In the Grand National Assembly of Turkey (TBMM) General Assembly, the first 5 articles in the first section of the "Draft Law on Certain Investment Funds Decided to be Liquidated" were accepted. During the deliberations, opposition deputies drew attention to the grievances experienced by investors, uncertainties regarding payments, and the problem of trust in capital markets.
DEM Party Şanlıurfa Deputy Dilan Kunt Ayan, in her speech on the fourth article of the bill, stated that approximately half a million people had invested money in the funds. Ayan said that a significant portion of the victims were citizens trying to protect their savings against the economic crisis and high inflation.
Explaining that the citizens who reached out to them had invested their savings such as retirement bonuses, severance pay, and wedding gold into the funds, Ayan said, "What are you presenting now to the people who put the money they saved over a lifetime into these funds to secure their future? You are coming forward with a law that has rendered their money worthless."
CRITICISM FROM THE OPPOSITION REGARDING PAYMENT AND OVERSIGHT
Arguing that the regulation was presented to the public as a solution to resolve grievances, Ayan claimed that the bill would not meet expectations. Stating that the payments promised to investors were not certain, Ayan said, "Investors are told, 'We will pay up to 1 million, but only if there is money in the treasury.'"
Holding the government responsible for the fund crisis, Ayan also argued that the Capital Markets Board (SPK) displayed an approach that blamed the investors. Ayan reacted with the words, "You are the ones who listed these funds, you are the ones who advertised these funds, and when the pot breaks, you are the ones who take no responsibility."
Speaking on behalf of the New Way Group, Adana Deputy Sadullah Kısacık stated that the principle of "finality of settlement" was ignored in the regulation. Criticizing the cancellation of the receivables of investors experiencing blocked funds, Kısacık referred to Article 79 of the Capital Markets Law.
Kısacık stated that settlement and payment transactions of capital market instruments are irrevocable and non-cancellable even in some liquidation processes, adding, "This is called the finality of settlement." Kısacık said that this principle is one of the fundamental rules of capital markets.
İYİ Party Denizli Deputy Yasin Öztürk also emphasized that the bill does not mean that all of the investors' money will be paid or that 1 million liras per person is guaranteed. Öztürk stated that the interim payment depends on the liquidation assets of the fund, the net investment calculated for the investor, and the conditions to be determined by the board.
Stating that the payment amount, timing, and conditions must be clearly set out, Öztürk said, "If the payment amount, timing, and conditions are left uncertain, grievances will not decrease, but rather grow." Stating that the regulation only covers certain funds, Öztürk also expressed that no permanent protection mechanism has been established against similar crises.
Following the acceptance of articles 1-5 in the first section of the bill, TBMM Deputy Speaker Tekin Bingöl closed the session to reconvene at 14:00 to discuss other legislative proposals and business from committees.
News Source: 12punto
