The Treasury should compensate the losses of fund victims

We have reached the end of the free market economy. Not a day goes by in our country without corruption, and our state and citizens being robbed. It is imperative that our country urgently transitions to a "Welfare Nationalism" and "Economic Nationalism" based "National Economic Model".

We must establish a new National Turkish School of Economics and create this understanding. The cost of corruption experienced in 2025 to our country is around 80 billion dollars. However, the cost of the recent fund incident is 830 billion TL, which is approximately 20 billion dollars. Our loss in the stock market is around 5 trillion TL. The main loss and danger are occurring in the stock market, and 6 million investors are at risk. The loss in the stock market must be stopped immediately.

While the portfolio value of investment funds was 8.5 trillion TL at the end of 2025, it increased to reach the 11 trillion TL level by the end of 2026. Money market funds, in the same period, rose from approximately 1.46 trillion TL to the 2 trillion TL level.

131 funds belonging to 7 portfolio management companies affected by the recent fund crisis have been taken into liquidation. According to MKK records, there are 455 thousand 758 unique investors in these funds. Ultimately, we are facing a fund crisis of 830 billion TL (approximately 20 billion dollars); however, it is a fact that with a correct analysis, this amount is much lower.

The main problem here is not the fund crisis. The main problem is the loss of confidence that will occur in the capital, money, and banking markets.

If this process is spread over a long period, the shrinkage and erosion in the capital market will eventually spill over into the money market and the banking sector. Today, the erosion in the stock market is approximately 35%. It is mandatory to take urgent legal measures. A market value loss of approximately 5 trillion TL has occurred in BIST companies. This is the sharpest monthly loss of value seen since the 2008 global financial crisis.

While the Central Bank's gross reserves were 184.2 billion dollars on September 4, they fell to 167.4 billion dollars. The decline in the week of September 18 alone was 4.3 billion dollars; gross reserves also decreased by 5.6 billion dollars.

In order for this fund crisis not to affect the economy further, the losses arising from the fund for the approximately 455 thousand investors, excluding the 400-plus large investors, should be covered by the Treasury.

Legal proceedings should be initiated immediately against those who caused losses to investors, and the damages should be collected not just once, but twice, in accordance with the law.

In fact, the fund incident is a transfer of wealth. Amounts above the 25% legal profit obtained by those who gained unfair wealth transfer should be returned to the Treasury immediately. Although the loss from the fund appears to be 20 billion dollars, this amount will be much smaller because buybacks will be made.

What is essentially important is the 200 billion dollar loss incurred in the stock market and capital market. In order for these losses not to grow and for investors not to suffer further, the Treasury must urgently cover the investors' fund losses. The covered losses should not be taken out of the system, and investor confidence must be restored quickly.

The 1 million TL amounts that have recently started to be paid should be redirected back into investments.

A committee affiliated with the Presidency should be formed regarding the fund crisis, and this committee should manage the crisis.

Otherwise, the wealth transfer resulting from the fund crisis will seriously affect other sectors as well. A separate process should be conducted for the public and private institution officials who caused the fund crisis, and statements that would harm the market should absolutely not be permitted.

The recent legal regulation made regarding the fund crisis contains elements contrary to the Capital Markets Law. This latest regulation must be brought into compliance with the main law. Otherwise, a lawsuit to be filed in the Constitutional Court will prolong the process; from this, the economy and the investor will suffer serious damage...