Vice President Cevdet Yılmaz spoke on a live broadcast by Anadolu Agency, Oct. 12, 2026. (AA Photo)
Investigations into the troubled funds are continuing, Vice President Cevdet Yılmaz has said, adding that no public money will be used in the liquidations of those funds.
“Investigations are continuing regarding people who obtained very high returns or unfair gains through illegal transactions,” Yılmaz said on Oct. 12 during a live broadcast by Anadolu Agency.
Addressing the process following the return of unlawful gains, Yılmaz said legal responsibilities would remain in force.
“If there has been an unlawful transaction, responsibilities do not disappear,” he said.
Yılmaz said authorities moved quickly to prevent the incident from spreading to the broader fund market and damaging the overall financial system.
“The problematic funds were, in a sense, placed under quarantine. Measures were imposed on seven companies and 131 funds under them,” he said.
He added that a judicial process is underway.
“Many people are currently under arrest, in custody or under investigation, and many have given statements. Asset freezes have been imposed and travel bans have been introduced,” Yılmaz said.
According to Yilmaz, the Fund Coordination Board established during the process has held four meetings and adopted key principles.
He also said the State Supervisory Council had launched a broad-based field investigation involving around 15 inspectors and auditors covering all relevant institutions.
“Independent financial authorities and all of these institutions will be examined and investigated. Administrative shortcomings and individual responsibilities will be revealed through this process,” he said.
“There are seven companies and 131 problematic funds. These funds account for 4.6 percent of all funds and 7.7 percent of the total fund portfolio. More than 455,000 investors are involved in these funds,” he said.
He noted that three of the seven companies had accepted ordinary liquidation procedures and were liquidated as of Oct. 8.
“Payments have been made to nearly 44,000 citizens, and 17 funds have consequently exited the system,” Yilmaz said.
He added that more than 2,000 investors were involved in closed-end funds managed by the three entities undergoing ordinary liquidation, and that those funds would be liquidated according to their own structures and characteristics.
Yilmaz stressed that neither ordinary nor extraordinary liquidation would involve the use of public resources.
“There will be no use of public funds in either ordinary or extraordinary liquidation,” he said.
Explaining the reason, Yilmaz said the state does not provide guarantees for capital markets and investment funds.
“There is no state guarantee in fund markets or capital markets. In the banking system there is a state guarantee up to a certain amount, but such a guarantee does not exist in capital markets,” he said.
