Liquidation of funds and interim payment regulation for investors are coming to the Parliament
A legislative regulation that concerns thousands of people and provides for interim payments of up to 1 million liras to the rightful owners of funds to be liquidated is being prepared.
A bill prepared by the AK Party, covering 455,578 investors and providing for the liquidation of funds and interim payments of up to 1 million liras to rightful owners, is being submitted to the Grand National Assembly of Turkey.
Scope and objective of the bill
With the bill, which is expected to consist of approximately 9-10 articles, it is aimed to establish the legal basis for determining the assets and actual rightful owners of the funds, conducting the liquidation process, and making interim payments to investors.
With the prepared bill, it is aimed to determine the assets of each fund individually and to distribute the cash obtained after the fund assets are liquidated fairly to the rightful owners.
Interim payment of up to 1 million liras to investors
One of the most striking articles of the bill will be the regulation enabling investors to receive interim payments without waiting for the completion of the liquidation process.
Provided that it does not exceed the amount of rights and receivables, interim payments of up to 1 million liras per person can be made, and in case of insufficient resources, distributions will be made in proportion to the receivable amounts.
Refund mechanism and enactment schedule
It is planned to establish a voluntary refund mechanism, taking into account precedent fund returns and objective criteria, for individuals who exited the funds over non-factual values and obtained unusual gains.
The bill is targeted to be discussed in the TBMM Plan and Budget Committee and enacted within the month of October.