A new era in the Katılımevim and Birevim process: Payment schedule becomes clearer

Following developments in the capital markets, the wait continues for those who invested money in Katılımevim and Birevim, while a new phase has been reached in the process regarding the future of the companies. Emlak Katılım Tasarruf Finansman A.Ş., a subsidiary of Emlak Katılım Bankası, notified the Public Disclosure Platform that negotiations have begun for the acquisition of Katılımevim and Birevim.

The process is not limited solely to the ownership structure of the companies. While acquisition and authorization processes are being monitored, the payment and reconciliation schedule for the funds for which the CMB has decided to initiate liquidation is also on the agenda of investors.

Minister of Treasury and Finance Mehmet Şimşek provided assurances regarding the rights of citizens in the system during a television broadcast. Şimşek stated, "Whatever is necessary regarding the rights of the participants there will be done; there is not the slightest hesitation about this. Since the mentioned group does not have the status of qualified or professional investors, our approach and treatment will be different accordingly."

ACQUISITION NEGOTIATIONS AND AUTHORIZATION PROCESS

In a statement on September 9, Katılımevim announced that negotiations had begun for the acquisition of shares belonging to Pusula Finans Holding and its group companies, including Katılımevim, by Tera Group companies. The statement noted that for the transaction to be completed, necessary approvals must be obtained from the CMB, the BRSA, and other authorized institutions, and that no binding contract has been signed yet.

Tera Group also announced the following day that the parties had reached an agreement on the fundamental commercial and financial aspects regarding the transfer of Pusula Finans Holding and its subsidiaries. Thus, the process has moved to the authorization and approval stage of official institutions.

While these developments were ongoing, critical decisions were also made at the management level within the scope of judicial investigations. In the investigation conducted by the Istanbul Chief Public Prosecutor's Office's Bureau of Investigation into Terrorism Financing and Money Laundering Crimes, Pusula Portfolio Chairman of the Board Muhammed Yarız was arrested. According to the information provided, a travel ban was issued for 48 people, including Tera Investment Technology Holding Chairman of the Board Emre Tezmen, Katılımevim Chairman of the Board Serdar Turhan, and Pusula Portfolio Board Member Ahmet Özcan.

Following the developments, Serdar Turhan and Ahmet Özcan resigned from their positions. Katılımevim later stated in a release that the resignations covered the structure of Pusula Finans Holding A.Ş. and did not create a change in the Board of Directors structure of Katılımevim.

HOW WILL THE PAYMENT SCHEDULE FOR FUNDS WORK?

The procedures and principles announced by the CMB regarding the funds in the liquidation process have revealed the path to be followed for fund investors. According to the current list, the number of funds to be liquidated has risen to 131. The number of funds taken into the liquidation process under Tera Portfolio is 6.

According to the Board's decision, within a short time after the liquidation principles come into effect, the total outstanding participation shares of the funds will be matched with the share amounts in the investors' custody accounts. Reconciliation transactions regarding pledges, liens, injunctions, and unexecuted orders will be carried out between the Central Securities Depository and the relevant banks.

In the process of converting assets in fund portfolios into cash, investor interests, market depth, and liquidity conditions will be taken into account. Banks will be able to issue direct sales instructions based on asset type or carry out transactions through investment institutions. The cash obtained from sales will be transferred to individual accounts that have completed reconciliation in proportion to their fund shares.

According to the CMB regulation, it is envisaged that the relevant transactions will be completed within at most 10 business days following the Board's decision. The liquidation process for the assets of the funds will last for a maximum of 3 months from the date of the announcement. The Board will be able to extend this period if it deems necessary.

A separate priority order has also been determined for unexecuted sell orders. Amounts arising from redemption instructions that could not be completed despite a sell order being submitted via TEFAS will be recorded as a debt to the fund account; the cash obtained from the sale of portfolio assets will first be used to pay these debts.

News Source: 12punto