Türkiye’s SPK approves interim payouts for investors in liquidation funds

Türkiye’s Capital Markets Board (SPK) has approved interim payments of up to 1 million Turkish liras ($20,394) per eligible investor in funds established by Tera, Pusula, Atlas and Hedef portfolio management companies that are currently undergoing liquidation, the regulator announced in its latest bulletin. Payments will be distributed to all fund unit holders whose account reconciliation has been completed, serving as advances against the final amounts they will receive once the wind-down process concludes.

The calculation of each investor’s net investment amount will be performed by Türkiye’s Central Securities Depository (MKK), according to the board’s statement. Investors with net investments below the 1 million lira threshold will receive their full amount, while payments to those holding 1 million liras or more will be capped at that limit — the distribution process will begin with money market funds, and fund units will remain outstanding during the interim payment stage before final redemption occurs upon completion of liquidation.

Liquidation priorities and reopening

The board also established liquidation priorities for funds established by A1 Capital, Bulls and Pardus portfolio management companies, stating that money market funds will be liquidated first with other funds processed in descending order of investor numbers. Once the liquidation process is finalized, funds outside the liquidation scope whose trading was suspended under the board’s Sept. 17 decisions may reopen simultaneously across all distribution channels for purchases and sales, with founding portfolio management companies determining reopening dates based on portfolio composition, liquidity conditions and investor interests.

Enforcement actions

Separately, the regulator temporarily suspended Tera Investment’s capital markets activities effective Sept. 30, permanently revoking the licenses of Emir Munir Sarpyener, Hayriye Car and Hakan Govdere after determining they bore responsibility for unlawful transactions at the firm. The SPK also conditionally approved the issuance document for a private placement capital increase by Hektas against a 2.38 billion-lira ($48.5 million) capital advance provided by the Armed Forces Pension Fund (OYAK), while initiating legal proceedings to block access to three websites to prevent unauthorized capital markets activities.