Cash Outflows in Individual Pension Funds and Corporate Developments

As the impacts of the crisis in investment funds spilled over into individual pension funds, a significant decline and net cash outflow were recorded in BES funds open to BEFAS between September 11 and 29. During the same period, Hedef Holding announced that it was unable to pay its debt, and the Capital Markets Board filed criminal complaints against numerous individuals regarding certain corporate transactions.

Changes in BES Funds

The size of BES funds open to BEFAS decreased by 74.3 billion liras between September 11 and 29, falling to 1.82 trillion liras.

Over the same period, funds closed to BEFAS showed an increase of 8.4 billion liras, rising to 742 billion liras.

Cash Outflows and Inflows

While open funds experienced a net cash outflow of 6.67 billion liras, closed funds saw a net inflow of 11.13 billion liras.

Non-Auto-Enrollment System (non-AES) funds open to BEFAS saw a net outflow of 7.5 billion liras, whereas intra-AES funds recorded a net inflow of 827.9 million liras.

Hedef Holding's Default Status

Hedef Holding announced that it failed to pay its debt of 1.1 billion TL maturing on September 28 in the debt instruments market.

The company applied for a maturity extension, stating that access to resources was hindered due to investigation measures concerning the controlling shareholder and the liquidation of investment funds.

CMB Actions and Criminal Complaints

Following its review of Tera Finansal Yatırımlar Holding, the Capital Markets Board decided to file criminal complaints against 37 individuals.

Additionally, a 2-year trading ban was imposed, and it was decided to revoke the license and authorization certificates of 24 individuals.