Yılmaz: Fund payouts could begin in October
Turkish Vice President Cevdet Yılmaz announced that an accelerated liquidation process had been initiated to prevent the crisis in the investment fund market from spreading to the broader financial system.
Referring to approximately 46,000 investors affected by the ordinary liquidation processes involving A1 Capital, Bulls, and Pardus, Yılmaz said the number of affected investors could fall below 100,000 if legislation governing extraordinary liquidation is approved by Parliament. He added that the new fund guidelines aim to establish a stronger and more resilient capital market structure.
Addressing the timeline for investor payments, Yılmaz said payouts could begin if the necessary legislation is passed in October, noting that the relevant institutions have completed their preparations. He emphasized that no public funds would be used during the liquidation process. Instead, payments would be financed through assets linked to profits obtained from unlawful transactions. Yılmaz also stressed that returning illegally obtained gains would not eliminate legal liability and that each fund's situation would be examined individually.
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