The Capital Markets Board (SPK) began liquidating 131 funds under a 17 September decision and appointed İş Bankası and Ziraat Bankası as custodians; the process will be completed within three months at most. Minister Şimşek said the problem stemmed from credit and liquidity issues in a limited number of funds.
Source spectrumStateStatePro-governmentPro-govIndependentIndep.OppositionOpp.ForeignForeignTRT Haber (ekonomi): SPK, 131 yatırım fonunda tasfiye sürecini başlattı: 2 banka yetkilendirdi1st to publish37 citations todayAnadolu Ajansı (ekonomi) · 2 articles · 3rd to publish41 citations todayHürriyet: Tera Finansal Yatırımlar ile Hedef Holding'de yönetim değişikliği13th to publish45 citations todayGazete Oksijen: Volkswagen'de kriz derinleşiyor17th to publish19 citations todayBloomberg HT · 2 articles · 8th to publish7 citations today
+8 Ekonomim · 18th to publishKısa Dalga · 5th to publishSerbestiyet · 2nd to publishKarar · 11th to publishDünya · 19th to publishPSM · 6th to publishSigorta Gündem · 7th to publishEkonomi Manşet · 15th to publishBirGün · 2 articles · 12th to publish39 citations todayArtı Gerçek: Bakan Şimşek'ten 'fon krizi' açıklaması: Yapısal bir sorun yok4th to publish12 citations todaySözcü: Tera ve Hedef Holding'de iki yönetici istifa etti14th to publish26 citations todayKıbrıs Genç TV (KKTC) · 10th to publishŞimşek’ten fon açıklaması5 citations todaySputnik Türkiye (RU) · 16th to publishTera Finansal Yatırımlar ve Hedef Holding'de peş peşe istifalar26 citations todayFinancial Times (GB) · 9th to publishTurkey moves to liquidate funds at centre of ‘Ponzi-like scheme’1 citation today
Assets of 130 funds belonging to seven portfolio management companies will be converted to cash, with the process to be completed within three months at most. Treasury and Finance Minister Mehmet Şimşek said, "There is no structural problem in the stock market or the fund market."
Source spectrumStateStatePro-governmentPro-govIndependentIndep.OppositionOpp.ForeignForeignTRT Haber · 5 articles · 1st to publish37 citations todayAnadolu Ajansı (ekonomi) · 2 articles · 3rd to publish41 citations todayMilat · 2 articles · 10th to publish28 citations todayA Haber · 2 articles · 5th to publish22 citations todayDiken · 2 articles · 6th to publish22 citations todayBloomberg HT · 2 articles · 4th to publish7 citations today
+10 Serbestiyet · 8th to publishDünya · 16th to publishKarar · 20th to publishGazete Oksijen · 9th to publishKısa Dalga · 11th to publishEkonomim · 21st to publishBursa Hakimiyet · 19th to publishEkonomi Manşet · 13th to publishPSM · 14th to publishSigorta Gündem · 15th to publishArtı Gerçek · 2 articles · 2nd to publish12 citations todayNefes · 2 articles · 18th to publish41 citations today
+4 Gerçek Gündem · 7th to publishCumhuriyet · 22nd to publishYeniçağ · 24th to publishBirGün · 25th to publishSputnik Türkiye (RU) · 17th to publishTera Portföy'den tasfiye sürecine ilişkin açıklama: Ödeme planını nasıl olacak?26 citations todayBBC Türkçe (GB) · 12th to publishBakan Şimşek: Borsa ve fon piyasasında genele yayılan bir risk yok2 citations todayFinancial Times (GB) · 23rd to publishTurkey moves to liquidate funds at centre of ‘Ponzi-like scheme’1 citation today
Where reports differ
State media According to a statement reported by TRT Haber, Şimşek said the problem was limited to a small number of free funds stemming from credit and liquidity issues, that 131 out of 2,038 funds were affected, and that there was no systemic risk.
Opposition press Artı Gerçek wrote that the funds subject to the liquidation decision belong to approximately 550,000 investors and have a total size calculated at around $17 billion (826 billion lira).
Justice Minister Akın Gürlek announced that 20 people had been arrested in manipulative trading investigations and that 51 people had been banned from leaving the country. In Istanbul's fresh fruit and vegetable pricing investigation, all 40 suspects referred to court were arrested.
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+4 Bloomberg HT · 7th to publishEkonomi Manşet · 20th to publishPSM · 21st to publishSigorta Gündem · 22nd to publishOda TV: Akın Gürlek açıkladı: Borsa manipülasyonu opaerasyonunda 20 tutuklama18th to publish26 citations todayArtı Gerçek: Tera Holding’e operasyon: Genel Müdür Yardımcısı İbrahim Bekçi gözaltında4th to publish12 citations today
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