Türkiye’s Capital Markets Board (SPK) has approved interim payments of up to 1 million Turkish Liras per investor in funds under liquidation, while temporarily suspending brokerage Tera Yatırım’s capital market activities.
The payment plan covers funds established by Tera Portföy, Pusula Portföy, Atlas Portföy and Hedef Portföy that were ordered into liquidation.
Payments will begin with money market funds and apply to investors whose holdings have been verified, according to the board’s Sept. 30 bulletin.
The SPK ordered the payments to be made promptly but did not announce a start date.
Amounts will be based on each investor’s net investment at the payment date, as calculated by Türkiye’s central securities depository (MKK).
Investors with net investments below 1 million liras will receive that amount. Those at or above the threshold will receive up to 1 million liras.
The advances will be deducted from investors’ final liquidation payments. Fund units will be redeemed at the final payment stage, with no redemption carried out in exchange for the interim payments.
Tera Yatırım’s suspension took effect on Sept. 30.
The SPK also permanently revoked all capital market licenses held by its CEO, Emir Münir Sarpyener, and by Hakan Gövdere and Hayriye Car, saying they were responsible for regulatory breaches at the brokerage.
The board ordered 131 funds run by seven portfolio management companies into liquidation on Sept. 17 after defaults and delays in payments to investors seeking to redeem their holdings. The affected funds had 455,758 investors, according to the regulator.
The decisions come as Istanbul prosecutors continue investigating capital market transactions. Justice Minister Akın Gürlek said on Sept. 30 that 56 suspects had been remanded in custody in the investigations.
Sarpyener and Tera Portföy Chairman Erdin Özel were among six detained suspects taken to the Istanbul courthouse on Sept. 30.
