Three-Month Payment Plan for 131 Liquidated Investment Funds
Procedures and principles have been established for 131 investment funds decided to be liquidated. The process, managed by İş Bankası and Ziraat Bankası, will be completed within three months.
The Capital Markets Board announced the details regarding the liquidation process of 131 investment funds with a size of approximately 850 billion TL, which were decided to be liquidated and affect 550,000 investors.
Authorized Banks
İş Bankası and Ziraat Bankası were authorized to carry out the liquidation process. The liquidation process for Tera's funds will be managed by İş Bankası.
The liquidation of the relevant funds of Al Capital Portföy, Atlas Portföy, Bulls Portföy, Hedef Portföy, Pardus Portföy, and Pusula Portföy will be managed by Ziraat Bankası.
Conversion of Assets into Cash
Financial assets in the fund portfolio will continue to be kept under accounts held by the respective banks at Takasbank.
These assets will be converted into cash with sales orders at frequencies to be determined by the banks and transferred to the investors' accounts.
Process and Reconciliation Calendar
The reconciliation of debts and receivables will be completed within a maximum of 10 business days following the Capital Markets Board's decision.
While it is foreseen that the liquidation transactions will be completed in a maximum of 3 months, it was stated that this period can be extended if deemed appropriate.