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Türkiye has formed a new coordinating body to oversee the liquidation of investment funds and safeguard investors' rights, the Communications Directorate announced Tuesday, following a meeting between President Recep Tayyip Erdogan and senior economic officials.
The Fund Coordination Board, to be chaired by the vice president, was created to ensure the liquidation process moves forward "rapidly" while protecting investors' legitimate rights and the public interest, according to the directorate's statement.
The decision emerged from a coordination meeting chaired by Erdogan and attended by economic advisers and senior representatives of relevant institutions, who briefed him on recent developments in the capital markets and on measures already taken or planned within their areas of responsibility.
Erdogan told participants that the government's core priorities were carrying out the fund liquidations with care, protecting investors' rights under capital markets rules, and ensuring payments are made fairly, soundly and as quickly as possible, the statement said.
On Erdogan's instructions, the State Audit Board has opened a review and audit process covering recent investment fund transactions in the capital markets, the directorate said.
The Capital Markets Board, Türkiye's securities regulator, separately presented a roadmap for disbursing payments to investors whose entitlements have already been verified. The pace and scope of those payments will depend on the assets and liquidity available within the funds undergoing liquidation, the statement said.
Participants also updated Erdogan on the ongoing transfer of the savings finance companies Katilimevim and Birevim, along with Iktisat Participation Bank, to Türkiye Emlak Participation Bank.
Beyond addressing the current situation, officials expressed determination to introduce additional administrative and legal regulations aimed at strengthening how capital markets function and are supervised, in order to prevent similar problems from recurring, according to the statement.
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