(Adds quotes, details)
ANKARA Feb 7 There will be no change to the
management and operational activities of Turkish companies whose
stakes have been transferred to a new sovereign wealth fund,
Turkey's finance minister said on Tuesday.
Speaking to broadcaster CNN Turk, Naci Agbal also said the
fund would work in the international arena and adhere to
international standards. It will be audited by a parliamentary
commission and outside auditors, he said.
"The management, operational activities, regulations about
their personnel will continue as normal ... The wealth fund will
not be able to decide on the management of these assets on its
own," Agbal said.
Government stakes worth billions of dollars in Turkish
Airlines, major banks and fixed-line operator Turk
Telekom have been transferred in recent days to the
fund, which was set up last year to help finance big-ticket
The government hopes it will be able to use the newly
transferred assets as collateral to secure funding for major
infrastructure projects. But some analysts fear it may lead to
greater political control of the companies.
Agbal said any potential privatisation plans for assets in
the sovereign wealth fund would be decided by the government.
(Reporting by Humeyra Pamuk and Orhan Coskun; Writing by David
Dolan; Editing by Daren Butler/Nick Tattersall)