22 Hrs
Source:
مباشر
Turkey orders banks to close 131 funds
Turkish regulatory authorities have assigned "İş Bank" and "Ziraat" to oversee the liquidation of 131 distressed investment funds, which hold assets exceeding $18 billion and are invested in by approximately 350,000 investors. This step follows the failure of some funds belonging to "Tera" and "Bussola" companies to meet redemption requests, due to stricter regulatory rules on stocks with limited free trading, forcing managers to liquidate their financial positions. This resulted in a sharp sell-off and losses in the Turkish stock market, where trading was halted and urgent measures were taken to support liquidity. Four financial officials were also arrested on charges of stock price manipulation and managing fraudulent schemes, but the Finance Minister indicated that the crisis is contained and does not threaten financial stability. The involved banks will sell the assets of these funds in phases and distribute the proceeds to investors according to their shares, prioritizing redemption requests submitted after regulatory intervention. Additionally, "Ziraat" funds experienced cash inflows of 4.05 billion liras, which helped support banking sector stocks, amid expectations that the Sovereign Wealth Fund will intervene to stabilize the markets.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)