Small investors would receive priority in interim payments of up to 1 million Turkish Liras per investor under a fund liquidation bill, one of its sponsors has said.
“Our main principle is to make payments starting with the smallest investors,” ruling Justice and Development Party (AKP) lawmaker Ersan Aksu told parliament’s Plan and Budget Committee on Oct. 14.
The committee approved the bill, which still requires approval by parliament’s general assembly.
Explaining how payments would depend on available cash, Aksu gave the example of a fund holding 1.5 million liras. Investors with net investments of 200,000 liras and 800,000 liras would receive those amounts in full.
An investor owed 2 million liras would receive the remaining 500,000 liras, while another with 10 million liras would receive no payment in that round.
Aksu said further interim payments would follow as assets were converted into cash and money was recovered. The process would involve the Savings Deposit Insurance Fund (TMSF) and extend to the personal assets of portfolio company owners, founders and managers held liable for losses.
Deputy Treasury and Finance Minister İlhan Hatipoğlu said authorities had made 48 requests to 29 countries for information on the assets of 278 individuals and legal entities.
Hasan Kaymak, head of the Financial Crimes Investigation Board (MASAK), said some transactions were not recorded, complicating asset tracing.
He said the agency had repeatedly contacted foreign-based cryptocurrency service providers to ask whether relevant transfers had taken place.
In an interview with daily Milliyet published on Oct. 16, Parliament Speaker Numan Kurtulmuş described the alleged diversion of investors’ savings as “immoral and dishonorable.”
He called for everyone responsible to be identified and held accountable, saying the public expected accountability in the courts.
Asked about statements by conservative civil society groups, Kurtulmuş said wrongdoing should be investigated regardless of the religious identity of those involved.
