Payment Schedule and Process Details Clarified in Investment Fund Crisis
Vice President Cevdet Yılmaz announced that payments regarding the investment fund crisis will begin, stating that Treasury resources will not be used.
Vice President Cevdet Yılmaz shared the payment schedule regarding the crisis in investment funds during his speech at the General Assembly of the Grand National Assembly of Turkey (TBMM). Emphasizing that Treasury resources will not be used for private losses, Yılmaz announced that payments will begin to be made for funds within the scope of regular liquidation.
Economic Fundamentals and Market Conditions
Vice President Cevdet Yılmaz provided information on investment funds on behalf of the government at the TBMM General Assembly and explained the administrative and judicial measures taken. Emphasizing that the fundamentals of the economy are solid and there are no problems regarding the macroeconomic outlook, Yılmaz stated that the structure of the capital markets is strong.
No Treasury Resources Will Be Used
Stating that Treasury resources will not be used for private losses, Yılmaz noted that there is no question of state guarantees in the banking system for fund markets, especially high-risk free funds. He stated that it is essential for investors' rights to be met from the fund's own resources.
Judicial and Administrative Measures Taken
Legal action was taken against 220 people, including members of the board of directors of troubled fund companies in the capital markets. While 85 of them are detained, various confiscation orders have been implemented on the suspects' assets and bank accounts.
Payment Schedule and Number of Investors
There are a total of 455,758 unique individuals in 131 funds slated for liquidation. It was announced that payments will be made on Thursday to 43,643 investors in 17 funds belonging to A1 Capital, Bulls, and Pardus companies.
Roadmap and Legal Regulation
The Fund Coordination Committee continues its work to manage the process transparently, fairly, and effectively. Joint work is being carried out with the parliamentary group on matters requiring statutory regulation, and liquidation processes are coordinated through banks.