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- October 13, 202619°
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- INTEREST37.00%-1.00
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- October 13, 202619°
Şimşek to chair meeting on liquidation and payments for 131 investment funds
A critical meeting chaired by Treasury and Finance Minister Mehmet Şimşek will address the liquidation and payment processes for 131 investment funds belonging to seven portfolio management companies. Protecting investors’ rights and interests will be the top priority.
A comprehensive meeting chaired by Treasury and Finance Minister Mehmet Şimşek will address the liquidation and payment processes for 131 investment funds belonging to seven portfolio management companies.
The Treasury and Finance Ministry said Şimşek will return to Türkiye from the United States around noon today after his engagements at the United Nations General Assembly. Technical work will begin after Şimşek’s return with the participation of the relevant institutions and organizations.
The meeting’s main agenda will be the procedures for the 131 investment funds undergoing liquidation and the practical rules governing payments to investors.
Discussions are expected to continue on September 25. The roadmap for completing the liquidation and payment procedures fairly, properly and as quickly as possible will be assessed.
Investor rights to remain the top priority
Protecting investors’ rights and interests will be treated as the top priority at the meetings. Steps that can be taken to support the sound functioning of markets and financial stability will also be assessed within the duties and powers of the relevant institutions.
Inter-institutional coordination, the technical details of the liquidation procedures and the methods to be used during the payment process are also expected to be on the meeting agenda.
The Capital Markets Board had previously decided to liquidate a total of 131 investment funds belonging to seven portfolio management companies. It was decided that Ziraat Bank and İş Bank would carry out the liquidation procedures.
As part of the process, the funds’ assets will be converted into cash. After debts and expenses are deducted, the remaining amount will be distributed to investors in proportion to the participation units they hold. The appointment of the banks does not mean that investors have been given a specific payment amount or a guarantee of principal.
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