SPK fund liquidation interim payments begin today: 68 billion lira paid to 71,899 accounts

İş Bankası and Ziraat Bankası have launched interim payments of up to 1 million lira today from investment funds under extraordinary liquidation. According to the priority order established by the Capital Markets Board (SPK), funds with the phrase "money market" in their names were placed first in line.

Vice President Cevdet Yılmaz stated in a statement to the Turkish Grand National Assembly (TBMM) that the remaining net investment amount in funds under extraordinary liquidation is 125 billion lira. Yılmaz reported that as of October 23, a total of 68 billion lira has been paid to 71,899 accounts across 93 funds.

Liquidation operations were divided by institution: İş Bankası will manage the liquidation of funds founded by Tera Portföy Yönetimi AŞ, while Ziraat Bankası will manage the liquidation of funds founded by Pusula Portföy Yönetimi AŞ and Atlas Portföy Yönetimi AŞ.

The financing sources for payments were divided into three categories: cash and other assets of the funds under liquidation, funds recovered from those who obtained unlawful or excessive gains, and other income to be obtained during the liquidation process.

If the distributable cash of the funds is insufficient to cover all liabilities, a payment order by fund basis could be established or a minimum interim payment amount could be determined to reach more investors; the implementation of both methods will be subject to SPK approval.

During interim payments, fund shares will not be redeemed; share redemptions have been deferred to the final liquidation phase. Payments are expected to be completed by mid-November.