The ruling Justice and Development Party (AKP) is preparing legislation on investment fund liquidations and repayments, with initial payments to investors expected this month, according to party sources.
The proposal, comprising about 10 articles, is expected to be submitted to parliament on Oct. 9 or Oct. 12.
Smaller investors would receive priority, and payments could begin under an existing Capital Markets Board (SPK) decision without waiting for the legislation to pass.
Vice President Cevdet Yılmaz, who chairs the Fund Coordination Board overseeing the process, is expected to brief parliament’s General Assembly on Oct. 7.
The liquidation covers 131 funds run by seven portfolio management companies, with 455,758 investors, according to the SPK.
The regulator has already authorized interim payments of up to 1 million Turkish Liras per investor in each eligible fund once records have been reconciled.
The decision covers funds established by Tera Portföy, Pusula Portföy, Atlas Portföy and Hedef Portföy, beginning with money market funds.
Payments will be based on net investment amounts calculated by the Central Registry Agency (MKK) and deducted from investors’ final liquidation entitlements.
Investors with holdings above 1 million liras also qualify for the capped interim payment.
Meanwhile, Justice Minister Akın Gürlek said on Oct. 6 that five people had voluntarily returned money to accounts opened at the Savings Deposit Insurance Fund (TMSF) as part of efforts to recover funds linked to the investigation.
Speaking at Anadolu Agency’s Editors’ Desk, Gürlek said 85 suspects had been remanded in custody and proceedings had been initiated against 207 people.
Authorities had frozen assets and imposed measures to prevent money and property from being transferred or concealed.
Investigators were examining individuals and companies that made unusually large profits over short periods, using records supplied by market regulators, he said.
Legal steps had also begun to recover money transferred abroad, including to Switzerland.
Gürlek said illicit proceeds would be transferred to TMSF to help compensate investors who had acted in good faith.
Repayment could reduce penalties but would not end proceedings, the minister said.
“The perception that no action will be taken against those who cover the losses is wrong,” he said.
Gürlek added that authorities were examining possible negligence or misconduct by institutions responsible for oversight.
At a separate parliamentary briefing on Oct. 6, Central Bank Governor Fatih Karahan said most recent withdrawals from money market and similar funds had moved into bank deposits.
He told parliament’s Plan and Budget Commission that retail investors continued to sell foreign currency and precious metals. Increases in Türkiye’s credit risk premium and exchange rate volatility had been limited, he said.
