President Erdoğan emphasized priorities regarding fund liquidations and investors at the capital markets meeting

Vice President Cevdet Yılmaz, Minister of Treasury and Finance Mehmet Şimşek, as well as the heads of relevant institutions such as the Capital Markets Board (CMB), Banking Regulation and Supervision Agency (BDDK) and Borsa Istanbul, also attended the meeting held at the Presidential Complex.

What was discussed?

After the critical summit, which lasted approximately 3 hours under the chairmanship of Erdoğan, a written statement was made by the Presidential Communications Directorate. According to the statement, while the recent developments in the capital markets were evaluated at the meeting, the participants provided information to the President about the studies carried out in their fields of duty and the measures taken and to be taken. Erdoğan emphasized that his main priorities are to meticulously continue the work on the funds decided to be liquidated, to protect the rights of investors within the framework of capital market rules, and to make payments fairly, healthily and as soon as possible.

In this context, the "Fund Coordination Board" was established under the chairmanship of Vice President Cevdet Yılmaz to ensure general coordination in order to carry out the liquidation process quickly, taking into account the legitimate rights of investors and the public interest. Upon Erdoğan's instructions, the State Supervisory Board (DDK) started the review and audit process covering the recent investment fund transactions in the capital markets. At the meeting, information was also given about the process regarding the transfer of Katılımevim and Birevim Savings Financing Companies and İktisat Katılım Bankası to Türkiye Emlak Katılım Bankası.

Roadmap for paying investors

CMB presented the road map for making payments to investors whose entitlement reconciliation has been completed in the funds within the scope of liquidation, according to their assets and liquidity status. In addition to solving the current problem, a determination was made to implement additional administrative and legal regulations that will strengthen the functioning of capital markets and control mechanisms in order to prevent similar situations from occurring again.