9-article bill submitted to Parliament for the liquidation of closed investment funds
Prepared to address grievances in funds closed by the Capital Markets Board, the bill establishes the payment schedule for investors and the financial liabilities of those responsible.
Submitted to Parliament by the AKP, the 9-article bill regulates the payment schedule and sanctions targeting the assets of those responsible to resolve grievances in liquidated investment funds. Within the scope of the proposal, all receivables under 1 million liras will be paid, while an interim payment of 1 million liras is planned for amounts above that this month.
Payment plan and inflation regulation
In payments to be made through the Investor Compensation Center, all receivables under 1 million liras will be covered. For receivables of 1 million liras and above, an interim payment process of 1 million liras will be initiated within this month.
An inflation difference, calculated based on the average of the CPI and D-PPI announced by TURKSTAT until the liquidation date, will be added to the principal amounts. In cases where distributable cash is insufficient, payments will be carried out on a pro-rata basis.
Sanctions against those responsible
Portfolio management companies and related real or legal persons who caused losses to the funds will be held personally responsible, even if they have left their positions. The assets of these individuals can be seized by the SDIF.
The seized assets will be sold without waiting for the court process and transferred to the Recovery Account within the SDIF. Additionally, no payments will be made to individuals determined to have committed market fraud or manipulation.