No budget money used in payments to affected fund investors: VP Yılmaz

Detailed summary

Some 161 billion Turkish Liras have been paid to affected fund investors without using any money from the central government budget, Vice-President Cevdet Yılmaz said.

Some 161 billion Turkish Liras have been paid to affected fund investors without using any money from the central government budget, Vice-President Cevdet Yılmaz said.

Yılmaz said authorities were pursuing judicial and administrative proceedings to recover excessive profits from individuals involved in wrongdoing and use the proceeds to compensate affected investors.

He added that the investigation sought to distinguish investors from market manipulators without damaging Türkiye’s capital markets or more than 1,000 funds unrelated to the case.

“We will carefully identify those who have committed offences and ensure that they are punished,” said Yılmaz.

Voluntary repayments have reached 33.4 billion liras, while authorities have also seized property and other assets, he said. Payments have been completed for investors in 94 of the 97 funds under ordinary liquidation, leaving three closed funds still being processed, Yılmaz added.

Under the extraordinary liquidation process involving Tera, Pusula and Atlas, interim payments have been made to 444,987 individual investors, he said. Of these, 371,021 have recovered their entire net investment or portfolio value, Yılmaz detailed.

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Opening of the article, excerpted from Hürriyet Daily News. To read the rest, open the article on the publisher's site.