Ziraat Bank completes liquidation for 66 investment funds in Turkey

The Turkish Presidency Communications Directorate announced that Ziraat Bank has completed the in-kind and cash liquidation transactions for more than 45,000 individuals across 66 different investment funds. These funds were managed by A1, Bulls, and Pardus portfolio management companies.

This progress reduces the total number of funds undergoing liquidation from 131 to 65. The liquidation process follows a September 17 decision by the Capital Markets Board to dissolve 131 funds after detecting unusual stock price movements. A new draft law aimed at ensuring fair, transparent, and effective liquidation with legal payment guarantees was recently approved by the Turkish Parliament's Planning and Budget Committee.

During the sixth Funds Council meeting, chaired by Vice President Judet Yilmaz, officials also discussed a new regulatory draft. This draft proposes comprehensive amendments to capital markets law to address structural issues, enhance oversight, and increase the deterrent effect of sanctions. Additionally, funds established by Hedef Portfolio Management will now follow the same liquidation rules as the previously mentioned companies.