12.10.2026 12:05
Vice President Cevdet Yılmaz answered questions regarding the fund investigation. Yılmaz announced that payments of up to 1 million lira would be made based on net principal in funds under extraordinary liquidation, and that interim payments would begin this month as soon as the law is passed. Stating that no public resources would be used in the liquidations, Yılmaz said they expected negotiations with Atlas Portföy to be finalized this week. Yılmaz said 7 problematic companies and 131 funds had been quarantined.
Vice President Cevdet Yılmaz explained the road map in the fund crisis affecting more than 455,000 investors. Yılmaz shared the principles for payments to be made to victims, the latest status of the investigation, and his expectations regarding the economy.
“FUND INTERIM PAYMENTS WILL BE MADE THIS MONTH”
Yılmaz, who was a guest on the Anadolu Agency (AA) Editorial Desk, said that the draft law for fund victims was shared last Friday and that the proposal would come to a committee in the Grand National Assembly of Turkey on Wednesday. Yılmaz said, “Fund interim payments will be made this month. As soon as the law is passed, payments will begin.”
Recalling that the proposal has not yet become law, Yılmaz stated that in extraordinary liquidation, the investor’s net investment amount would be taken as the basis and that principal of up to 1 million lira would be paid. Noting that the regulation prioritizes small investors, Yılmaz recorded that if the proposal becomes law, they expect the number of investors in extraordinary liquidation to fall below 100,000.
NO PAYMENT WILL BE MADE TO THOSE WHO PROFITED
Yılmaz explained that those who obtained gains through unlawful means and investors who had already recovered their net principal would not be considered victims. Giving an example, Yılmaz said that no payment would be made to someone who invested 1 million lira, made a profit of 2 million lira, and had 1 million lira left in their account.
After the payments are made, when the final liquidation table becomes clear, a settlement will be carried out with the rights holders. Yılmaz also stated that in some funds, a payment of 1 million lira might not be possible, but the amount obtained would be paid.
“NO PUBLIC RESOURCES WILL BE USED”
Underlining that no public resources would be used during the liquidation process, Yılmaz used the statements, “Public resources will not be used in either ordinary or extraordinary liquidation.” Noting that there is Savings Deposit Insurance Fund (TMSF) protection in banking but no such protection in capital markets, Yılmaz said, “There is no state guarantee in fund markets.”
According to information provided by Yılmaz, within the TMSF, a separate account for each of the 131 funds and one general account were opened. In these accounts, money coming from those who voluntarily return their excessive gains and revenues to be obtained from the sale of assets of individuals and companies determined to have carried out unlawful transactions will be collected. Yılmaz also emphasized that returning gains does not eliminate criminal liability.
7 COMPANIES AND 131 FUNDS PLACED UNDER QUARANTINE
Yılmaz, saying “There were problems in 7 companies and 131 funds,” said that these companies and funds had been placed under quarantine. The problematic funds constitute 4.6 percent of total fund size.
Stating that A1 Capital, Bulls, and Pardus accepted the ordinary liquidation conditions, Yılmaz reported that as of October 8, payments had been made to approximately 44,000 investors. Together with investors in closed funds, the number of people entering ordinary liquidation reached approximately 46,000. Seventeen funds also dropped out.
ALL EYES ON ATLAS THIS WEEK
Noting that negotiations with Atlas Portföy, which has approximately 58,000 investors, are continuing, Yılmaz said, “The negotiations regarding Atlas are ongoing; we will see this this week.” If an agreement is reached, these investors are expected to obtain their rights under ordinary liquidation conditions.
15 INSPECTORS FROM THE DDK IN THE FIELD
Recalling that the State Supervisory Council (DDK) was assigned by order of President Recep Tayyip Erdoğan, Yılmaz said that approximately 15 supervisors and inspectors are working in the field. Yılmaz said, “The DDK is examining institutions and decision-makers within institutions.” The Fund Coordination Board has also held 4 meetings to date.
Noting that the judicial process is also continuing, Yılmaz reported that many people had been arrested or detained, that travel bans abroad had been imposed on those responsible, and that their assets had been frozen.
“LET NO ONE PORTRAY INVESTMENT AS A CRIME”
Emphasizing that investors and speculators must be separated from each other, Yılmaz said that their targets are those engaging in market-distorting transactions and speculators, and that investors should be at ease. Reporting that the Fund Coordination Board adopted a principle decision to act carefully in order not to negatively affect the stock exchange, Yılmaz called out, “Let no one cast a shadow over these markets or portray investment as if it were a crime.”
REACTION TO ÖZLALE’S ALLEGATIONS
Recalling that New Party MP Ümit Özlale made accusations regarding two ministers, Yılmaz said that the ministers responded to the allegations but no apology was made. Describing some of the opposition’s allegations as a “character assassination,” Yılmaz called on those making the claims to file criminal complaints with their documents.
Stating that there may also be those who do wrong in the AK Party, Yılmaz recorded that what is necessary would be done about those who commit crimes, without distinguishing between government and opposition.
“WE EXPECT A BUDGET DEFICIT OF AROUND 3.1 PERCENT”
Also answering questions on the economy, Yılmaz argued that the Turkish economy is progressing “quite healthily” compared with the global situation, and that growth and employment increases are continuing. Noting that annual exports have approached 284 billion dollars, Yılmaz said that the current account deficit, which was around 2 percent last year, would increase somewhat this year.
Yılmaz said, “We expect a current account deficit of 2.6 percent,” and stated that this level is manageable. Regarding the budget deficit, he commented, “We estimate that we will close this year with a budget deficit of around 3.1 percent.” He also announced that the budget process would begin on October 16.