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Türkiye’s Capital Markets Board, or SPK, has approved interim payments of up to ₺1 million ($20,394) for eligible investors in funds established by Tera, Pusula, Atlas and Hedef portfolio management companies that are being liquidated.
According to the board’s latest bulletin, payments will be made to fund unit holders whose account reconciliation has been completed.
The payments will be treated as advances against the amounts investors are expected to receive once the liquidation process is finalized.
The amounts will be calculated based on each investor’s net investment amount determined by Türkiye’s Central Securities Depository, or MKK.
Investors whose net investments are below ₺1 million will receive their calculated net investment amount, while payments to those with net investments of ₺1 million or more will be capped at ₺1 million.
The interim payment process will begin with money market funds.
Fund units will remain outstanding during the interim payment stage and will be redeemed when final liquidation payments are made.
The board also determined liquidation priorities for funds established by A1 Capital, Bulls and Pardus portfolio management companies.
Money market funds will be liquidated first, while other funds will be processed in descending order based on the number of investors.
After the liquidation process is completed, funds outside the liquidation procedure whose trading was suspended under the board’s Sept. 17 decisions may reopen simultaneously across all distribution channels for purchases and/or sales.
The founding portfolio management companies will determine reopening dates and trading conditions after taking into account portfolio structure, liquidity, market conditions and investor interests.
Separately, the board temporarily suspended Tera Investment’s capital markets activities effective Sept. 30.
The also permanently revoked the capital markets licenses of Emir Munir Sarpyener, Hayriye Car and Hakan Govdere after determining that they bore responsibility for unlawful transactions and activities at the company.
In another decision, the regulator conditionally approved the issuance document for a private placement capital increase by Hektas against a ₺2.38 billion capital advance provided by the Armed Forces Pension Fund, known as OYAK.
The board also decided to initiate legal proceedings to block access to three websites to prevent unauthorized capital markets activities.
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