About 161 billion lira has now been paid to investors in Turkish investment funds under liquidation, the government said on Friday after the 10th meeting of the Fund Coordination Board, according to Sabah and NTV.
The board met under the chairmanship of Vice President Cevdet Yılmaz, with the Ministry of Justice, the Ministry of Treasury and Finance and other relevant institutions taking part. The results were announced in a statement by the Presidency’s Communications Directorate.
444,893 investors paid so far
According to the statement, new interim payments were made on Friday to holders of funds in extraordinary liquidation. Including these, about 161 billion lira in cash and in-kind payments has gone to 444,893 unique investors in 119 funds in liquidation.
Of these, 333,493 investors have received their entire net investment amount as an interim payment, both sources reported.
The extraordinary liquidation is based on a law adopted by parliament, and the first interim payments to fund holders’ accounts began on October 30. For the rules of the first round, see our reports on the law entering into force and the start of payouts.
Some investors excluded
The statement said audits led by the Ministry of Justice, the Savings Deposit Insurance Fund (TMSF) and the Financial Crimes Investigation Board (MASAK) had identified people who made unfair and excessive gains through activities that disrupted the market. Legal proceedings against them are continuing, and they were left out of the interim payments, Sabah and NTV reported.
Further payments planned
Interim payments will continue in a way that allows the largest possible number of investors to be paid, the statement said, and further payments will be made under the coordination of the institutions responsible for the liquidation process. No date for the next round was given.
Earlier figures from the board are in our report on the 40.8 billion lira paid at an earlier stage.
Sources
- SON DAKİKA! Fon tasfiyesinde 161 milyar TL ödeme: 333 bini aşkın yatırımcı tamamını aldı (Sabah)
- Fonlarda ikinci ara ödemeler yapılıyor (Olay / NTV)
Photo: Derrick Brutel / CC BY-SA 4.0, via Wikimedia Commons
