FNG Exclusive… FNG has learned that longtime Tera Europe Ltd CEO Burak Akbulut has resigned from the company. He had been CEO for the past five years. FCA licensed Tera Europe operates the TeraFX Retail FX and CFDs brand. The company is a subsidiary of Tera Financial Holdings Ltd, and ultimately of Turkish investment firm Tera Yatirim (more on the company below).

Replacing Mr. Akbulut as CEO of TeraFX is David George, who joined TeraFX early last year as Mr. Akbulut’s “number two” at the company. David George was previously Managing Director and Head of Trading in London for Russian investment bank Renaissance Capital. From 2006-2013 David George was Managing Director, COO Emerging Market Equities at Goldman Sachs in London.

TeraFX is controlled by Turkish businessman and former politician Oğuz Tezmen, and his son Emre Tezmen. The Tezmens control Turkish investment bank Tera Yatirim with a more than 80% holding, and through it the UK company Tera Europe Ltd which as noted operates the terafx.com website. Tera Europe Ltd has been licensed by the FCA since 2012, and the group also holds a Dubai DFSA license. Oğuz Tezmen was Turkey’s Minister of Transport in the mid-1990s.

Burak Akbulut posted the following note on social media:

I stepped down from CEO role of Tera Europe Ltd as of today and hand it over to David George… I am confident that he will carry the company to another level… Congrats and wish him all the success….