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TVF summit
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Milliyet Son Dakika3 hours agoBusiness1 min readTürkiyeView original

TVF summit

president erdoganTürkiye wealth fundinvestment fund liquidation

Quick Look

  • President Recep Tayyip Erdoğan will convene the Board of Directors of the Türkiye Wealth Fund in Dolmabahçe on Friday, October 23.
  • This meeting will take place at a time when the liquidation process of 131 investment funds is on the agenda and steps are being taken to merge public participation banks under one roof.
  • Previously, CMB decided to liquidate 131 funds belonging to 7 portfolio management companies, the State Supervisory Board initiated an investigation and the Fund Coordination Board was established.

AI-generated summary

Why It Matters

Following the fund crisis that broke out in September, CMB decided to liquidate 131 investment funds belonging to 7 portfolio management companies. President Erdoğan met with the economic management on September 29 and evaluated the developments. While the State Supervisory Board initiated an investigation upon Erdoğan's instructions, the Fund Coordination Board was established to cover the losses of investors.

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Ayşegül Kahvecioğlu - While the liquidation process covering 131 investment funds in the capital markets remains on the agenda, President Recep Tayyip Erdoğan will convene the Board of Directors of the Türkiye Wealth Fund (TVF) in Dolmabahçe on Friday, October 23. The meeting, which will take place after the billion-lira fund crisis, will be of particular importance as it will be held at a time when steps are being taken to unite public participation banks under one roof.

DDK initiated an investigation

Following the fund crisis that broke out in September, CMB decided to liquidate 131 investment funds belonging to 7 portfolio management companies. President Erdoğan met with the economic management on September 29 and evaluated the developments. While the State Supervisory Board initiated an investigation upon Erdoğan's instructions, the Fund Coordination Board was established to cover the losses of investors. As of October 13, a total of 6.4 billion lira was paid to 43 thousand 643 investors in the funds within the scope of liquidation. While the liquidation process in 66 funds belonging to three portfolio management companies is aimed to reach a total of 40.5 billion liras, the bill regarding the process was accepted in the GNAT Planning and Budget Commission on October 14.

Banking move

What to Watch

AI outlook — possibilities, not facts

  • The transactions of the remaining investment funds in the liquidation process will be completed and the remaining rights of the investors will be paid.

    Likely · Within weeks

Open Questions

  • When will the liquidation process be completed?
  • What are the details of the process of merging public participation banks under one roof?
  • What is the payment plan for the remaining funds in liquidation?

Related Topics

president erdogan
PeopleRecep Tayyip ErdoganAyşegül Kahvecioğlu
OrganizationsTürkiye Wealth FundCapital Markets BoardState Supervisory BoardFund Coordination Board
PlacesDolmabahceTürkiye
TopicsTürkiye wealth fundinvestment fund liquidationpublic participation banksstate supervisory boardfund coordination boardspk
This article was originally published by Milliyet Son Dakika.

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