The AKP is nearing the final stages of preparing a 10-article legislative proposal to ensure the repayment of investors affected by the fund crisis and to provide a legal framework for the liquidation process.
The proposal is expected to be submitted to the Speaker of the Grand National Assembly of Turkey (TBMM) on Friday or Monday.
In the first phase of the regulation, it is planned to initiate the payment process for approximately 350,000 people who have investments of less than 1 million liras in the funds. It is envisioned that payments will be made gradually and in stages within this month, while investors with higher claim amounts are expected to receive payments in subsequent phases.
According to the plan under preparation, investors will be paid not only their principal investment but also an inflation adjustment. The goal is to use the funds obtained from liquidating securities, real estate, and other assets held in the funds under liquidation to make these payments.
GRADUAL MODEL FOR PAYMENTS
While it is stated that payments will be made through İş Bankası and Ziraat Bankası, according to AKP officials, no public funds will be used in the process. It is planned to proceed with an interim payment method and to make payments for claims exceeding 1 million liras based on the progress of the liquidation process.
Vice President Cevdet Yılmaz is expected to brief the TBMM on the fund investigation and the liquidation process. It is reported that opposition parties are also requesting the establishment of an inquiry commission regarding the fund crisis.
Following developments in the capital markets, the Capital Markets Board (SPK) decided on September 17 to liquidate 131 funds belonging to 7 portfolio management companies. According to Central Securities Depository data, there are over 455,000 unique investors in these funds.
Following a meeting held on September 29 chaired by President Recep Tayyip Erdoğan with the participation of the economic management and relevant institutions, a Fund Coordination Board was established under the chairmanship of Cevdet Yılmaz to coordinate the liquidation process. The State Supervisory Council was also tasked with examining and auditing the fund transactions.
Minister of Justice Akın Gürlek announced that 85 suspects have been arrested within the scope of the investigation, proceedings have been initiated against 207 people, and precautionary measures have been applied to the assets of the suspects. Gürlek reported that 5 people have voluntarily returned illicit gains to accounts established within the Savings Deposit Insurance Fund (TMSF) so far.
News Source: 12punto
