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Fund Coordination Board: 38 funds remain in liquidation, payments start Oct. 30
The Fund Coordination Board, chaired by Vice President Cevdet Yılmaz, said the number of funds undergoing liquidation had fallen from 131 to 38 and that a total of 68 billion liras had been paid into 71,899 accounts. The first interim payments for funds covered by extraordinary liquidation are expected to begin on Friday, Oct. 30.
The eighth meeting of the Fund Coordination Board was held under the chairmanship of Vice President Cevdet Yılmaz. The Ministry of Justice, the Ministry of Treasury and Finance, and the affiliated institutions and organizations of both ministries attended the meeting.
The board said the number of funds undergoing liquidation had fallen from 131 to 38 since the process began, while in-kind and cash liquidation payments totaling 68 billion liras had been made into 71,899 accounts. At the board's previous meeting, the number of funds undergoing liquidation had been given as 47, the number of accounts receiving payments as 55,755, and total payments as 49.7 billion liras.
Law No. 7596 enters into force
The Law on Certain Investment Funds Ordered to Be Liquidated, No. 7596, which aims to ensure that the liquidation process is conducted fairly, transparently and effectively and to provide legal security for payments, was published in the Official Gazette on Oct. 27 and entered into force. The Capital Markets Board (CMB) also set the procedures and principles for liquidation and payments in a decision adopted the same day.
The first interim payments for funds covered by extraordinary liquidation, whose procedures were clarified by the law and the CMB decision, are expected to begin on Friday, Oct. 30.
27.2 billion liras paid from Hedef Portföy funds
Liquidation payments began for 31 funds founded by Hedef Portföy Yönetim Şirketi following the CMB's decision dated Oct. 15. The liquidation procedures for 27 of those funds were largely completed as of Oct. 23. In this context, 27.2 billion liras was paid into 26,152 accounts. Work continues on liquidating the group's remaining four funds.
Refunds to accounts established under the Savings Deposit Insurance Fund (TMSF) are continuing, the board said. The Financial Crimes Investigation Board (MASAK) is also continuing its work abroad concerning companies subject to the fund investigation, people suspected of manipulation, suspicious transactions and the funds' ultimate beneficial owners.
New legislation to be submitted to Parliament
Technical preparations for a draft bill containing structural measures to prevent similar problems from recurring will be accelerated. The draft will be submitted to the Grand National Assembly of Türkiye after being finalized through consultations with industry stakeholders.
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