More than 45,000 investors caught up in Türkiye’s investment fund crisis have received about 40.8 billion lira in cash and in-kind liquidation payments, the government’s Fund Coordination Board said on Sunday after its sixth meeting.
The board, chaired by Vice President Cevdet Yılmaz and attended by Treasury and Finance Minister Mehmet Şimşek and Justice Minister Akın Gürlek, said the payments covered 66 funds managed by A1 Portföy, Bulls Portföy and Pardus Portföy, with Ziraat Bankası handling the transfers. The statement was released by the Communications Directorate.
Fewer funds left to wind down
The number of funds in liquidation has fallen from 131 to 65, the board said. The remaining funds make up 4.6% of all funds and 7.7% of total portfolio value. Around 350,000 investors hold less than 1 million lira in the affected funds, and the board expects the liquidation process to be completed within five to six months.
Under the payment plan, investors with net holdings below 1 million lira can be paid up to that amount, while those with larger holdings can receive up to 1 million lira as an interim payment. Payments to the smaller group are planned for October, with larger holders to be paid in later stages. The planned payments would cover principal plus an inflation adjustment.
The Capital Markets Board (SPK) has applied the same liquidation rules to funds of Hedef Portföy under a decision dated October 15, with payments, mainly to money market fund holders, planned for this week.
Bill heads to parliament
A bill that would allow assets seized in the fund investigation to be used to compensate investors has cleared parliament’s Plan and Budget Committee and is expected in the General Assembly this week. It would let the Savings Deposit Insurance Fund (TMSF) act as trustee for assets that cannot be transferred directly to the funds, and sell them before a court ruling. The board also discussed a broader draft amending the Capital Markets Law.
According to figures as of October 7 cited in the statement, 220 people face proceedings in the criminal investigation, 85 are in pretrial detention and 81 are under travel bans.
The fund turmoil adds to a nervous backdrop for Turkish markets, where the BIST 100 fell 4.44% last week and investors await the central bank’s October 22 rate decision. Foreign residents holding lira savings products may also want to review how inflation is eroding returns; our cost of living in Turkey 2026 guide tracks everyday prices.
Sources
- Fon Kurulu altıncı kez toplandı. 45 binin üzerinde kişiye 40,8 milyar liralık ödeme yapıldı (NTV)
- İletişim Başkanlığından Altıncı Fon Kurulu Toplantısı’na ilişkin açıklama (Anadolu Ajansı)
Photo: Central Bank of the Republic of Turkey / Public domain, via Wikimedia Commons
