Cevdet Yılmaz's statement on the fund investigation in Parliament

Vice President Cevdet Yılmaz made evaluations regarding recent developments in the fund markets at the Grand National Assembly of Turkey. Emphasizing that the fundamentals of the economy are sound and there is no systemic risk, Yılmaz announced that judicial proceedings have been initiated against 220 people regarding unlawful transactions and that the first payments in 17 funds will start tomorrow.

Economic Fundamentals and Markets

Stating that the fundamentals of the Turkish economy are sound, Vice President Cevdet Yılmaz expressed that there is no problem in the macroeconomic outlook. He emphasized that the budget deficit and current account deficit are under control, and the Central Bank reserves provide a safeguard against external shocks.

Noting that there is no systemic risk in the financial markets, Yılmaz stated that the structure of the capital markets is strong and that the market will continue on its path more solidly after the liquidation processes.

Legal Processes and Judicial Steps

Stating that administrative and judicial processes were rapidly activated from the first day to protect the rights of the public and investors regarding troubled funds, Yılmaz said that responsible persons will be held accountable within the framework of the law.

It was reported that within the scope of ongoing investigations, proceedings were initiated against 220 people, including board members, with 85 suspects arrested, arrest warrants issued for 23 people, and travel bans abroad applied to 81 people.

Fund Liquidations and Payments

It was announced that the Capital Markets Board decided to liquidate 131 funds belonging to 7 portfolio management companies in order to reduce systemic risk, and these funds were closed to trading on TEFAS.

It was announced that payments to investors in 17 funds within the scope of the ordinary liquidation process of A1 Capital, Bullss, and Pardus companies will begin to be made as of tomorrow.