Business · Markets · 2 days ago
Repayments begin for investors in 17 funds as new legislation is prepared
Ziraat Bank has transferred money for about 43,000 investors in 17 funds to banks and brokerages, which are expected to credit the investors’ accounts.
The funds were established by three portfolio management companies that are undergoing liquidation.
The wider process involves 131 funds run by seven companies and affects hundreds of thousands of investors.
The ruling AKP is preparing legislation that would set out how claims are calculated, payments made and assets recovered to cover losses.
The draft would allow interim payments of up to 1 million Turkish liras per person, but no more than a person’s net investment or confirmed entitlement.
It would also let authorities prioritize smaller investors and use recovered or voluntarily returned money to help cover losses.
The government says small investors and money market funds are being given priority, while some proceedings may take longer.
The bill was expected to be submitted to parliament on Oct.
9, and further legal and administrative measures are also planned.
Ziraat Bank has transferred money for about 43,000 investors to banks and brokerages for payment.
The transfers cover 17 funds established by A1 Capital, Bulls and Pardus.
The ruling Justice and Development Party is preparing legislation on interim payouts and the recovery of assets.
The wider liquidation process covers 131 funds run by seven companies and affects hundreds of thousands of investors.
The draft would allow interim payments of up to 1 million Turkish Liras per person, subject to limits on entitlements.
- Who
- About 43,000 investors are due to receive payments; the wider process affects hundreds of thousands.
- What
- Ziraat Bank transferred money for investors, while the ruling party prepares legislation on payouts and asset recovery.
- When
- The Communications Directorate announced the transfers on Oct. 8. The bill was expected to be submitted on Oct. 9.
- Where
- Türkiye. Minister Mehmet Şimşek spoke in Istanbul.
- Why
- The payments and proposed legislation relate to the liquidation of investment funds and recovery of assets to cover investor losses.
This story does not have two clearly opposing sides.
We are not downplaying the problem
The Communications Directorate said Ziraat Bank had transferred money for about 43,000 investors, and Şimşek spoke in Istanbul.
The ruling party was expected to submit its bill to parliament.
- Investors receiving transfers
- About 43,000
- Funds covered by transfers
- 17
- Fund companies named
- A1 Capital, Bulls and Pardus
- Wider liquidation process
- 131 funds run by seven companies
- Maximum interim payment
- 1 million Turkish Liras per person
Sources
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