The Capital Markets Board (CMB) shared with the public the details of the interim payment decision included in the Board's bulletin dated September 30, with the "Interim Payment Announcement Regarding Funds in Liquidation" published on October 1, 2026. In the funds founded by A1 Capital Portföy, Bulls Portföy and Pardus Portföy, which are on the updated liquidation list, the upper limit of 1 million lira of the interim payment will be applied to each fund separately, not to the investor's total assets.
Liquidation will first begin with the funds that have the phrase "money market" in their title and have the highest number of investors. Additionally, funds that have been closed to trading can be reopened.
CMB decided to make interim payments to the investors of the funds established by Tera, Pusula, Atlas and Hedef Portföy and which are in the liquidation process, without waiting for the final liquidation. Investors whose agreement is completed will be paid up to 1 million TL.
1 - Will I be able to withdraw my money from the confiscated funds after the new regulation announced yesterday?
Yes. However, two critical priorities were identified here. The first is that the fund is PPF ((Money Market Fund). The second is the limit of 1 million TL. According to the new regulation, the first interim payments to the liquidation funds begin. The "investor principal" of up to 1 million TL, PPFs that do not generate exorbitant profits and have a return of a few percentage points above the deposit, will be paid on priority. In addition, non-liquidated funds are also opened for processing and payment.
2 - Will I need to apply somewhere now?
No. The exact date has not been announced yet, but since the CMB said it should be done "urgently", the information that the payment will be made in the system will be shared with the investors as soon as the banks and the relevant institution, MKK (Central Registry Agency), agree on the mutual accounts.
3 - How many people will be able to withdraw their money?
According to calculations, it is estimated that nearly 400 thousand investor accounts are below 1 million TL. Therefore, first of all, making interim payments for small investors came to the agenda. Accordingly, 85 percent of the 460 thousand investors affected by the crisis will be able to benefit from interim payments.
4 - I have money in several different funds. And what happens if my principal amount exceeds 1 million TL in total? Will this decision be applied to each account or will all accounts be evaluated individually?
All fund accounts of the investor will be examined separately and the total principal in PPFs will be calculated. If this figure is below 1 million TL as principal, the money will be paid immediately. The process regarding the numbers on it will continue.
5 - Does the 1 million payment only cover the Money Market Fund?
Yes. PPFs will be processed in interim payments. The process regarding hedge funds will take some more time as calculations are ongoing.
6 - Is this system valid for all portfolio companies?
CMB decided that A1, Bulls and Pardus would liquidate their funds during the liquidation process themselves. The process will be faster here. It was decided to make interim payments to the investors of the funds established by Tera, Pusula, Atlas and Hedef Portföy and in the process of liquidation, without waiting for the final liquidation.
7 - Will payments be made to my current bank accounts?
According to the regulations, Ziraat Bank and İş Bank will carry out transactions.
8 - Is there any regulation regarding those who earn exorbitant profits from the funds?
Yes. Yesterday, CMB shared the information that an "exorbitant earnings account" was opened for those who earned exorbitant returns from the funds to return these returns voluntarily. Exorbitant returns will be used to pay beneficiaries during the fund liquidation process.
9 - How will exorbitant earnings be calculated? Will the one who deposits his winnings be saved?
Examples such as unusual 10x, 50x or 100x winnings will be considered exorbitant winnings. Since these will emerge in equity funds, relevant investigations are ongoing. Regarding this, CMB implemented the effective regret clause for those who deposited twice the amount in the first days of the crisis. In accordance with the CMB Law, investors who earn exorbitant profits and have not yet been investigated can be exempt from investigation by depositing twice the amount. After the investigation begins, in case of active remorse, penalties and figures can increase significantly.
10 - Will the money in the funds cover all the receivables of investors during the liquidation process?
This is not known yet. This calculation will be made according to the depth of the loss in equity funds. Then, the revenues obtained from the sales of other assets seized through investigations and lawsuits (such as real estate, cash, automobiles, yachts, land, etc.) will be collected in the fund led by SDIF and the final payments will be made in this way.
HERE ARE 3 EXAMPLES OF INTERIM PAYMENT ACCOUNT FOR PRINCIPAL
1. INVESTOR (received a single fund)
PPF1
Principal: 1.200.000 TL
Interest Earning: 140,000 TL
Total: 1,340,000 TL
✶ ✶
INTERIM PAYMENT: 1,000,000 TL
(The remaining will wait for payment)
2. INVESTOR (bought two funds)
PPF1
Principal: 3,000,000 TL
Interest Earning: 450,000 TL
Total: 3.450.000 TL
PPF2
Principal: 500,000 TL
Interest Earning: 70,000 TL
Total: 570,000 TL
✶ ✶
TOTAL FUND: 4.020.000 TL
INTERIM PAYMENT: 1,000,000 TL
(The remaining will wait for payment)
3. INVESTOR (received a single fund)
PPF1
Principal: 750,000 TL
Interest Earning: 90,000 TL
Total: 840,000 TL
✶ ✶
INTERIM PAYMENT: 750,000 TL
(Will wait for interest payment)
NOTE: “Principal”; It is the amount that investors put out of their own pockets when entering the funds. The total figure with interest that appears on the screen is not used as a basis for payments at this stage.
