Turkey establishes panel to close investment funds
The Turkish Presidency announced the establishment of a council led by the Vice President to coordinate and accelerate the liquidation procedures of investment funds that the authorities decided to shut down following a crisis that raised concerns about investors' rights and the integrity of capital markets. President Recep Tayyip Erdoğan confirmed that the council has been granted full authority and that the government is closely monitoring the situation, taking steps to ensure the protection of investors' rights and the fair settlement of obligations. Authorities had decided in mid-September to liquidate 131 investment funds due to potential manipulation of stock prices associated with them. The investments of more than 500,000 investors were estimated to be around $20 billion. Turkey is working to enhance oversight and prevent a recurrence of the crisis.
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