Turkey sets up a Fund Coordination Board for liquidated funds
After a meeting chaired by Erdoğan, a board led by Vice President Cevdet Yılmaz was formed. The State Supervisory Council opened an inquiry into fund trades.
Decisions
The roughly two-and-a-half-hour meeting included Yılmaz, Finance Minister Mehmet Şimşek and the heads of Borsa Istanbul, the CMB and the BRSA. The State Supervisory Council began reviewing investment fund transactions, and the CMB presented a plan to pay investors in liquidating funds, based on each fund’s assets and liquidity once entitlements are reconciled.
Next
Officials were briefed on the transfer of Katılımevim, Birevim and İktisat Katılım Bankası to Türkiye Emlak Katılım Bankası. New administrative and legal rules to strengthen market supervision are planned. Erdoğan said manipulation will not be tolerated and the problem is limited to a small part of the fund market.