Turkish regulator authorizes up to 1 million TL interim payouts for liquidated fund investors
Turkey's Capital Markets Board approved interim payments of up to 1 million Turkish liras per investor in funds ordered into liquidation and suspended brokerage Tera Yatırım.
Turkey's Capital Markets Board (SPK) announced interim payments of up to 1 million Turkish liras for each investor in several funds that have been placed in liquidation, beginning with money-market funds after verification of holdings. The advance amount equals the investor’s net investment, capped at the 1 million-lira limit, and will be offset against the final payout when fund units are redeemed. Concurrently, SPK suspended the brokerage Tera Yatırım’s market activities and permanently stripped its CEO Emir Münir Sarpyener, as well as Hakan Gövdere and Hayriye Car, of all capital-market licences for regulatory violations.
The regulator had ordered 131 funds managed by seven portfolio companies into liquidation on Sept. 17, affecting 455,758 investors. Istanbul prosecutors continue probing the transactions, with Justice Minister Akın Gürlek confirming 56 suspects detained, including Sarpyener and Tera Portföy chairman Erdin Özel.
Why it matters
Investors in dozens of Turkish funds will receive partial refunds while authorities crackdown on a brokerage's regulatory breaches.
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
29 in this thread