Parliament’s Plan and Budget Committee approved a bill on Oct. 14 that would allow interim payments of up to 1 million Turkish Liras to eligible investors in funds under liquidation.
The nine-article proposal concerns unfinished liquidations among 131 funds ordered wound up by the Capital Markets Board (SPK). It still requires approval by parliament’s general assembly.
AK Party lawmaker Ersan Aksu, one of the bill’s sponsors, said around 350,000 investors were expected to recover their net investment through interim payments while retaining their rights to a final settlement.
Interim payments would be calculated from investors’ actual cash deposits and withdrawals, without inflation adjustment, and deducted from the final amount payable.
If available cash is insufficient, the SPK could prioritize investors with the smallest net investments or set a minimum interim payment for all eligible investors.
Where fund assets fall short, final entitlement calculations would include inflation adjustments through the liquidation date, based on the average change in consumer and domestic producer price indices.
Aksu said payments would come from fund assets and money recovered from those responsible for losses, with no public funds used.
Committee amendments clarified how eligible investors would be identified and revised calculations for the voluntary return of gains above an inflation-adjusted benchmark.
Some repayments have already been made. The Communications Directorate said on Oct. 13 that 43,643 investors in funds managed by A1, Bulls and Pardus received 6.4 billion liras the previous week.
Separately, Treasury and Finance Minister Mehmet Şimşek authorized an investigation into former SPK chairman İbrahim Ömer Gönül following a preliminary ministry review.
Istanbul prosecutors had sought permission on Sept. 30 to investigate alleged abuse of office in connection with the fund inquiry. Gönül gave a statement as a suspect that day.
