Türkiye has established a board chaired by the vice president to coordinate the liquidation of investment funds and protect investors’ rights, the country’s Communications Directorate has said.
Tuesday’s decision followed a meeting chaired by President Recep Tayyip Erdogan with economic officials and senior representatives of relevant institutions to assess recent developments in the capital markets.
Erdogan said the authorities’ priorities were to carry out the fund liquidations carefully, protect investors under capital market rules and make payments fairly and as quickly as possible, according to the statement.
The new Fund Coordination Board will oversee the process with regard to investors’ legitimate rights and the public interest.
At Erdogan’s orders, the State Audit Board has begun examining and auditing recent investment fund transactions in the capital markets, the statement said.
The Capital Markets Board presented a roadmap for paying investors whose entitlements have been verified. Payments will depend on the assets and liquidity of the funds being liquidated.
Officials also briefed Erdogan on the ongoing process to transfer Katilimevim and Birevim savings finance companies and Iktisat Participation Bank to Türkiye Emlak Participation Bank.
The directorate said additional administrative and legal measures would be introduced to strengthen the operation and oversight of capital markets and prevent similar problems from recurring.
