Investors of liquidated funds will receive interim payments, Turkey's Capital Markets Board says (updated)

Tera Finansal Yatirimlar Holding

01/10/2026 09:17

Adds separate Capital Market Board statement and background on voluntary repayments in paragraphs 4-5
ANKARA, Oct 1 (Reuters) - Turkey's market regulator (SPK) said on Thursday it would begin making interim payments to investors in more than 100 funds that were ordered to shut down this month after a market-manipulation scandal triggered heavy losses and redemption pressure.
According to a bulletin published overnight, investors in asset managers Tera Portfoy, Pusula Portfoy, Atlas Portfoy and Hedef Portfoy will receive their full net investment amount if it is below 1 million lira ($20,404.79). Investors whose net investment amount is 1 million lira or above will receive 1 million lira as an interim payment. 
The procedure will start with money market funds, the SPK said.
In a separate statement, the SPK said the Savings Deposit Insurance Fund (TMSF) opened up "voluntary refund accounts" for those who want to voluntarily return "excessive gains" made as a result of fund sales carried out before liquidation of the funds.
Under Turkish legislation, financial manipulation offences can be pardoned or sentences can be reduced if a person "shows remorse" by paying to the Treasury twice the amount of the benefit they obtained.
Turkey's fund crisis erupted after suspected price manipulation in a number of thinly traded stocks triggered heavy losses and redemption pressures at investment funds.
Almost half a million investors hold stakes in more than 100 Turkish investment funds with combined assets of $20 billion that authorities ordered to be liquidated this month.
($1 = 49.0081 liras)

(Reporting by Huseyin Hayatsever; Editing by Stephen Coates, Alexandra Hudson)
((Huseyin.Hayatsever@reuters.com))