months, reached TRY 5,000 in early September and hit successive daily lower limits from 16 September (Hisse.net). Its one-year high was TRY 5,115; it closed at TRY 236.70 on 26 October (Mynet). It is unknown whether Century City retained its shares or when and at what price it sold them.

Özata also featured in the funds investigation through transactions by former AK Parti deputy chair Fatma Betül Sayan Kaya and her husband. Halk TV alleged that Century City bought the shares in the couple’s profitable sale and that Bulls Yatırım acted for the seller. The Ledgers found no record confirming this. The couple said in their statements that they had received neither instructions nor privileged information for their transactions.

Context for the other transactions. Each Penta purchase allocated Century City 4.95% of capital; crossing 5% requires a separate KAP disclosure. We found no disclosure establishing whether the June shares were still held in November. The Çan2 Termik sale had 25 buyers, including portfolio companies or funds associated with Pusula, Hedef, Pardus, A1 and Bulls. These five were among the seven companies whose funds were suspended on 17 September 2026, two years later. Mega Metal had ten buyers; its disclosure does not identify which buyer Tera Yatırım represented.

Galatasaray: three developments in 23 days

Century City bought 24.59% of the shares left unsubscribed in Galatasaray Sportif’s July 2025 rights issue. Two weeks later, Lydia Holding’s Galatasaray sponsorship was announced. Nine days after that came Tera’s partnership agreement with 1000 Yatırımlar, in which Lydia holds a stake.

Galatasaray sold the remaining shares in an open public sale; the club did not select the buyers. The sponsorship was an advertising contract disclosed to KAP. The records do not establish a link between these three developments.

The timing raises questions because of other intersections between the parties: Century City owns shares in Lydia Yeşil Enerji and appeared alongside Tera in the same block transactions. Lydia Holding also owns 8.97% of 1000 Yatırımlar. The Ledgers asks Galatasaray and Lydia Holding whether they have a relationship with Century City.

From Lydia to Bulls: Enver Çevik’s companies

Enver Çevik owns 76.32% of Lydia Holding and chairs its board. Via Lydia, his indirect economic interest in broker Bulls Yatırım Menkul Değerler is approximately 21.65% (The Ledgers calculation: 76.32% × 33.33% × 85.10%).

According to Lydia Holding’s report for 30 June 2026, it owns 64.89% of Lydia Yeşil Enerji and 33.33% of Bulls Yatırım Holding (KAP). As of October 2025, the other Bulls Yatırım Holding shareholders were Kemal Akkaya and Neslihan Mumcu, each with 33.33% (Hisse.net). Bulls Yatırım Holding owns 85.10% of Bulls Yatırım Menkul Değerler, which in turn owns all of Bulls Portföy (Habergazetesi).

Management also overlaps. Kemal Akkaya chairs Bulls Yatırım Menkul Değerler and is deputy chair of Lydia Holding.

Çevik’s connection to 1000 Yatırımlar dates to its flotation. He attended its 20 November 2023 bell-ringing ceremony as founder of EC Yatırımlar Holding (Borsa İstanbul). Lydia Holding now owns 8.97% of 1000 Yatırımlar’s capital and 5.34% of its voting rights (KAP ownership table).

Statements in the funds investigation. Lydia Holding’s KAP disclosure of 23 September says Çevik was questioned and gave a statement, then was released by the chief prosecutor’s office. It denied that the companies were involved in manipulative trades, market abuse or unusual money transfers. Halk TV reported that Çevik and Akkaya were released after detention and statements; Akkaya said his company had not participated in pyramid-style fund structures (Halk TV).

Bulls Portföy is one of the seven companies whose funds SPK suspended on 17 September. Fifteen of its funds entered liquidation, with Ziraat Bankası appointed to carry it out. The company said its funds faced neither liquidity problems nor risky trading (Habergazetesi). Prosecutors requested MASAK examination of the financial data of Bulls Yatırım executives and affiliates (Milli Gazete). The sources available to The Ledgers contained no indictment against Çevik, Akkaya, Lydia or the Bulls companies.

LYDYE and BINBN: shareholders in the same companies

Century City directly owns shares in Lydia group’s Lydia Yeşil Enerji and in BinBin, controlled by 1000 Yatırımlar.

Lydia Yeşil Enerji (LYDYE). The KAP-derived ownership table viewed by The Ledgers on 27 October shows 64.89% held by Lydia Holding, 5.24% directly by Enver Çevik and 5.97% by Century City. Çevik chairs the board. Century City’s stake had reached 6.3% in September (Evrensel).

A Bulls fund also held shares in the company. Bulls Portföy İkinci Hisse Senedi Serbest Fon raised its LYDYE stake to 6.50% on 29 July 2025 (KAP). A fund with that same name appears among the 15 Bulls funds ordered into liquidation on 17 September (Milli Gazete). It does not appear in the current ownership table, which lists only holdings above 3%.

Bin Ulaşım (BINBN). 1000 Yatırımlar Holding owns 75.02% of the BinBin-branded company; Century City’s current stake is 4.00% (ownership table). The latter had reached 5.8% in September (Evrensel).

11 September: opposite movements with the former Tera Europe

On 11 September, six days before SPK intervened in the funds, the LYDYE and BINBN balances of Century City and UK company Gildencrest Capital, in which Emre and Oğuz Tezmen are shareholders, moved in opposite directions by similar quantities.

Gildencrest Capital Limited was formerly Tera Europe Limited; its name changed on 31 January 2024 (LEI record). Companies House lists Emre Tezmen and Oğuz Tezmen as each holding more than 25% but less than 50% since 2016. Trade publication FX News Group describes it as a subsidiary of Tera Yatırım controlled by Oğuz Tezmen. Emre Tezmen was detained on 19 September and subsequently remanded.

Source: data shared on X and described as based on MKK ownership records. The Ledgers could not independently verify it. Halk TV reported the same pattern in early October.

The LYDYE quantities match exactly; the BINBN difference is 16,101 shares. Balance changes do not establish that shares passed directly between these two companies. The movements nevertheless concern the same day, the same two stocks and nearly identical quantities.

What we know and what we do not

Records show where, with whom and in which transactions Century City appears. They do not identify who is behind it.

The Ledgers asks

Accountability begins with clear answers to clear questions. The Ledgers presents the following questions to the parties concerned; responses will be published when received.

Century City Securities SA, Lugano

1. Who are the ultimate beneficial owners? Are any shareholders Turkish citizens or residents of Türkiye?

2. Were the 2023–2026 Borsa İstanbul purchases for the company’s own account or for others? How were they funded?

3. What is your response to the ANELE-related SPK ban? Will you appeal?

4. Do you have ownership, management or client relationships with Tera companies, Gildencrest Capital, Lydia or Bulls?

5. Who were the counterparties to the LYDYE and BINBN share movements on 11 September 2026?

6. When and at what price did you sell the Özata shares? Did you buy shares from Fatma Betül Sayan Kaya or her husband?

Enver Çevik and Lydia Holding

7. Do you or Lydia have any direct or indirect relationship with Century City? When did you learn of its LYDYE holding?

8. How did the Galatasaray sponsorship arise? Was it connected to Century City’s July 2025 Galatasaray Sportif purchase?

Bulls Yatırım and Bulls Portföy

9. Bulls Yatırım represented the seller in the Özata deal on 30 April 2026. Is Century City a client?

10. What happened to Bulls Portföy İkinci Hisse Senedi Serbest Fon’s LYDYE shares during liquidation? To whom and at what price were they sold?

Tera Yatırım and Tera Yatırım Teknoloji Holding

11. Tera represented the buyers in the Özata transaction. Is Century City a client? Is there a relationship between Gildencrest Capital and Century City?

Galatasaray Sportif and 1000 Yatırımlar Holding

12. To Galatasaray Sportif: were you aware that Century City was the largest buyer in July 2025? To 1000 Yatırımlar: are you aware of its BinBin stake? To both: have you met or had any relationship with Century City or its executives?

SPK

13. What is the scope of the Century City Securities SA ban? Have its ultimate beneficial owners been identified?

Based on reporting from: X, @bymns001; Evrensel, 06.10.2026; Paratic, 22.10.2026; Hukukçular Evi, 23.10.2026; Paratic, ANELE tedbiri, 09.09.2026; İstiklal, 17.09.2026; tutuklamalar; Hukukçular Evi, Tera grubuna ilişkin SPK kararları, 20.10.2026; Moneyhouse — Century City Securities SA sicil kaydı; LEI kaydı; KAP 1598863 — Özata Denizcilik toptan satış bildirimi, 29.04.2026; Mega Metal, Mart 2026; Galatasaray Sportif satış sonucu, 25.07.2025; Çan2 Termik, Haziran 2024; Penta, Kasım 2023; Özata, 30.09.2026; Mynet, Özata fiyat verisi, 26.10.2026; Halk TV, Century City; Halk TV, Sayan Kaya'nın ifadesi; Penta, Haziran 2023; Lydia Holding, 1 Ocak–30 Haziran 2026 faaliyet raporu; Lydia birleşmesi, 24.10.2025; Habergazetesi, Bulls Portföy; Paratic, Lydia–Galatasaray sponsorluğu, 06.08.2025; KAP 1479400 — 1000 Yatırımlar, Meta Mobilite anlaşması, 15.08.2025; KAP 1554992 — işlemin tamamlanması, 09.02.2026; Borsa İstanbul — 1000 Yatırımlar gong töreni, 20.11.2023; BINHO; KAP 1666945 — Lydia Holding'in fon soruşturması açıklaması, 23.09.2026; Halk TV, Çevik ve Akkaya serbest bırakıldı; LYDYE; KAP 1467927 — Bulls Portföy'ün LYDYE pay bildirimi, 29.07.2025; tasfiye listesi; BINBN; LEI kaydı; Companies House — Gildencrest Capital Limited (07604372) önemli kontrol sahipleri; FX News Group, Tera Europe / Gildencrest; KAP 1465284 — Galatasaray Sportif kalan pay satış duyurusu, 22.07.2025; Bulls Yatırım günlük bülten, 24.06.2024; Galatasaray — official Lydia sponsorship announcement, 6 August 2025; KAP 1473211 — Lydia sponsorship agreement; Stadium photograph: AdamAppel / Wikimedia Commons, public domain, 24 August 2015.