The bill regulating the payments to be made to investors affected by investment funds in the liquidation process was accepted by the Turkish Grand National Assembly (TBMM) Planning and Budget Commission. The proposal will next be discussed in the General Assembly of the Turkish Grand National Assembly. AK Party Samsun Deputy Ersan Aksu, one of the first signatories of the proposal, announced the details of the legal regulation regarding 131 investment funds decided to be liquidated by the Capital Markets Board (CMB). Aksu stated that this situation does not pose a structural or systemic risk throughout the financial system; He stated that 84 people were arrested in this process. Emphasizing that public resources and the treasury budget will not be used in the liquidation process, Aksu said, "The bill will be made to the manipulators and those responsible who caused the damage, not to our beloved nation." Stating that there are more than 2 thousand investment funds in the fund markets and the number of funds decided to be liquidated by the CMB is 131, Aksu said, "These 131 funds constitute 4.6 percent of the total number of funds in the market and 7.7 percent of the total portfolio value. Therefore, the problem occurred in a very limited part of the fund market."
Explaining that the most important expectation of investors during the liquidation process is that payments be made as soon as possible, Aksu continued as follows:
"The net investment amount will be updated with the arithmetic average of the Consumer Price Index and Domestic Producer Price Index change rates until the liquidation date. In the liquidation of the funds, money outflows will be made in an order in accordance with the 'first in, first out' method. Our proposal allows for interim payments of up to 1 million liras per person. If the available cash is insufficient, payments will be made starting from the smallest investors with the lowest net investment amount."
MASAK took it into consideration
Deputy Minister of Treasury and Finance İlhan Hatipoğlu announced that the accounts and assets of 278 people from 29 countries were examined through MASAK in the fund investigation. While the judicial letter rogatory process has been initiated for the return of assets to Turkey, the aim is to make quick payments to investors. Hatipoğlu said, "Requests were made to 278 real and legal persons for information regarding their accounts, assets, and all kinds of assets, including both cash and crypto."
40.5 billion target
According to the statement of the Fund Coordination Board, a total of 6.4 billion lira was paid by Ziraat Bank to 43 thousand 643 investors in the funds managed by A1, Bulls and Pardus portfolio management companies. In the statement, it was stated that the liquidation process of a total of 34.1 billion liras in the remaining 49 funds of these three portfolio management companies is aimed to be completed by the end of the week. Thus, it is planned to complete the liquidation in kind and cash of 40.5 billion liras for 45 thousand 745 people in a total of 66 investment funds in three portfolio management companies.
Investigation against former CMB Chairman Gönül
Minister of Treasury and Finance Mehmet Şimşek gave permission for an investigation against former Capital Markets Board (CMB) Chairman İbrahim Ömer Gönül.
