Interim payments totalling 29.3 billion lira to 235,705 investors in seven investment funds placed under extraordinary liquidation began on Friday, Bloomberg HT and Samsun Gazetesi reported.
The seven funds are managed by the portfolio management companies Atlas, Pusula and Tera, according to Bloomberg HT and the Samsun Gazetesi news site. The funds are among 131 funds of seven portfolio managers that Türkiye’s Capital Markets Board (SPK, the securities regulator) ordered into liquidation in September.
How the payments work
The payments are being made under Law No. 7596 on certain investment funds ordered into liquidation, passed by parliament on 22 October, and an SPK decision dated 27 October, Bloomberg HT reported. Investors whom official audits found to have made unfair and excessive gains are excluded.
Payments start with money market funds and move from the smallest holdings to the largest, so that as many investors as possible are paid first, Bloomberg HT said.
Each investor can receive up to 1 million lira per fund, or less if their net investment calculated by the Central Registry Agency (MKK) is lower, Samsun Gazetesi reported. Vice President Cevdet Yılmaz had told a parliamentary committee earlier this week that payments of up to 1 million lira under extraordinary liquidation would start on Friday through İş Bankası and Ziraat Bankası, Milliyet reported on 28 October. The interim amounts will be deducted from what investors receive when the funds are finally wound up, Samsun Gazetesi said.
Payments so far
With Friday’s round, 97.3 billion lira has been paid to 299,464 investors across 100 funds, according to Bloomberg HT. That includes 68 billion lira already paid to 63,759 investors in 93 funds run by A1 Capital, Bulls, Pardus and Hedef, which went through ordinary liquidation.
The reports did not say when the remaining payments would be completed.
For background, see Şimşek on the fund crisis and the 1 million lira interim payouts and earlier payments to investors in liquidated funds.
Sources
- Olağanüstü fon tasfiyelerinde ilk ara ödemeler yatmaya başladı (Bloomberg HT)
- Fon yatırımcılarına 29,3 milyar TL ödeme başladı (Samsun Gazetesi)
- Fonda 1 milyon liraya kadar ödemeler cuma başlıyor (Milliyet)
Photo: ampersandyslexia / CC BY 2.0, via Wikimedia Commons
