Turkey's Wealth Fund appoints Erdoğan as chairman

Turkey's Wealth Fund has appointed President Recep Tayyip Erdoğan as its new chairman, according to a notification in the Official Gazette.

Treasury and Finance Minister Berat Albayrak will serve as the acting chairman.

The board of directors are Salim Arda Ermut, vice president of the Investment Support and Promotion Agency of Turkey; Huseyin Aydin, chairman of the Banks Association of Turkey; Rıfat Hisarcıklıoğlu, president of the Union of Chambers and Commodity Exchanges of Turkey; professor Erisah Arıcan, independent member of Borsa Istanbul; Fuat Tosyalı, member of the executive board of the Foreign Economic Relations Board and Zafer Sönmez, head of Turkey and Africa region of Malaysian Investment Fund Khazanah.

Sönmez was also assigned the role of general manager.

The fund, established in 2016, holds total or part of shares of several Turkish companies such as flag carrier Turkish Airlines, telecommunications giant Turk Telekom, private lenders Ziraat and Halk, Turkish Petroleum and Borsa Istanbul.