Türkiye’s Capital Markets Board (SPK) has approved interim payments of up to TL 1 million (nearly $20,400) per eligible investor in funds established by Tera, Pusula, Atlas and Hedef portfolio management companies that are undergoing liquidation.

According to the board’s latest bulletin, the payments will be made to all fund unit holders whose account reconciliation has been completed, as advances against the amounts they will ultimately receive once liquidation is finalized.

Payments will be based on each investor’s net investment amount calculated by Türkiye’s Central Securities Depository (MKK).

Investors with net investments below TL 1 million receive that amount, while payments to those with net investments of TL 1 million or more will be capped at TL 1 million.

The process will begin with money market funds. Fund units will remain outstanding during the interim payment stage and will be redeemed when final liquidation payments are made.

The board also set liquidation priorities for funds established by A1 Capital, Bulls and Pardus portfolio management companies.

Money market funds will be liquidated first, with other funds processed in descending order of investor numbers.

Once liquidation is completed, funds outside the liquidation process whose trading was suspended under the board’s Sept. 17 decisions may reopen simultaneously across all distribution channels for purchases and/or sales.

The founding portfolio management companies will determine reopening dates and trading conditions, taking into account portfolio composition, liquidity, market conditions and investors’ interests.

Separately, the board temporarily suspended Tera Investment’s capital markets activities effective Sept. 30.

It also permanently revoked the capital markets licenses of Emir Munir Sarpyener, Hayriye Car and Hakan Gövdere after determining that they bore responsibility for unlawful transactions and activities at the company.

In another decision, the regulator conditionally approved the issuance document for a private placement capital increase by Hektaş against a TL 2.38 billion ($48.5 million) capital advance provided by the Armed Forces Pension Fund, known as OYAK.

The board also decided to initiate legal proceedings to block access to three websites to prevent unauthorized capital markets activities.