Fund probe arrests reach 58 as regulator opens refund accounts
The chairman of Tera Portföy and the CEO of Tera Yatırım were arrested. The regulator opened accounts for those with excessive gains to pay back.
Arrests
On 1 October Tera Portföy chairman Erdin Özel and Tera Yatırım CEO Emir Münir Sarpyener were arrested, bringing the number held to 58. Asset freezes on fund managers remain in place.
Refund accounts
The Capital Markets Board opened voluntary refund accounts for each fund at Birleşik Fon Bankası on behalf of the deposit insurance fund, plus a general account for gains on listed shares. Money paid in goes to the relevant fund’s liquidation assets. Those facing criminal complaints can use effective repentance by paying twice their gain within 15 days.
Interim payments
Investors in liquidating funds of Tera, Pusula, Atlas and Hedef will get interim payments: in full below a net 1 million lira, capped at 1 million lira above it, starting with money market funds. The liquidation of 131 funds from seven firms will take six months.