Treasury and Finance Minister Şimşek's Statement on the Fund Crisis

Treasury and Finance Minister Mehmet Şimşek announced that the Savings Deposit Insurance Fund (TMSF), the Ministry of Justice, and the Central Securities Depository (MKK) are conducting a joint effort as part of the work carried out regarding the fund crisis. Stating that a specially developed algorithm is being used to examine transactions from the establishment to the liquidation of the funds, Şimşek reported that individuals who participated in market-disrupting activities and gained profits from them have been identified, and lists of these names have been forwarded to the TMSF and the Ministry of Justice.

Minister Mehmet Şimşek shared current data regarding fund processes during a joint broadcast on Habertürk and BloombergHT. Şimşek stated that the goal is to complete the normal liquidation process for 31 funds within Hedef Portföy as of this week, noting that the normal liquidation of 4 out of a total of 7 portfolio companies will have been completed. He indicated that the Tera, Pusula, and Atlas portfolios are subject to extraordinary liquidation, and that Atlas executives have expressed a willingness to return the funds that were taken out, in coordination with the TMSF.

In the statement, it was shared that 66 out of 131 funds have been liquidated, and separate accounts have been opened for 131 funds at the Birleşik Fon Bankası. It was stated that resources will be secured through voluntary returns and by inviting individuals who have obtained real gains above a certain amount (initially 10 million liras and above) retroactively; legal processes will be initiated if these individuals do not return the funds voluntarily. On the other hand, Minister Şimşek reported that there is currently no risk of the fund crisis spreading to the banking sector and that the net outflow from the funds has reached 647 billion liras.