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Wealth Fund

Turkey’s Wealth Fund debt increased by 81 percent in 2019

Debt accumulated by the Turkey Wealth Fund (TVF) to the banking system increased from TL 75.4 billion ($10.2 billion) in 2018 to TL 136.4...

Turkey’s state-run tea producer had to destroy tons of tea due to poor management: report

The General Directorate of Tea Enterprises (ÇAYKUR), Turkey’s state-owned tea producer which has lost billions of lira after its transfer to Wealth Fund control...

Babacan vows to dissolve Turkey’s Wealth Fund, calls it an unregulated ‘black hole’

Democracy and Progress Party (DEVA) leader Ali Babacan has promised to abolish Turkey’s Wealth Fund in the event his party comes to power, the...

Turkish wealth fund buys all shares of state-run insurance companies: report

The Turkey Wealth Fund Management Co. has purchased all the shares of state-owned insurance companies from owners including public banks, the Ahval news website reported. The sovereign wealth fund...

Turkish parliament passes law allowing wealth fund to take over companies in distress

Turkey’s parliament passed legislation on Thursday allowing the sovereign wealth fund to take over companies in distress, according to the Ahval news website. The Turkish Wealth Fund, chaired...

Turkey’s ruling party proposes granting state-run Wealth Fund unlimited borrowing authority

Members of parliament from Turkey’s ruling Justice and Development Party (AKP) have submitted a bill exempting the country’s Wealth Fund from credit limitations governing borrowing, granting it...

Minister Albayrak’s ‘thesis writer’ elected BIST board chairman

Professor Erişah Arıcan, who allegedly wrote the Ph.D. thesis of President Recep Tayyip Erdoğan’s son-in-law and Treasury and Finance Minister Berat Albayrak, was elected...

Nasdaq no longer has stake in Turkey’s stock exchange

The Borsa İstanbul partnership structure shows that Nasdaq no longer owns a stake in the company, according to data on the stock exchange website...

Erdoğan says CHP shares in İşbank should be given to Treasury

Turkish President Recep Tayyip Erdoğan has targeted the main opposition Republican People’s Party (CHP) over its shares in Turkish lender İşbank, the Cumhuriyet daily...

Erdoğan appoints son-in-law’s ‘thesis writer’ to Wealth Fund board

Turkish President Recep Tayyip Erdoğan has appointed Professor Erişah Arıcan, who allegedly wrote the Ph.D. thesis of Erdoğan's son-in-law and Treasury and Finance Minister...

Erdoğan names himself chairman of Turkey’s Wealth Fund

Turkish President Recep Tayyip Erdoğan appointed himself chairman of Turkey’s sovereign Wealth Fund and his-son-in law and Treasury and Finance Minister Berat Albayrak as...

BOTAŞ hikes natural gas prices 49.5 pct for electric power plants

Turkey’s Petroleum Pipeline Corporation (BOTAŞ) on Tuesday sent a memo to power plants that generate electricity through natural gas announcing that a 49.5 percent...

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