Turkey Hands 131 Frozen Funds Worth $18bn to Isbank, Ziraat
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38 Articles
Turkey mobilized two of the country's largest banks to liquidate 131 investment funds involved in the collapse of a speculative bubble that shook its capital markets and put at risk billions of dollars in investments of tens of thousands of investors. Exclusive material for subscribers. To have full access, access the link of the subject and register.
Turkey's two largest banks have been ordered to liquidate 131 investment funds after the crisis that has rocked the country's asset management industry left them unable to meet investors' redemption demands, Bloomberg reports. The weeks-long capital market turmoil has already affected hundreds of thousands of retail investors.
The Capital Markets Board has determined the liquidation schedule for 131 funds belonging to 7 portfolio management companies. Ziraat Bank and İş Bank have been authorized to manage the funds during the three-month liquidation period.
Breaking news: The Capital Markets Board (SPK) has determined the procedures and principles for the liquidation process of 130 investment funds established by 7 portfolio management companies, including Tera, A1 Capital, and Atlas. As part of this process, the liquidation of the funds will be handled by İş Bankası and Ziraat Bankası...
The Capital Markets Board (SPK) has determined the procedures and principles for the liquidation process of a total of 131 investment funds belonging to 7 portfolio management companies. Ziraat Bank and İş Bank have been authorized for the three-month liquidation period, while the payment method and schedule for transferring investors' receivables to individual custody accounts have also been determined.
Turkey Hands 131 Frozen Funds Worth $18bn to Isbank, Ziraat
Turkey has handed the liquidation of 131 frozen investment funds to two of the country's largest banks, putting roughly $18 billion of assets and about 350,000 investors into a wind-down process that could take three months. The Capital Markets Board, or SPK, appointed Turkiye Is Bankasi to liquidate funds established by Tera Portfoy and state-run Ziraat Bankasi to handle funds run by A1 Capital, Atlas, Bulls, Hedef, Pardus and Pusula. The regul…
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