Türkiye’s Capital Markets Board (CMB) adopted new decisions on the conduct of the liquidation process for funds established by A1 Capital, Bulls and Pardus Portfolio Management Inc. that are included on the liquidation list.
The Board decided to begin the liquidation process with investment funds whose titles include the term “money market.” The funds will be liquidated in order from those with the highest number of investors to those with the lowest.
Interim payments for investors in funds under liquidation
Interim payments will be made to all unitholders whose reconciliation has been completed in the funds established by Tera, Pusula, Atlas and Hedef Portfolio Management Inc. that are undergoing liquidation. The payments will be deducted from the amounts to which investors become entitled at the end of the liquidation process.
The net investment amount to be determined for each investor by the Central Securities Depository Inc. will be taken into account when calculating the interim payments. Investors whose net investment amount on the payment date is below 1 million liras will receive the full amount, while those with 1 million liras or more will receive no more than 1 million liras.
The additional liquidation procedure will be implemented starting with money market funds. No unit redemption will be made in exchange for the interim payment; unit redemptions will be carried out during the final liquidation payments.
Some funds suspended from trading may reopen
Once the liquidation process is completed, funds not covered by the liquidation process that were suspended from trading on the Türkiye Electronic Fund Trading Platform (TEFAS) and through distribution channels outside TEFAS in line with the Board’s decisions dated Sept. 17 may be reopened for both buying and selling simultaneously across all distribution channels.
The founding portfolio management company will determine the reopening date of the funds and the rules for buying and selling units, taking into account the structure of the fund portfolios, liquidity, market conditions and investors’ interests.
Conditional approval for Hektaş’s capital increase
The CMB conditionally approved the issuance document for the private placement capital increase to be carried out by Hektaş Ticaret Türk Inc. against a capital advance of 2.38 billion liras.
The company plans to increase its issued capital of 8.43 billion liras within its registered capital ceiling of 25 billion liras, with existing shareholders’ preemptive rights restricted. The increase will be made in an amount corresponding to the 2.38 billion lira capital advance paid to the company by the General Directorate of the Army Assistance Institution.
The share price used as the basis for the private placement capital increase may not be lower than the higher of 3.39 liras, applicable to the OYAK General Directorate in the wholesale transaction dated June 25, 2026, and the base price to be determined under Borsa İstanbul’s relevant procedure.
The issuance document was viewed favorably on condition that it be amended to include the share sale price to be determined following the application to Borsa İstanbul Inc.
Tera Investment’s activities temporarily suspended
The Board temporarily suspended the capital markets activities of Tera Yatırım Menkul Değerler Inc. as of 6:10 p.m. on Sept. 30.
The licenses of Emir Münir Sarpyener, Hayriye Car and Hakan Gövdere, who were stated to have responsibility for transactions and activities unlawfully carried out by Tera Yatırım Menkul Değerler Inc., were permanently revoked.
Following an investigation into Borlease Otomotiv Inc., the Board decided to impose administrative fines totaling 2.996 billion liras on eight individuals for the delayed publication or non-preparation of reports concerning whether the assumptions used to determine the public offering price had been realized.
The CMB also decided to initiate the necessary legal proceedings to block access to three websites in order to prevent unauthorized activities in the capital markets.
