Delayed step in the billion-dollar fund wreckage: The date when the first payments will begin has been announced...

Following the fund crises that broke out one after another as a result of the lack of adequate control mechanisms in the capital markets and the growing grievances of investors, the government is trying to accelerate the liquidation process, albeit with a delay. While the cost of the process, which was left in limbo for weeks and severely damaged the reliability of the system, has become clear, questions about how this billions of liras worth of debris was created and how the control institutions remained a spectator to this situation still await answers.

The Presidency's Directorate of Communications announced today that the first interim payments in the funds included in the scope of extraordinary liquidation will begin on October 30.

A written statement was made by the Directorate of Communications following the 8th Fund Coordination Board, which convened under the chairmanship of Vice President Cevdet Yılmaz and with the participation of representatives of the Ministry of Justice and the Ministry of Treasury and Finance. In the statement, it was reminded that Law No. 7596, which aims to provide legal assurance in investment funds decided to be liquidated by the Capital Markets Board (CMB), came into force by being published in the Official Gazette on October 27, 2026. In addition, it was stated that the procedures and principles regarding liquidation and payments were determined by the CMB's decision numbered 76/1903 of the same day.

68 BILLION LIRA PAID TO 71 THOUSAND ACCOUNTS

According to the data shared within the scope of the ongoing liquidation process, the transactions in 27 of the 31 funds belonging to Hedef Portföy Yönetimi Şirketi A.Ş., the liquidation of which started with the CMB decision dated October 15, 2026, were largely completed as of October 23. In this context, a total of 27.2 billion lira was paid to 26 thousand 152 accounts; It was stated that studies are continuing for the remaining 4 funds.

It was announced that the number of funds in liquidation has decreased from 131 to 38 since the beginning of the process and a total of 68 billion liras in kind and cash payments have been made to 71 thousand 899 accounts to date. It was also emphasized that refunds to accounts established within the Savings Deposit Insurance Fund (TMSF) continue.

INTERNATIONAL INVESTIGATION FROM MASAK

It was stated that the Financial Crimes Investigation Board (MASAK) was involved in the criminal law and money laundering aspects of the process. In the statement, it was stated that MASAK meticulously carried out its investigations on the companies involved in the fund investigation, manipulation suspects and real beneficiaries, including their foreign connections.

NEW LAW PROPOSAL IS ON THE ROAD

While it was stated that the first interim payments for the funds within the scope of extraordinary liquidation, the processes of which have been clarified, are expected to start on Friday, October 30, 2026, it was reported that preparations have been accelerated on a new draft Bill containing structural regulations in order to prevent similar crises from occurring again. After the meetings with sector representatives, the draft is planned to be brought to the agenda of the Turkish Grand National Assembly.