Turkey’s wealth fund delegates new powers to minister Albayrak

Turkey’ sovereign wealth fund granted its deputy chairman and the Turkish Treasury and Finance Minister Berat Albayrak unlimited authority for the next three years, Sözcü daily reported on Saturday.

Turkish President Recep Tayyip Erdoğan appointed himself in September as the chairman of Turkiye Wealth Fund Management Co. via a presidential decree. 

Albayrak, who is also Ertdoğan’s son-in-law, became the wealth fund’s deputy chairman in a complete overhaul of the fund’s executive board. 

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. 

The fund controls public assets including Turkish Airlines, Ziraat Bank, Halkbank and petroleum companies Turkiye Petrolleri and Botas.

Unlimited authority granted to Albayrak and the sovereign fund’s general manager Zafer Sönmez will allow them to appoint the senior managers of those public companies, Sözcü newspaper said. 

The newspaper said that this move represented a milestone for Erdoğan’s wish to run the public sector institutions as private companies.