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UPDATE 1-No changes to management, activities of firms in Turkey wealth fund -Agbal
February 7, 2017 / 8:36 AM / 10 months ago

UPDATE 1-No changes to management, activities of firms in Turkey wealth fund -Agbal

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ANKARA, Feb 7 (Reuters) - 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 infrastructure projects.

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

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