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Turkey initiates liquidation of 131 investment funds affecting 455,000 investors
Turkey’s Capital Markets Board (SPK) has initiated the liquidation of 131 investment funds managed by seven portfolio management companies. The process affects approximately 455,758 individual investors and involves assets valued at roughly $18 billion. To manage the liquidation, the SPK has appointed T. İş Bankası AŞ to handle funds from Tera Portföy Yönetimi AŞ, and TC Ziraat Bankası AŞ to manage funds from A1 Capital, Atlas, Bulls, Hedef, Pardus, and Pusula Portföy Yönetimi.
The liquidation process aims to convert fund assets into cash, with the goal of completing the distribution to investors within three to six months. Some investors have reported that sales orders placed before the liquidation announcement were canceled without consent, though Takasbank stated no order cancellations occurred within its systems.
Parallel to the liquidation, Turkish authorities are conducting a criminal investigation into potential violations of capital markets law, aggravated fraud, and membership in a criminal organization. Several high-profile executives have been arrested, including Emre Tezmen, the founder of Tera Yatırım, and officials from Pusula Finans Holding. Authorities have also frozen assets linked to several financial firm executives as they investigate whether funds were illegally transferred abroad.
Entities
Capital Markets Board · Capital Markets Board of Turkey · Central Securities Depository of Turkey · Emre Tezmen · Hedef Portföy · Merkezi Kayıt Kuruluşu · Pusula Portföy · Sermaye Piyasası Kurulu · T. İş Bankası AŞ · TC Ziraat Bankası AŞ · Takasbank · Tera Portföy Yönetimi AŞ
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Türkiye İş Bankası AŞ has been appointed as the custodian and liquidation authority for funds founded by Tera Portföy Yönetimi AŞ. akhisargundem.net
- [○ 1 SOURCE] Hedef Portföy stated there is no liquidity problem or default within the funds subject to liquidation. www.internethaber.com
- [● 2 SOURCES] The total assets of the funds amount to approximately 31 billion TL, with 29.8 billion TL held in liquid funds. www.gazetebirlik.com · www.internethaber.com
- [● 6 SOURCES] The SPK decided to liquidate 131 investment funds belonging to 7 portfolio management companies. akhisargundem.net · www.yorumla.net · www.konhaber.com · ekonomi.haber7.com
- [● 5 SOURCES] There are 455,758 unique investors in the liquidated funds according to MKK records. www.yorumla.net · www.konhaber.com · ekonomi.haber7.com
- [● 2 SOURCES] The liquidation process is expected to be completed within a maximum of 3 months from the announcement date. akhisargundem.net · www.gazetebirlik.com
- [○ 1 SOURCE] Takasbank stated there were no order cancellations caused by the bank or the TEFAS system. ufukturu.net
- [● 2 SOURCES] The total size of the funds under liquidation is approximately 31 billion TL, with 29.8 billion TL in liquid funds. www.gazetebirlik.com · www.internethaber.com
- [○ 1 SOURCE] TC Ziraat Bankası AŞ was appointed as the liquidation authority for funds founded by several companies including Pusula Portföy. akhisargundem.net
- [○ 1 SOURCE] T. İş Bankası AŞ was appointed as the liquidation authority for funds founded by Tera Portföy Yönetimi AŞ. akhisargundem.net
- [● 9 SOURCES] There are 455,758 unique investors across the liquidated funds according to MKK records. www.yorumla.net · www.konhaber.com · ekonomi.haber7.com · acikgazete.com · www.gazeteabc.com · +2 more
- [● 2 SOURCES] Fund assets will be converted to cash within a maximum of three months. akhisargundem.net · www.gazetebirlik.com