Interim payments totaling 29.3 billion Turkish Liras to 235,705 investors in seven funds undergoing extraordinary liquidation began on Oct. 30.
The transfers follow earlier payments of 68 billion liras to 63,759 investors in 93 funds established by portfolio managers A1 Capital, Bulls, Pardus and Hedef under ordinary liquidation procedures.
Including the latest round, total payments will reach 97.3 billion liras across 100 funds, covering 299,464 investors.
The interim payments are being made under a law approved by parliament on Oct. 22 and rules issued by the Capital Markets Board (SPK) on Oct. 27.
Money market funds have priority, with payments proceeding from the smallest amounts upward to reach as many investors as possible.
Under the SPK rules, interim payments are calculated separately for each fund and capped at the lower of 1 million liras or the investor’s net investment, calculated without inflation adjustment.
Investors identified by authorities as having obtained unfair and excessive gains were excluded from the interim payments.
