Vice President Yılmaz made statements during a television program he attended. Yılmaz said, "The problem is only in certain funds. We see that manipulation and market fraud have been committed in problematic funds. We see that illegal and unethical gains have been obtained. The Financial Stability Committee, chaired by Minister Şimşek, made some decisions on September 17. There is an application that we can call a quarantine for 131 funds. The process has been progressing since that day. There are stocks within the free funds. A very significant share has been created through some stocks. The price has been inflated by being manipulated. Credit was created by showing a virtual value. This continued in a cycle. Various individuals and companies have obtained unfair gains from this," he said.
Expressing that those who make legitimate investments in accordance with the law should not be confused with those who commit crimes, Yılmaz said, "We must not mix apples and oranges. We are fighting against those who commit crimes and fraudsters as necessary. Secondly, there are those who make legitimate investments in accordance with the law. We must not confuse this. While fighting the disease on one hand, we must also protect the body on the other. We must be aware that capital markets are valuable for our development. 131 funds correspond to 7 percent of the total portfolio value. It may not mean much in terms of numbers, but we are fighting with seriousness in terms of its meaning," he said.
Stating that a refund account has been opened for 131 funds, Yılmaz said, "Around 31.5 billion lira has been refunded. Fund assets and refunds will be given to investors. 4 out of 7 companies have entered the ordinary liquidation process. 55.4 billion lira has been paid to 55,801 investors. We can say that the ordinary liquidation process is almost complete. In extraordinary liquidation, 3 companies remain: Tera, Pusula, and Atlas. In total, 420 thousand investors have received payments. A total of 130 billion lira has been paid to investors. Preparations are underway for a new payment on November 13. I can say that a significant amount of payment will be made next Friday. Payments will go from the lowest to the highest. The process requires sensitivity. Payments are made based on the net investment amount. This is done with MKK records. All transactions are in the records. Within that framework, payments are being made in a healthy way. The payment we are making now is an interim payment. The limit for that payment is 1 million TL. After the interim payment, the final clearing will begin. The investigation is being conducted comprehensively. In the judicial process, 113 out of 444 suspects have been arrested," he stated.
Stating that the CMB's work continues, Yılmaz said, "The CMB's work regarding stock-based manipulation continues. As these are completed, the CMB files criminal complaints and the judicial authorities do what is necessary. The number of stocks examined may reach 50. We are preparing a new law containing structural regulations to prevent similar incidents from happening again. I think the draft law will be largely shaped by next week. We will send it to the Parliament. It will be evaluated in the Parliament. This law of ours will give more power to the capital markets. Our capital markets will be stronger than before," he said.
Expressing that the inflation rate is slightly above expectations, Yılmaz said, "The latest figure is slightly above expectations. It is around 29.77 percent. There is improvement, especially in service items. The war had a 7-point impact on inflation. Our fiscal policy will support inflation more. The minimum wage is not a decision made by the public alone. There are three parties. That process regarding the minimum wage has not started yet. I hope it will be shaped in balance. We have been working on a welfare regulation for retirees for a long time. We will make a regulation by the end of the year. There is a study regarding all retirees. Different alternatives are being worked on. Finally, it will be presented to the Parliament. I think it will definitely be presented to the Parliament before the beginning of the year. We will feel its effect from the beginning of next year," he said.
Expressing that the world is going through a very negative period, Vice President Yılmaz noted the following:
"The Ukraine-Russia war, the US-Iran war. This has also negatively affected the world economy on one hand. The whole world is paying this price. This was also reflected in the US elections. The American people interpret the Iran war as unnecessary. Along with all this, a majority of Democrats was formed. I can say this. This is what we were saying anyway. We said let there be no war, let it be solved with compromise and diplomacy. The reaction of the American people coincides with Turkey's policy. Turkey has made great efforts so that all these costs do not occur. I hope this situation will lead to the end of wars. But we will continue to improve our US relations. A Turkey without terrorism is a very historic process. Terrorism has been a shackle on our country's feet for many years. The goal is to get rid of this shackle. Of course, this has various phases. It is proceeding in its own process. In the coming period, the establishment of a monitoring committee in the Parliament is on the agenda."
News Source: 12punto
