20.10.2026 12:00
Minister of Treasury and Finance Mehmet Şimşek made a striking statement regarding the fund crisis. Şimşek stated that, with the developed algorithm, individuals who participated in market-distorting activities from the establishment of the funds to their liquidation and profited from this process have been identified, and announced that the prepared list has been sent to the Savings Deposit Insurance Fund (TMSF) and the Ministry of Justice.
Minister of Treasury and Finance Mehmet Şimşek made important statements about the work being carried out regarding the fund crisis. Şimşek stated that the Savings Deposit Insurance Fund (TMSF), the Ministry of Justice, and the Central Registry Agency (MKK) are conducting joint work.
Stating that the transactions in the process from the establishment of the funds to the liquidation stage are being examined with a specially developed algorithm, Şimşek said that individuals who participated in market-distorting activities and obtained gains from these activities have been identified.
"ALL OF THEM WERE PROVIDED AS A LIST"
Minister Şimşek explained the results of the work with these words:
“TMSF, the Ministry of Justice, and MKK are all working together. With a developed algorithm, those who participated in market-distorting activities and obtained gains from this during the process from the birth of these funds to their liquidation were identified. All of them were provided as a list to the TMSF and the Ministry of Justice.”
Minister Şimşek is making statements on the joint broadcast of Habertürk and BloombergHT. The highlights of Şimşek's statements are as follows:
"NEGOTIATIONS WITH TWO PORTFOLIO COMPANIES ARE ONGOING"
“There are 31 funds at Hedef Portföy; our aim is to subject Hedef Portföy to the normal liquidation process as of this week and complete this process. The normal liquidation of 4 of the 7 portfolio companies will have been completed. The process is being carried out in a transparent, effective, and fair manner. Tera, Pusula, and Atlas are subject to extraordinary liquidation. Atlas's managers are in dialogue with the TMSF.
“They have shown the will to return the resources taken out. Whenever the Capital Markets Board (SPK) takes a decision, we will have informed the public. There is a negotiation process; measures have been taken regarding their owners; we are talking about the process of returning the resources that exited the fund.” he said.
HOW WILL FUND MONEY BE PAID?
“390 thousand accounts will be cleared if there is payment capacity up to 1 million lira. Therefore, to a large extent, after the law passes, the liquidation process will have been substantially completed. 66 of the 131 funds have been liquidated. Here, of course, the most important thing is what will be done if there are not enough resources? We have regulations regarding that in this temporary liquidation draft law as well.”
“TMSF, the Ministry of Justice, and MKK are all working together. With the developed algorithm, there are those who participated in market-distorting activities from birth to death. All of them have been identified and provided to the TMSF and the Ministry of Justice. At the United Fund Bank, we opened 131 accounts for 131 funds there, and a general account is also open. Resources will come to 132 accounts through 2 channels. The first source is voluntary returns; the process is underway here. Voluntary returns by those who obtained excessive gains from these funds and from manipulated shares continue.”
“THOSE EARNING OVER 10 MILLION SHOULD MAKE VOLUNTARY PAYMENTS”
“There is some payment. The important source, however, will be sought from those who have made real gains above a certain amount above inflation retrospectively, initially 10 million lira and above. Therefore, the number of these is a few hundred companies and individuals. They will be invited; there may be a situation of their participation in manipulation; if they return voluntarily, there is no problem; if they do not, a legal process will be initiated.”
“With the resources to be brought into the recovery accounts, in all likelihood, individuals will be able to get back the money they deposited. It may vary from fund to fund. 3 of the 7 fund companies were liquidated without any problems, and the process for Hedef and Atlas continues. In particular, the recovery of money and assets transferred to individuals or companies that unlawfully benefited from the funds is very critical. The personal assets of those acting together will be resorted to.”