CHP Karabük Deputy Cevdet Akay stated that a significant portion of the investors reported to be victims in the fund crisis consists of individuals who did not receive their money despite placing sell orders. Akay noted that the number of investors in this group was reported to them by Capital Markets Board (SPK) officials as approximately 203 thousand.
According to Akay's statement, these investors placed sell orders before 13:30 on September 17 but did not receive their payments. Akay stated that despite this, these receivables were included in the liquidation process and called for an official and detailed explanation.
Pointing to the examination they conducted using TEFAS data, Akay claimed that the size of the receivables of investors who placed sell orders but did not receive payment could be approximately 280 billion TL. Akay said, "How many people are there? What is the monetary size? There is no answer," and stated that the process must be conducted transparently.
DEBATE OVER LEAVING RECEIVABLES TO LIQUIDATION
Drawing attention to Article 79 of the Capital Markets Law, Akay argued that the investor's receivable from the fund arises once the clearing is finalized following a sell order. For this reason, he stated that leaving receivables to liquidation on the grounds that "no price was formed" or that the fund defaulted is legally controversial.
Reminding that if funds are taken into liquidation, assets will be converted into cash and payments will be made to investors in proportion to their shares, Akay expressed that the amount to be collected might not be sufficient to cover the receivables. Akay said that investors could face the "risk of not being able to receive a significant portion of their receivables."
Akay argued that the current practice is unlawful and stated that if investors apply to the judiciary, interest and litigation costs could come into play in addition to the principal amount. "If these victims file a lawsuit, they will get their money back with interest. The law is like this," said Akay, noting that the potential burden could reflect on public resources.
Stating that they are not against giving payment priority to small savers, Akay said that the rights of qualified investors and investors who placed sell orders but did not receive their money must also be protected. Akay argued that the principal amount of the actual victims and the inflation difference calculated up to the liquidation date should be paid.
Stating that those who consciously participated in manipulative transactions should be separated from those who invested unknowingly, Akay also called on regulatory institutions to be held accountable. Stating that the responsibility of the SPK, BDDK, Takasbank, TEFAS, and Borsa İstanbul in the process should be investigated, Akay also requested that the State Supervisory Council investigation be concluded as soon as possible.
Akay argued that the method based on receiving "voluntary" payments from individuals determined to have earned high profits from fund transactions would not be sufficient. He said that criminal complaints should be filed against these individuals, their assets should be examined within the legal framework, and the amounts to be obtained should be used for victim payments.
Requesting that the assets of public institutions and organizations in the funds also be clarified, Akay stated that a commission should be established in the Grand National Assembly of Turkey (TBMM) to investigate the fund crisis. Akay called for the public to be informed regularly about collections, seized assets, and the payment process.
News Source: 12punto
