Deliberations began in the Grand National Assembly of Turkey (TBMM) on the Draft Law Regarding Certain Investment Funds Decided to be Liquidated. During the session, opposition parties emphasized that the losses of investors victimized by the fund crisis must be compensated, those who obtained unfair gains must be disclosed, and the liquidation process must be independently audited.
YENİ Party İzmir Deputy Ümit Özlale criticized the “voluntary return” mechanism included in the proposal. Recalling the statements by Treasury and Finance Minister Mehmet Şimşek that unfair gains were identified via algorithms, Özlale asked, “Since you have identified those who obtained unfair gains using algorithms and you have the names of those who obtained unfair gains in your hands, why are you resorting to voluntary return?”
Questioning why direct legal action was not initiated against individuals determined to have obtained unfair gains, Özlale stated that there are question marks regarding whether the voluntary return practice would provide an “exit door” for certain individuals.
YENİ Party Istanbul Deputy Özgür Karabat also argued that the crisis cannot be seen as the act of a few people. Karabat stated, “This fund crisis is not an accident, and this fund crisis cannot be belittled as the work of a few immoral men.” Criticizing the fact that the oversight of the liquidation process was left to the Capital Markets Board (SPK), Karabat noted that proposals to establish an independent liquidation board were not accepted.
Yeni Yol Adana Deputy Sadullah Kısacık stated that there are 455 thousand 700 people victimized by the fund crisis, noting that these individuals had made their savings for needs such as medical treatment, military service, dowry, and the purchase of homes and vehicles. Kısacık criticized the fact that SPK and Borsa İstanbul officials did not appear before the public during the crisis management.
İYİ Party Samsun Deputy Erhan Usta said that the names of those who obtained unfair gains should be shared with the public. Stating that bringing only some names to the agenda was not enough, Usta recalled that requests for a parliamentary inquiry commission were rejected.
CHP Karabük Deputy Cevdet Akay brought up allegations that some public institutions and organizations also invested money in the funds in question. Mentioning billions of liras related to the Unemployment Insurance Fund, Akay asked whether other public institutions were in a similar situation. He said that the Financial Crimes Investigation Board (MASAK) should establish contact with international institutions to identify funds taken abroad.
DEM Party Antalya Deputy Hakkı Saruhan Oluç also argued that the crisis should be evaluated within the scope of an organized structure, stock manipulation, and organized crime. Stating that the roles of the SPK, the Banking Regulation and Supervision Agency (BDDK), Takasbank, and Borsa İstanbul in the process should be investigated, Oluç expressed that questioning only a few people would not be sufficient.
AK PARTY: INTERIM PAYMENTS OF UP TO 1 MILLION TL WILL BE POSSIBLE
Speaking on behalf of the AK Party Group and as one of the signatories of the proposal, AK Party Samsun Deputy Ersan Aksu said that the net investment amount of investors would be taken as the basis in the regulation, and this amount would be calculated based on cash inflows and outflows and updated with the average of the Consumer Price Index (CPI) and the Domestic Producer Price Index (D-PPI).
Aksu stated that the payment for each fund would be covered by its own assets and that interim payments of up to 1 million TL per person could be made so that investors would not be victimized while waiting for the final liquidation. Emphasizing that this amount is an interim payment and not a “ceiling,” Aksu said that if the available cash remains insufficient, payments would start with the smallest investors.
Aksu stated that according to the evaluations made, it is foreseen that the net investment amounts of 390 thousand fund shareholders will be paid while protecting their final share rights. Stating that the voluntary return mechanism introduced for those who obtained unfair and exorbitant gains does not mean amnesty or impunity, Aksu said, “Those who commit a crime will serve their sentence, and the innocent will be protected by the law to the end.”
Following the completion of the deliberations on the entirety of the proposal, the discussions moved to the first section, which covers articles 1 through 5.
News Source: 12punto
