Erdogan appoints himself chairman of Turkey's sovereign wealth fund

ISTANBUL: Turkish President Tayyip Erdogan has appointed himself chairman of the country's sovereign wealth fund and completely modified its board, naming Finance Minister Berat Albayrak as his deputy, the country's Official Gazette said on Wednesday.

The revamp used to be the most recent in a chain of steps Erdogan has taken to think new powers since he received a presidential election in June, heralding the move to an government presidency which grants sweeping authority.

The $50 billion-worth wealth fund (TVF) used to be set up in 2016 via the government to broaden and build up the value of Turkey's strategic assets and provide sources for investment.


Erdogan appointed as the fund's common supervisor Zafer Sonmez, head of the Turkey regional place of business of the Malaysian sovereign wealth fund Khazanah Nasional. Albayrak and Sonmez had been a few of the seven participants within the Turkish fund's new board.


The govt has transferred to the TVF stakes value billions of greenbacks of state assets, together with stakes in flag provider Turkish Airlines, main banks and fixed-line operator Turk Telekom.


Erdogan said ultimate September the fund used to be to be reorganised after brushing aside its chairman over its failure to meet targets.


The next appearing chairman Himmet Karadag informed Reuters in December it used to be in talks with China's ICBC, Singapore's wealth fund TEMASEK and the Russian Direct Investment Fund on cooperation in bilateral venture financing.
Erdogan appoints himself chairman of Turkey's sovereign wealth fund Erdogan appoints himself chairman of Turkey's sovereign wealth fund Reviewed by kailash soni on September 12, 2018 Rating: 5
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