Cevdet Yılmaz Announces Fund Investigation and Measures Taken at the Turkish Parliament
Officials making evaluations regarding troubled funds and companies at the Turkish Parliament announced that 131 funds have been liquidated and 3 banks and 2 factoring companies have been transferred to the SDIF.
In line with the statements made at the Turkish Parliament, the judicial and administrative processes carried out regarding troubled funds and companies were shared with the public. Within the scope of the process, 131 funds were liquidated, and legal action was initiated against numerous individuals.
Those Responsible Will Be Held Accountable
It was emphasized that work was initiated from the very first day in order to protect the rights of the public and investors. It was reported that the process is being closely monitored by judicial and administrative institutions.
131 Funds Liquidated
It was stated that the Capital Markets Board decided to liquidate 131 funds belonging to 7 portfolio management companies in order to reduce systemic risk. Other funds of the related companies were also suspended from trading on the platform.
Companies Transferred to the SDIF
It was announced that 3 banks and 2 factoring companies were transferred to the SDIF in line with the decisions of the Banking Regulation and Supervision Agency. In addition, it was stated that new acquisition processes have been initiated by some banks.
Legal Proceedings Continue
It was announced that action was taken against 220 people, including board members, within the scope of the ongoing investigation. It was reported that some of these individuals are under arrest and various judicial measures have been applied against them.
Assets Confiscated
It was noted that various confiscation orders were applied on movable, immovable, and financial assets belonging to real and legal persons in order to remedy investor grievances and prevent proceeds of crime.