Wealth Fund to Be Operated Under Presidency

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As per the Presidential Decrees no. 162 and 163 which were issued today (September 12), President and Justice and Development Party (AKP) Chair Recep Tayyip Erdoğan has become the Chairperson of Turkey Wealth Fund.

Minister of Treasury and Finance Berat Albayrak has also been appointed as the Deputy Chairperson of the Wealth Fund.

As per the related decrees, the executive board of the fund has consisted of Selim Arda Ermut, Hüseyin Aydın, Rifat Hisarcıklıoğlu, Erişah Arıcan, Fuat Tosyalı and Zafer Sönmez. Zafer Sönmez has also been appointed to the General Directorate of the fund.

The previous Chairperson of the Wealth Fund was Himmet Karadağ. The board members were Yiğit Bulut, Kerem Alkin and Oral Erdoğan.

What is Wealth Fund?

Turkey Wealth Fund was established in 2016 to be managed by the Türkiye Wealth Fund Management Co.

The aim of the fund was announced as helping the economy to overcome its structural problems. However, since the fund has been exempt from taxes, free from laws on protection of natural and cultural property and its inspection has not been undertaken by the Court of Accounts, the fund has sparked debates.

Despite these debates and objections, the bill foreseeing the establishment of the fund was approved in parliament by the MPs of the AKP. (AS/SD)