Erdoğan reaffirms October timetable for fund repayments

ANKARA

President Recep Tayyip Erdoğan reaffirmed on Oct. 12 plans for repayments of up to 1 million Turkish Liras in principal to fund investors this month, subject to parliament passing the necessary legislation.

Speaking after a Cabinet meeting in Ankara, Erdoğan said payments had already begun for funds whose procedures at the Central Securities Depository (MKK) were complete.

The pending legislation would allow a substantial proportion of investors to receive interim payments during October, he said.

Payments had already begun for funds where the required procedures at the MKK were complete, he added.

Erdoğan said legal action had been taken against 282 people, including fund company board members. Of those, 84 had been remanded in custody, arrest warrants had been issued for 27 and 99 had been placed under judicial supervision.

The investigations were continuing, he said.

Erdoğan also said Türkiye was preparing to submit its joint defense agreement with Saudi Arabia and Pakistan to parliament in the coming days for approval.

Work on the institutional framework of the agreement, signed on Aug. 7, was continuing, he said.

“As with NATO, activities under the joint defense agreement will be carried out in accordance with our national legislation,” Erdoğan said.

He condemned the Houthi attack on Riyadh’s King Khalid International Airport and reiterated Türkiye’s support for Saudi Arabia, while calling for regional disputes to be resolved through diplomacy.

Turning to Istanbul’s earthquake risk, Erdoğan urged municipalities, regardless of political affiliation, to give priority to urban renewal projects.

He recalled that a housing renewal scheme had been extended until Dec. 31, 2027.

The scheme provides 875,000 liras in grants, an equal amount in loans and 125,000 liras in relocation support for each home, he said.