Mehmet Şimşek's Statement on Fund Liquidation: Legal Process Warning for Earnings Above 10 Million TL

Minister of Treasury and Finance Mehmet Şimşek announced that legal proceedings will be initiated if individuals who earned 10 million TL or more do not return the money during the liquidation process of troubled investment funds. Stating that 40.8 billion TL has been paid to 45,747 accounts during the liquidation process, Şimşek stated that small investors will be prioritized.

Minister of Treasury and Finance Mehmet Şimşek made evaluations regarding the liquidation process of troubled investment funds in a joint broadcast on Bloomberg HT-Habertürk. Stating that liquidation efforts are continuing as planned, Şimşek announced that intermediate payments to investors are envisaged because final liquidation will take time.

Conveying that a liquidation bill regarding intermediate payments is being discussed in the Grand National Assembly of Turkey (TBMM), Şimşek noted that after the regulation becomes law, payments up to 1 million TL will be carried out quickly according to the status of resources in the funds. Expressing that the liquidation process is divided into two as ordinary and extraordinary, Şimşek reported that out of a total of 131 funds, 66 were subjected to ordinary liquidation and the liquidation of 3 out of 7 portfolio companies has been completely finished.

Stating that a total of 40.8 billion TL has been paid to 45,747 accounts in this process, Şimşek noted that the Savings Deposit Insurance Fund (TMSF), the Ministry of Justice, and the Central Registry Agency (MKK) are acting jointly. Stating that in the first stage, individuals who obtained real earnings of 10 million TL and above will be applied to, Şimşek emphasized that if voluntary refunds are not made, the Ministry of Justice will put the relevant legal processes into effect. Reporting that outflows in the fund market have reached 647 billion TL, Şimşek stated that troubled funds do not threaten the entire economy and that the area has been quarantined.