Türkiye’s Fund Coordination Board held its sixth meeting under Vice President Cevdet Yılmaz, with the justice ministry, the treasury and finance ministry and their affiliated institutions taking part, the Directorate of Communications said on Sunday.
Liquidation has been completed in 66 investment funds managed by A1 Portföy, Bulls Portföy and Pardus Portföy, the statement said. In a process carried out through state lender Ziraat Bank, in-kind and cash liquidation worth about 40.8 billion liras was completed for more than 45,000 people holding these funds. As a result, the number of funds in liquidation fell from 131 to 65.
After the board’s fifth meeting on Oct. 13, officials had said the 40.5 billion-lira liquidation of the three companies’ funds was targeted for completion by the end of the week.
Bill heads to parliament floor
A bill aimed at ensuring that the liquidation of certain funds ordered by the Capital Markets Board (SPK) is carried out fairly, transparently and effectively, and at giving payments legal certainty, was approved by parliament’s Plan and Budget Committee on Oct. 14. It is expected to be debated by the General Assembly next week. The bill allows interim payments of up to 1 million liras to investors, not exceeding each person’s net investment.
The board also held a first review of a new draft providing for permanent and comprehensive changes to the Capital Markets Law. The draft aims to fix structural problems in the capital markets, strengthen regulatory and supervisory mechanisms and make sanctions more of a deterrent.
Hedef Portföy funds to follow the same rules
Under an SPK decision dated Oct. 15, the liquidation of funds founded by Hedef Portföy will follow the same principles applied to the A1, Bulls and Pardus funds. Next week, payments are planned for as many people as possible, starting with investors in money market funds.
On Sept. 17, the SPK ordered the liquidation of funds founded by the portfolio management companies Tera, Pusula, Hedef, Atlas, A1, Pardus and Bulls, and the funds were closed to trading on the TEFAS platform. The number of funds in liquidation later rose to 131.
