Payment and refund plan in the fund crisis has been announced: Minister Şimşek announced new details

Minister of Treasury and Finance Mehmet Şimşek made statements regarding the fund crisis and liquidation process in the capital markets in the live broadcast he attended.

Claiming that the liquidation is progressing within the foreseen speed and framework, Şimşek said that the interim payment mechanism was put on the agenda because the final process takes time.

Şimşek said, "A liquidation law is being discussed in the Turkish Grand National Assembly for the interim payment. After the law is passed, payments up to 1 million TL will be made quickly, depending on the status of the resources in the funds."

40.8 BILLION TL WAS PAID TO 45 THOUSAND 747 ACCOUNTS

Stating that the liquidation process is divided into two as ordinary and extraordinary, Şimşek stated that portfolio companies with relatively manageable financial structures are considered within the scope of ordinary liquidation.

According to the information provided by Şimşek, 66 of 131 funds were subject to ordinary liquidation.

While the liquidation of three of the seven portfolio companies was completed, a total of 40.8 billion TL was paid to 45 thousand 747 accounts.

Şimşek said that investors in stock funds were able to receive approximately 58 percent of the values ​​on September 17, while investors in money market funds were paid 1.43 percent interest.

HEDEF PORTFOLIO WILL ALSO BE TAKEN INTO ORDINARY LIQUIDATION

Announcing that Hedef Portföy will also be subject to ordinary liquidation, Şimşek stated that there are 31 funds affiliated with the company and four of them are money market funds.

Şimşek said that the liquidation of four of the seven portfolio companies is expected to be completed by the end of the week.

Speaking about Atlas Portföy, Şimşek stated that the company owners are in talks with the institution carrying out the liquidation and said, "They have shown the will to put the resources back. But it would not be right for me to comment at this stage."

LAW IS WAITED FOR 390 THOUSAND ACCOUNTS

Şimşek announced that small investors and money market funds will be prioritized after the law discussed in the Turkish Grand National Assembly is adopted.

Stating that after this regulation, approximately 390 thousand more accounts will be taken into the liquidation process, Şimşek said that a significant part of the process will be completed.

REFUND REQUEST FOR EARNINGS OVER 10 MILLION TL

Şimşek stated that the Savings Deposit Insurance Fund (TMSF), the Ministry of Justice and the Central Registry Agency (MKK) are working together and that people who profit from market distortion activities have been identified.

Şimşek stated that certain thresholds have been established in this context and made the following statements:

First, those who earn 10 million TL or more in real money will be applied first. If there is no voluntary return, the Ministry of Justice will carry out the relevant processes.

Accordingly, voluntary refunds will first be requested from people who are determined to have made real income of 10 million TL or more. If the refund is not made, a judicial process will be initiated.

APPLICATION CAN ALSO BE APPLIED TO PERSONAL ASSETS

Şimşek also said that some funds may not have sufficient resources to cover investor payments.

Stating that in this case, the aim is to recover the assets transferred to individuals and companies determined to have illegally profited from the funds, Şimşek explained that the assets of those who are determined to have acted together can also be applied for.

Şimşek stated that a more complex structure remained in the two funds during the liquidation process.