Business · Markets · 1 hr ago
Yılmaz expects fund-investor payments to begin once October law is passed
Deputy President Cevdet Yılmaz said payments to investors in a fund liquidation process are expected to begin once a law is passed in October.
The process follows an investigation into problems in part of the fund market.
Yılmaz said 46,000 people had entered liquidation through the usual process.
Three of seven companies have been liquidated, leaving four.
If Parliament approves exceptional liquidation decisions, he expects the number of investors to fall below 100,000.
He said payments will not use public money; they will come from the assets of people who acted unlawfully or gained money unfairly.
Yılmaz said each fund has a different legal situation and must be considered separately.
He also said returning unfair gains will not remove legal responsibility.
Vice President Cevdet Yılmaz expects payments to fund investors to begin once the relevant law is passed in October.
He said assets of people who acted unlawfully or gained improperly would fund payments, with no public money used.
Yılmaz said 46,000 people had entered the ordinary liquidation process.
Three of seven companies had been liquidated, leaving four, he said.
If Parliament approves extraordinary liquidation decisions, the number of investors is likely to fall below 100,000, he said.
- Who
- Vice President Cevdet Yılmaz discussed the fund investigation and investor payments.
- What
- Payments are expected to begin once the relevant law is passed in October. The process is to use assets linked to unlawful conduct or improper gains, not public funds.
- When
- Yılmaz expects payments to begin once the law is passed in October.
- Where
- Not stated.
- Why
- The rapid liquidation was ordered to prevent an incident in one part of the fund market from damaging the wider structure.
This story does not have two clearly opposing sides.
The return of unjust gains will not remove legal responsibilities.
The use of public resources is not in question in the liquidation process.
Resources from the assets of those who acted unlawfully and gained unjustly will be used for payments.
The legal situation of each fund is different; we need to look at them one by one.
A1 Capital, Bulls and Pardus were liquidated, leaving four of the seven companies, Yılmaz said.
46,000 people had entered the ordinary liquidation process, Yılmaz said.
Yılmaz expects payments to fund investors to begin.
- Vice president
- Cevdet Yılmaz
- Ordinary liquidation
- 46,000 people
- Companies liquidated
- 3 of 7: A1 Capital, Bulls and Pardus
- Companies remaining
- 4
- Expected investor count
- Below 100,000 if Parliament approves extraordinary liquidation decisions
- Payment funding
- Assets of those who acted unlawfully or gained unjustly; no public resources
Sources
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