Turkey creates board to speed up repayment of troubled investment funds
Turkey's Vice President Cevdet Yılmaz leads a new board aimed at fast-tracking the liquidation of 131 distressed funds and returning money to nearly half a million investors.
President Recep Tayyip Erdoğan convened senior regulators and his economic team, resulting in the formation of a Fund Coordination Board headed by Vice President Cevdet Yılmaz to accelerate the liquidation of 131 troubled investment funds. The funds, run by seven portfolio managers, involve 455,758 investors, and a repayment roadmap was outlined by the Capital Markets Board without specific timing. The State Supervisory Board has begun reviewing recent fund transactions, while additional legal steps aim to tighten market supervision.
Banks such as İşbank and Ziraat Bank have been tasked with managing the asset sales and distributions. In parallel, prosecutors seized five villas worth about 1.2 billion lira and detained Pusula Portföy chairman Muhammed Yarız and Pusula Holding chairman Serdar Turhan, with an arrest warrant issued for businessman Cengiz Avcı, who is abroad.
Why it matters
It seeks to protect nearly half a million Turkish investors and restore confidence in the capital market.
How this story developed
- Sep 14 Türk Telekom to Provide Full Tech Infrastructure for Turkey's COP31 Climate Summit
- Sep 16 Trading on the Istanbul Stock Exchange was temporarily halted Wednesday afternoon after the BIST 100 index fell sharply, following reports that fund manager Pusula Portfoy struggled to return money to investors.
- Sep 21 Courts imposed travel bans and asset freezes on the suspects.
- Sep 25 The liquidation deadline for the 131 funds was extended to six months.
- Sep 27 Turkey’s emissions grew 4.2 % in 2025, the fastest among major polluters.
- Sep 28 Comedian Deniz Göktaş began a court hearing in Istanbul on charges of insulting President Recep Tayyip Erdoğan and inciting hatred after a June stand-up routine.
- Sep 28 A count of praising crime was added to the indictment.
In this story
Related stories
23 in this thread