Fund liquidation interim payments up to 1 million TL begin via Işbank and Ziraat Bank

First interim payments for funds under extraordinary liquidation, with procedures clarified by the Capital Markets Board (CMB), began today (Friday, October 30) through Işbank and Ziraat Bank channels. Under the framework of Law No. 7596 approved by the Grand National Assembly, the CMB prioritized funds with "money market" in their name.

Payments are expected to be completed by mid-November. The interim payment amount to fund shareholders shall not exceed the net investment amount calculated without indexation by the Central Registry Agency (CRA) and/or 1 million TL. If there is insufficient cash in the fund's account, payments will proceed in graduated fashion starting from the lowest amount to the highest.

Vice President Cevdet Yılmaz stated in information provided to the Grand National Assembly the previous day that as of October 23, 68 billion lira had been paid to 71,899 accounts belonging to 93 funds total. Yılmaz noted that the net investment amount remaining under extraordinary liquidation stands at 125 billion lira and that payments up to 1 million lira can be readily met with available resources.

The funds under liquidation were determined by CMB decisions dated September 17, 2023. Among these are investment funds founded by Tera Portfolio Management Inc., Pusula Portfolio Management Inc., and Atlas Portfolio Management Inc. Yılmaz had stated that expenses would be financed from three sources; the first being cash assets remaining in the funds, the second being amounts recovered from those who obtained unjust gains.