Meet Turkey’s New Sovereign Wealth Fund Chairman, Who Has "Now Taken Public Companies Prisoners" | WHAT REALLY HAPPENED


Meet Turkey’s New Sovereign Wealth Fund Chairman, Who Has "Now Taken Public Companies Prisoners"

What does a man who already controls pretty much everything in his country — from politics to the judiciary to defense — give to himself? How about direct takeover of his country's sovereign wealth fund?

President Recep Tayyip Erdogan has appointed himself chairman of Turkey’s sovereign wealth fund after recent promises to exert greater influence over the economy. He's nixed the old guard management and hand-picked their replacements, in a move his political rival, presidential candidate who lost the June election, Muharrem Ince, has aptly described as taking "public companies prisoners".

And not to be one to break medieval sultanate tradition, he's further named his son-in-law and Finance Minister Berat Albayrak as deputy chairman.

Webmaster's Commentary: 

With Turkey poised to gobble off bits of Syria, Erdogan had better be careful about how he decides to deal with its run-away inflation. In a companion story, the following is noted:

Turkish Lira soars after massive rate hike, 625 bps-24

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