New help for virus-hit firms from Turkey Wealth Fund

Under new legislation, the Turkey Wealth Fund (TWF) will now be able to buy or to become partners with companies facing difficulty due to the coronavirus pandemic.

Turkey’s Parliament on Thursday passed the bill prepared by the ruling Justice and Development (AK) Party to cushion the virus’ impact on economic and social life.

With the changes in the bill, the TWF will be exempted from certain provisions of the Capital Markets Law and the Turkish Commercial Code, making it easier for it to do its work.

The bill will also delay the submission of audit reports of the Turkey Assets Fund and its sub-funds to the president from June to August.

The Turkey Wealth Fund, founded in 2016, holds all or part of the shares of several Turkish companies, including flag carrier Turkish Airlines, telecommunications giant Turk Telekom, state lenders Ziraat Bankasi and Halkbank, oil company Turkish Petroleum, and stock market Borsa Istanbul.

Turkey's Sovereign Wealth Fund is ranked the 14th largest among the world's top 15 wealth funds, according to the U.S.-based Sovereign Wealth Fund Institute.