22.10.2026 14:41
The 7th meeting of the Fund Coordination Board was held under the chairmanship of Vice President Cevdet Yılmaz. According to the statement by the Directorate of Communications, since the process began, the number of funds in liquidation has decreased from 131 to 47. A total of 49.7 billion lira was paid to 55,755 accounts. The liquidation of 18 of the 31 funds belonging to Hedef Portföy has been completed, and 8.9 billion lira was paid to 10,008 accounts. The bill regarding fund payments is being discussed at the General Assembly of the Grand National Assembly of Turkey.
The Fund Coordination Board, tasked with coordinating the liquidation process for investment funds, convened for the seventh time. At the meeting, the latest situation regarding the funds in liquidation and the payments made to investors were discussed.
MET UNDER THE CHAIRMANSHIP OF YILMAZ
According to a written statement by the Presidency's Communications Directorate, the Seventh Fund Coordination Board Meeting was held under the chairmanship of Vice President Cevdet Yılmaz. The Ministry of Justice, the Ministry of Treasury and Finance, and the relevant institutions and organizations of these ministries attended the meeting.
18 FUNDS OF HEDEF PORTFÖY LIQUIDATED
The statement recalled that liquidation payments had begun in funds established by Hedef Portföy Yönetim Şirketi A.Ş. with the Capital Markets Board's (CMB) decision dated October 15, 2026. “The liquidation procedures of 18 of a total of 31 funds were completed as of October 21, 2026,” it said. Within this scope, a total of 8.9 billion lira was paid to 10,008 accounts. It was reported that work on the liquidation of the remaining 13 funds belonging to the group would also be completed quickly.
PAYMENTS REACHED 49.7 BILLION LIRA
According to the statement, since the process began, the number of funds in liquidation has fallen from 131 to 47. During this process, a total of 49.7 billion lira in liquidation payments was made in kind and cash to 55,755 accounts.
BILL BEFORE PARLIAMENT
The bill concerning fund payments is being debated at the Grand National Assembly of Turkey General Assembly. The statement noted that the bill is expected to become law soon, after which interim payments are expected to accelerate. It was recorded that the Ministry of Justice, the Savings Deposit Insurance Fund (SDIF) and the Financial Crimes Investigation Board (MASAK) are following the process of recovering gains described in the statement as “excessive and unjust.” It was emphasized that the liquidation would be managed in a way that does not harm the stock exchange, and that the aim is to deliver the highest amount to the greatest number of investors.
TAŞKIN WILL MANAGE THE DAILY TECHNICAL PROCESS
According to the statement, Deputy Minister of Treasury and Finance Kutluhan Taşkın was assigned to follow the daily technical management of the liquidation process.
THE BOARD WAS ESTABLISHED AT THE END OF SEPTEMBER
The Fund Coordination Board was established under the chairmanship of Cevdet Yılmaz by a decision taken at the meeting chaired by President Recep Tayyip Erdoğan on September 29. The Board's duty was defined as rapidly coordinating the liquidation of the funds while observing investors' legitimate rights and the public interest. At the same meeting, it was announced that the State Supervisory Board (DDK), on Erdoğan's instruction, had launched an examination into investment fund transactions.
THE CMB HAD PLACED HEDEF PORTFÖY FUNDS INTO LIQUIDATION
The CMB had decided on September 17 to place the Hedef Portföy funds within the scope of the fund investigation into liquidation. In its bulletin published on October 16, the CMB decided to exclude these funds from the scope of the interim payment decision and to initiate liquidation procedures. It was announced that the liquidation would be carried out according to the principles set for the A1 Capital, Bulls and Pardus portfolio funds.
YILMAZ: WE ARE LIQUIDATING UNHEALTHY STRUCTURES
In a statement on October 20, Cevdet Yılmaz argued that the crisis affected a limited part of the market. Stating that measures regarding problem funds were being portrayed as if they targeted the entire sector, Yılmaz said, “While liquidating unhealthy structures, we are acting with an approach that does not harm the system.” Yılmaz also used the expressions, “Whoever has carried out or carries out unlawful transactions must undoubtedly bear the consequences.”