Cevdet Yılmaz Announces Fund Investigation and Payments Update

Vice President Cevdet Yılmaz provided information on a live broadcast regarding the fund investigation, liquidation process, payments made to investors, and new regulations in capital markets. Stating that 131 funds are under review within the scope of the investigation, Yılmaz announced that a total of 130 billion TL has been paid to 420,000 investors and a new payment will be made on November 13.

Fund Investigation and Reviews

Stating that the issue does not cover all funds, but that manipulation and market fraud were carried out in certain free funds, Cevdet Yılmaz stated that 131 funds were quarantined in line with the decisions of the Financial Stability Committee. Noting that these funds correspond to approximately 7 percent of the total portfolio value, Yılmaz explained that high shares were created in certain stocks to inflate prices and that credit was generated over these virtual values. Within the scope of the judicial process, 113 out of 444 suspects were arrested, and it was stated that the number of stocks examined could reach 50.

Liquidation Process and Investor Payments

Informing that a refund account was opened for the funds and around 31.5 billion TL was refunded, Yılmaz noted that 4 out of 7 companies have entered the ordinary liquidation process. It was reported that Tera, Pusula, and Atlas companies remain in the extraordinary liquidation. It was announced that a total of 130 billion TL has been paid to 420,000 investors, and an interim payment with a limit of 1 million TL, ranging from the lowest to the highest, will be made on November 13. The process is targeted to be completed by the end of November.