Turkish President Recep Tayyip Erdoğan appointed himself chairman of Turkiye Wealth Fund Management Co. and his son-in-law, Treasury and Finance Minister Berat Albayrak, as his deputy in a presidential decree published on Wednesday.
In a complete overhaul of its board and the way, members are appointed, Erdoğan’s son-in-law Albayrak, becomes the wealth fund’s deputy chairman. Albayrak will also serve as the acting chairman.
The fund, established in 2016, holds total or part of shares of several Turkish public companies such as flag carrier Turkish Airlines, telecommunications company Turk Telekom, public lenders Ziraat Bank and Halk Bank, Turkish Petroleum, Botaş, and Borsa İstanbul.
Turkiye Wealth Fund was established in August 2016 to increase the value of Turkey’s strategic assets, contribute to economic growth and actively deepen capital markets by introducing new products. It was not immediately clear whether the fund would retain its status as a joint stock company following the restructuring.
According to the presidential decree, Zafer Sönmez, head of Turkey and Africa for Malaysian investment fund Khazanah Nasional, became the fund’s general manager. Board members now include Hüseyin Aydın, CEO of public lender Ziraat Bank and chairman of the Banks Association of Turkey (TBB), Rıfat Hisarcıklıoğlu, head of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) and Fuat Tosyalı, the billionaire part-owner of steelmaker Tosyalı Holding and a board member of the Foreign Economic Relations Board (DEİK).
Erdoğan’s adviser Yiğit Bulut, economics professor Kerem Alkin and Himmet Karadağ, the newly-appointed deputy chairman of Halkbank and the fund’s acting chief, were among the departing board members.
The post Erdoğan appoints himself chief of Turkey wealth fund, son-in-law deputy appeared first on Stockholm Center for Freedom.
from Stockholm Center for Freedom https://stockholmcf.org/erdogan-appoints-himself-chief-of-turkey-wealth-fund-son-in-law-deputy/
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