Turkish Treasury and Finance Minister Mehmet Şimşek addressed the funds placed in liquidation as part of a fund investigation, speaking at the National Vision in Economy and Finance Summit in Istanbul. "In the 17 funds in ordinary liquidation, the money of 43,000 fund participants has been transferred to the relevant banks as of today," he said.
Şimşek said priority was given to money market funds and small investors. The Communications Directorate published the names and codes of the 17 funds, which were set up by A1 Capital Portföy, Bulls Portföy and Pardus Portföy.
"No systemic risk"
Şimşek said the total size of the inflated funds corresponds to 0.7% of national income, but that not all of it should be considered a loss. "There is no need at all to worry about capital markets; there is no systemic risk," he said, adding that closed-end funds are a separate area where he also sees no major problem.

The process covers a total of seven portfolio management companies, three of which are in ordinary liquidation; work on the others may take longer.
New bill to go to parliament
"We are not downplaying the problem, but serious regulations have been made so that it does not happen again, and more will be made," Şimşek said. "Everyone engaged in market-disrupting activity will be held accountable before the law; a new bill will be submitted to parliament."