Altunç Kumova calls Destek Faktoring's 1.3 trillion lira valuation abnormal in testimony

September 19, 2026 at 05:38 PM2 min

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Detained Destek Holding owner Altunç Kumova told prosecutors that Destek Faktoring's rise from a 15 billion lira market value to 1.3 trillion lira was abnormal. He said he took no action because he trusted the Capital Markets Board to flag irregularities. Kumova also stated he did not trade the shares during the one-year lock-up period.

Key Facts

Destek Faktoring's market value rose from approximately 15 billion lira at its IPO to 1.3 trillion lira, according to prosecutors' questions cited in Kumova's testimony.
Kumova said he owns 99% of Destek Holding, which includes a bank, factoring company, brokerage, portfolio management company, and crypto firm.
Destek Faktoring's IPO was approved in February 2025, with 25% of shares offered to the public.
Kumova stated that after the IPO, about 20% of shares were bought by Tera Group companies and other qualified investors, and about 5% by individual investors.
Kumova said he did not buy or sell Destek Faktoring shares because a one-year lock-up period prohibited sales after the IPO.

The Testimony

Altunç Kumova, owner of Destek Holding, gave his statement to the Istanbul Chief Public Prosecutor's Office as part of an investigation into capital market transactions. He said he has been in trade for 39 years and owns 99% of Destek Holding, which includes a bank, factoring company, brokerage, portfolio management company, and crypto firm. Kumova stated that Destek Faktoring's IPO was approved in February 2025 and that 25% of the company was offered to the public. He said he initially agreed with one bank for the IPO but switched to Tera Yatırım after the first bank proved inadequate, signing a standard 2% commission agreement.

Share Allocation and Trading

Kumova said that on the evening of the IPO, he received Central Securities Depository information and Capital Markets Board approval, and his review showed about 20% of shares were bought by Tera Group companies and other qualified investors, and about 5% by individual investors. He stated he did not ask Tera Group why they bought shares because share trading had nothing to do with his company's activities. Kumova said he did not buy or sell Destek Faktoring shares because a one-year lock-up period after the IPO prohibited sales, and he did not trade during that period.

Abnormal Valuation

When prosecutors asked whether the rise from a 46 lira share price and approximately 15 billion lira market value to 1.3 trillion lira was abnormal, Kumova replied, "Yes, the figure you mentioned is abnormal." Kumova said he did not know what to do as the company owner because he was not interested in share value or sales, and he focused entirely on commercial activities. He said he did not make any inquiry about the abnormal situation because he assumed the Capital Markets Board would notify him if something was wrong. Kumova added that the high share value was pleasing to him as a trader, according to Sabah's report.