Turkey Seeks Asset Information on 278 People in Fund Probe
Officials outlined a proposed liquidation framework as lawmakers reviewed measures intended to protect investors in funds ordered to wind down.
Key takeaways
- Authorities sought account and asset information on 278 people in 29 countries.
- The proposal aims to protect individual fund shareholders.
- The proposal would calculate net investment amounts using actual cash deposits and withdrawals.
- The proposal says Treasury funds would not finance the liquidation process.
Turkey has made 48 requests to 29 countries for information on the accounts and assets of 278 people in a fund investigation, Deputy Treasury and Finance Minister İlhan Hatipoğlu told lawmakers.
The parliamentary budget and planning commission met to discuss a bill covering the liquidation of investment funds. The proposal would put liquidations under Capital Markets Board oversight and aims to protect individual fund shareholders.
AK Party lawmaker Ersan Aksu said 131 funds had been ordered into liquidation by the board. He also said 84 people had been arrested, 282 had faced action and warrants had been issued for 27 suspects in the investigations.
The proposal would calculate investors’ net investment amounts from their actual cash deposits and withdrawals, rather than paper valuations. Investors with net investment amounts below 1 million lira could receive the full amount.
Aksu said the process would not use Treasury resources. The bill also proposes using assets seized or confiscated in criminal investigations to meet investor claims, rather than recording them as Treasury revenue.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
