Statement by Minister Mehmet Şimşek on Fund Investigations and Liquidation
While liquidation processes are being carried out in funds investigated for market-disrupting activities, the assets of thousands of participants have been delivered to the relevant financial institutions.
Minister of Treasury and Finance Mehmet Şimşek announced that liquidation processes have been completed in some funds where market-disrupting activities were detected within the scope of fund investigations, and the money of thousands of participants has been transferred to banks.
Fund Investigations and Problematic Assets
Minister of Treasury and Finance Mehmet Şimşek stated in his remarks regarding fund investigations that problems were experienced in 131 out of nearly 2,900 funds in total due to market-disrupting activities. It was stated that as a result of these negative developments, some of the funds in question were precautionarily taken into the scope of liquidation.
Liquidated Funds and Transfers
It was announced that the liquidation of 17 funds open to TEFAS belonging to A1 Capital, Bulls, and Pardus portfolio management companies has been completed. Within this scope, the money of 43,000 fund participants was transferred to relevant banks and intermediary institution accounts via Ziraat Bank.
Legal Steps and Parliamentary Expectation
It was stated that those engaging in market-disrupting activities will be held accountable before the law and legal steps will be taken with the Savings Deposit Insurance Fund. On the other hand, a new legislative proposal regarding the issue is also expected to be submitted to the Turkish Grand National Assembly (TBMM).