Ruling AKP to submit 10-article bill on fund liquidation
ANKARA
The ruling Justice and Development Party (AKP) is preparing to submit a draft bill comprising around 10 articles to parliament aimed at the liquidation of funds and repayments to investors affected by the ongoing fund-related investigation, state-run Anadolu Agency reported.
The bill is expected to be submitted to parliament on Oct. 9 or Oct. 12.
The AKP’s parliamentary group established a working group under the coordination of Group Chairman Abdullah Güler to address issues related to fund transactions in capital markets. Based on assessments by a team, a legislative proposal concerning transactions in capital markets was prepared.
Under the temporary bill, assets worth up to 1 million Turkish Liras held by 455,578 investors would be liquidated. The proposal is expected to consist of 10 articles.
Separately, AKP Deputy Group Chair Özlem Zengin said that anyone found to have violated the law or misused investors’ money should be held accountable regardless of political affiliation, social standing or personal connections.
Amid the fund crisis, former Family and Social Services Minister Fatma Betül Sayan Kaya last month stepped down as deputy chair of the AKP.
Kaya and her husband, İlyas Kaya, returned money they withdrew from investment funds currently under investigation.
The returned amount covers only profits generated above the principal invested.
Authorities determined that Kaya withdrew nearly 2 billion Turkish Liras from the funds at the center of the ongoing fund crisis. She deposited 1.86 billion liras ($37.8 million) into accounts administered by the Savings Deposit Insurance Fund (TMSF).
Meanwhile, Ali Emre Ballı, whose name has been linked to the fund investigation, was found dead from a gunshot wound inside his vehicle in Istanbul’s Çekmeköy district.
Ballı was the chairman of the board of Adil Asset Management and also served as chairman of the Financial Institutions Union of Türkiye.
The investigation into the incident is ongoing.