Fund crisis | Vice President Yılmaz: The liquidation process starts tomorrow

Vice President Cevdet Yılmaz informs the General Assembly of the Turkish Grand National Assembly regarding the fund investigation.

The highlights of Cevdet Yılmaz's statements are as follows:

"The foundations of our economy are solid. There is no systematic risk."

-Let's not make this problem bigger or smaller than it is. Let's not harm the funds that are doing their job properly. We have a responsibility to millions of investors.

-The rights of our citizens will be protected. We will implement the necessary regulations without delay. Whoever makes unfair profits will be held accountable. Whoever commits illegal actions will suffer the consequences.

-We will not unfairly accuse anyone with a hasty approach that is not based on sufficient information. The fight against manipulators and speculators will continue in the most effective way.

-Own resources of the liquidated funds will be used. Treasury resources will not be used. The process will be carried out transparently and quickly.

“PRIORITY TO SMALL INVESTORS”

-The general principle is to distribute to investors in proportion to their shares. For funds that will be subject to extraordinary liquidation conditions, it is planned to repay principal amounts up to 1 million with an interim payment. Priority will be given to small investors and money market funds.

- Criticisms of 'nothing has been done' are being expressed. I would like to remind you of the steps taken before problems arise. All relevant institutions took action quickly. Portfolio management companies were banned from trading on the stock exchange for 2 years. Problematic and potentially problematic funds have been quarantined and necessary measures have been taken to prevent the system from being affected.

“LIQUIDATION PROCESS STARTS TOMORROW”

"The ordinary liquidation process of 7 companies, A1 Capital, Bulls and Pardüs, will begin on October 5. Payments of 17 funds within this scope will be made on Thursday. Yılmaz: "The essence of extraordinary liquidation is the payment of principal amount up to 1 million lira.

Work will continue within the scope of collecting fund receivables and paying debts, and the final liquidation balance will be created. The liquidation process will end within 5-6 months.

Payments will be made on Thursday to 43,643 investors in 17 funds of three companies (A1 Capital, Bulls and Pardüs) that will undergo ordinary liquidation.

Payment will be made in October. Interim payments will be made up to 1 million TL."