Fund repayments reach 161 billion liras

ANKARA

Payments to investors in funds undergoing liquidation have reached about 161 billion Turkish Liras, the Communications Directorate said on Nov. 13.

The payments, made in cash and assets, covered 444,893 investors across 119 funds under ordinary and extraordinary liquidation procedures. Of these, 333,493 have received their full net investment through interim payments.

The figures include payments made on Nov. 13, according to the statement issued after the 10th Fund Coordination Board meeting, chaired by Vice President Cevdet Yılmaz.

Representatives of the Justice Ministry, the Treasury and Finance Ministry and related institutions attended the meeting to review progress and further steps.

Interim payments for funds under extraordinary liquidation began on Oct. 30, following legislation adopted by parliament and payment rules issued by the Capital Markets Board.

Legal proceedings are continuing against those found by authorities to have earned unfair and excessive gains through market-disrupting activities, the directorate said. Those investors have been excluded from interim payments.

The checks involve institutions including the Justice Ministry, the Savings Deposit Insurance Fund and the Financial Crimes Investigation Board.

Further interim payments will continue under the coordination of the institutions overseeing liquidation, with the aim of reaching as many investors as possible.