Exit Plan Announced for 131 Liquidated Investment Funds
The management and vaults of 131 investment funds belonging to 7 portfolio management companies liquidated by the Capital Markets Board have been transferred to İş Bankası and Ziraat Bankası.
The Capital Markets Board has determined the procedures and principles for 131 investment funds of 7 portfolio management companies entering the liquidation process, authorized İş Bankası and Ziraat Bankası, and quarantined the troubled area.
Transfer Transactions to Banks Completed
The procedures and principles regarding the liquidation process of investment funds liquidated by the Capital Markets Board have become clear. In this context, İş Bankası and Ziraat Bankası were authorized to manage the 131 investment funds of 7 portfolio management companies.
While Tera's liquidated funds were transferred to İş Bankası, the funds of A1Capital, Atlas, Bulls, Hedef, Pardus, and Pusula were assigned to Ziraat Bankası, and the companies' control over the funds came to an end.
Conversion of Assets into Cash
Financial assets in the fund portfolio will be converted into cash through sales orders to be given at frequencies to be determined by the relevant banks, taking into account investor interests, market depth, and liquidity conditions.
The liquidation of the assets of the relevant funds will end on the first business day following the expiration of a maximum period of 3 months from the announcement date.
Reconciliation and Custody Process
Within 2 business days following the liquidation, reconciliation regarding the participation shares of the funds, custody accounts, encumbrances such as pledges and attachments if any, and unexecuted orders will be carried out between the Central Registry Agency and the banks.
Financial assets subject to custody in the fund portfolio will be securely kept under accounts held by the relevant banks at Takasbank.
Systemic Risk Statement from Minister Şimşek
Minister of Treasury and Finance Mehmet Şimşek stated that there is definitely no widespread systemic risk and that there is no structural problem in the market.
Minister Şimşek emphasized that the troubled area has been quarantined, the liquidation process has been announced, and confidence in the market continues.