Erdogan appoints himself chairman of Turkey’s sovereign wealth fund

President Recep Erdogan
Turkish President, Recep Erdogan Facts on Turkey

President Recep Tayyip Erdogan has appointed himself chairman of Turkey’s multi-billion-dollar sovereign wealth fund, according to a decision published Wednesday in the Official Gazette.

In an overhaul of the Turkiye Wealth Fund, seven new members were appointed, including Erdogan’s son-in-law, Treasury and Finance Minister Berat Albayrak, as the deputy chairman.

The fund was created in the wake of an attempted coup in 2016 to help fund infrastructure projects and shore up markets. It is worth 40 billion dollars, according to state news agency Anadolu.

Last September, Erdogan said the fund had failed to realize a “targeted and desired” outcome. “We have decided that things cannot go on like this. Reorganizing the wealth fund is a must,” he said.

The wealth fund has stakes in top companies, including Turkish Airlines; telecom companies Turk Sat and Turk Telecom; state lenders Ziraat Bank and Halk Bank; the national postal service; the Istanbul stock market; petroleum, mining, railways, ports, tea and sugar conglomerates; and the national lottery.

Erdogan took over as Turkey’s first executive president in July with sweeping new powers, including oversight over economic policy and the ability to appoint the central bank governor.

Investors are closely watching his decisions regarding institutional independence.

Zafer Sonmez, head of the Turkey regional office of the Malaysian sovereign wealth fund Khazanah Nasional, was named as general manager.

With the lofty motto of “for a stronger Turkey,” the fund describes its mission as developing and increasing the value of Turkey’s strategic assets by “transparency-oriented corporate governance.”(dpa/NAN)


Support PREMIUM TIMES' journalism of integrity and credibility

 

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.