Şimşek to lead talks on protecting rights of fund investors

ANKARA

Treasury and Finance Minister Mehmet Şimşek (AA Photo)

Treasury and Finance Minister Mehmet Şimşek will chair meetings with relevant institutions and agencies to discuss technical work related to the liquidation and payment processes of troubled investment funds, according to officials from the ministry.

The Capital Markets Board (SPK) on Sept. 17 ordered the liquidation of 131 funds managed by 7 portfolio management companies.

The total number of unique investors holding these funds stands at 455,758, the SPK said in a statement on Sept. 23.

Officials will review technical preparations concerning the liquidation and payment procedures for the affected funds. The discussions will focus on implementation principles aimed at ensuring that liquidation and payment processes are carried out fairly, effectively and as quickly as possible, ministry officials said.

Protecting the rights and interests of investors will be the primary objective of the work, while authorities will also consider measures to support the healthy functioning of financial markets and financial stability within the scope of their respective responsibilities and powers, they said.

The meetings will also assess interagency coordination and the roadmap to be followed in managing the process at a technical level.

Meanwhile, as part of the ongoing investigations into those funds, 14 more people were arrested on Sept. 24.