Economic Bureaucracy Meets to Resolve Fund Grievances
Economic management has convened to address the grievances arising from the liquidation decision of 131 funds.
Following the liquidation decision taken by the Capital Markets Board for 131 funds, the economic bureaucracy gathered at Dolmabahçe to address the resulting grievances.
Liquidation Process and Decisions Taken
Following the Capital Markets Board's decision to liquidate 131 funds, all investment funds traded on the Turkey Electronic Fund Trading Platform were closed to buy and sell transactions.
Restrictions Affecting Investors
Payments for those investing in money market funds and for funds whose owners were arrested but not included in the liquidation list have been suspended, leaving investors unable to even sell regular stocks on the stock exchange.
Extension of the Period to Six Months
While the Capital Markets Board initially announced that the liquidation process would be completed in three months, it announced one day later that it had extended this period to six months, affecting hundreds of thousands of investors.
Instructions from President Erdoğan
The economic bureaucracy, which met at Dolmabahçe under the chairmanship of President Recep Tayyip Erdoğan, began work to resolve the grievances as soon as possible, and a new meeting has been planned.
Solution Formulas on the Agenda
Among the prominent views evaluated at the meeting is the rapid repayment of funds to money market fund investors and individuals with investments of up to one million Turkish Liras.
Examination of Accounts and Records
While the records of the Central Securities Depository and Takasbank are being forwarded to the relevant banks, the collateral of the fund companies and the financial instruments in their portfolios are being calculated and compared with investor accounts.