Mark Mobius facing Turkey probe
Veteran emerging markets investor Mark Mobius is being investigated by the Turkish market watchdog over possible market manipulation.
VIP: Mobius was listed in Top 100 Most Powerful by Asiamoney magazine in 2006
Senior officials from the watchdog SPK were quoted saying the probe came after requests from Turkish investors and was in connection to comments the fund manager made last week.
Mobius, who has more than 30 years experience in emerging markets, told reporters last week there could be a 15% to 20% market correction by the end of the year. Shares in Istanbul lost 3% that day.
The Turkish benchmark has risen by nearly a third this year.
He tempered the gloomy view by saying: 'As I see it now we are in a bull market so any threat will be very short this year if there is a correction.'
And last month the emerging markets guru said he planned to add up to £187m to the £623m he already has invested in Turkey.
Mobius is executive chairman of the Templeton Emerging Markets team which manages £18.8bn in emerging markets. He is responsible for the Templeton Emerging Markets Investment
Trust, one of Britain's biggest investment trusts with a market value of £2bn.
In 2006, the septuagenarian was listed as one of the Top 100 Most Powerful and Influential People by Asiamoney magazine.
He has been travelling the world, investing almost since he left the Massachusetts Institute of Technology with a PhD in Economics and Political Science.
He joined Franklin Templeton Investments in January 1987 and is based in Singapore.
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