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Turkey Wealth Fund

From Wikipedia, the free encyclopedia
Sovereign wealth fund of Turkey
Turkey Wealth Fund
Native name
Türkiye Varlık Fonu
IndustrySovereign wealth fund
Founded26 August 2016; 8 years ago (2016-08-26)
Headquarters
İstanbul
,
Turkey
Key people
Chairman:
PresidentRecep Tayyip Erdoğan
CEO:
Salim Arda Ermut
AUMIncrease US$ 317 billion (2023)
Websitewww.tvf.com.tr

TheTürkiye Wealth Fund (TWF;Turkish:Türkiye Varlık Fonu, TVF) is asovereign wealth fund founded in August 2016 and owned by the Government of Turkey. As of 2023, TWF had over $317 billion in total assets.[1] The fund is operated with a "Strategic Investment Plan", which was approved by the Council of Ministers. Companies and assets formerly owned by state institutions shall be eligible to be transferred to the fund and sub-funds shall be able to be created if viewed appropriately.[2]

History

[edit]

TWF was officially founded on 26 August 2016. According to the law published, the chairman, CEO and board members were appointed by the Prime Minister.[3] In November 2016, PMBinali Yıldırım appointed board members and Mehmet Bostan as CEO.[4]

On 6 February 2017, it was announced thatZiraat Bankası,Turkish Airlines,TÜRKSAT,BOTAŞ,PTT,BİST,TPAO,Türk Telekom (6.68%),Eti Maden,Çaykur had been handed over to TWF.[5] In addition to the companies, the 3 billion liras worth Defense Industry Support Fund (Turkish:Savunma Sanayii Destekleme Fonu) was transferred to the TWF for 3 months. The fund also owns several plots of land inAntalya,Aydın,Istanbul,Isparta,İzmir,Kayseri andMuğla, which were previously owned by the Treasury of Turkey. Treasury stakes ofTurkish Airlines (49.12%) andHalkbank (51.11%) were also handed over to the fund.[5]

2018 changes

[edit]

After the2017 Turkish constitutional referendum, the Prime Ministry of Turkey was abolished. In accordance with this change, TWF law was changed to allow the President of Turkey to become the chairman of the TWF and to appoint the CEO, Vice Chairman and board members. On 12 September, President Erdoğan became the chairman of the fund.[6][7][8] He also appointed Zafer Sonmez, formerly of Malaysia's government investment vehicle Khazanah Nasional from September 2012 until September 2018, as Senior Vice President & Head.[7] Erdoğan's son-in-lawBerat Albayrak was named as his deputy on the board of the sovereign wealth fund.[9]

2020 changes

[edit]

In April 2020, TWF Financial Investments was founded with previously government owned shares of insurance companies.[10] TWF acquired non-government shares and merger was completed in September 2020; “Türkiye Sigorta” was founded with merging Güneş Sigorta, Halk Sigorta, Ziraat Sigorta and “Türkiye Hayat ve Emeklilik” was founded with merging Vakıf Emeklilik ve Hayat, Halk Hayat ve Emeklilik and Ziraat Hayat ve Emeklilik.[11]

On 18 June 2020, the TWF agreed to acquire a 26.2% stake ofTurkcell fromTelia andÇukurova Holding for $1,801 million, including $196 million to Telia and $1,605 million loan from Ziraat Bank.[12][13][14] On 22 September 2020 following amendments to Articles of Association, the fund gained the right to appoint five of the nine members of the board of Turkcell.[15]

On 26 November 2020, TWF announced selling a 10% stake in Borsa Istanbul toQIA which was previously acquired fromEBRD[16] The next day, Vice Chairman Albayrak announced his resignation, who previously resigned from the Ministry of Finance.[17]

On 10 March 2022, TWF acquired controlling stakes ofTürk Telekom for $1.65 billion in order to resolve handover issues in 2026.[18][19]

Management

[edit]
Chairman & CEO
Mehmet Bostan
(2 November 2016 – 8 September 2017)[4]
Himmet Karadağ
(8 September 2017 – 12 September 2018)[20]
ChairmanVice ChairmanCEO
Recep Tayyip Erdoğan
(12 September 2018-)[8]		Berat Albayrak
(12 September 2018 – 27 November 2020)[8]		Zafer Sönmez
(12 September 2018 – 9 March 2021)[8]
vacant
(27 November 2020 – 31 January 2021)[17]
Erişah Arıcan
(31 January 2021-)[21]
Salim Arda Ermut
(9 March 2021-)[22]

Companies

[edit]
CompanyOperating areaStakeEquity (TRY₺ billion)
Borsa Istanbul[23]Financial services80.6%[16]
BOTAŞ[23]Energy100%
Çaykur[23]Agriculture and food100%
Eti Maden[23]Mining100%
Halkbank[24]Financial services91.5%11.5 (2012)[25]
Port of İzmir (Alsancak)[26][27][28]Transport and logistics100%
Kardemir[29]Mining4.41%
Kayseri Şeker[30]Agriculture and food9.41%
Koza-İpek HoldingMining
PTT[23]Transport and logistics100%
TPAO[23]Energy100%21.529 (2016)[31]
Türkşeker[32]Agriculture and food100%
Türk Telekom[33][34]Technology and telecom61.68%26.874 (2016)[35]
TurkcellTechnology and telecom26.2%
TÜRKSAT[23]Technology and telecom100%2.697 (2017)[36]
Turkish AirlinesTransport and logistics49.12%[37]73.129 (2018)[38]
Türkiye Sigorta [tr][11]Financial services81.1%
Türkiye Katılım SigortaFinancial services100%
Türkiye Hayat ve Emeklilik [tr][11]Financial services92.64%
Türkiye Katılım HayatFinancial services100%
TWF AEL ElectricityEnergy100%
TWF EnergyEnergy100%
TWF Financial InvestmentsFinancial services100%
TWF IT and CommunicationsTechnology and telecom100%
TWF Refinery and PetrochemicalEnergy100%
TWF Technology InvestmentsTechnology and telecom100%
Türkiye MadenMining100%
Türkiye Technology FundTechnology and telecom100%
Türk TarımAgriculture and food49%
VakıfBankFinancial services74.8%
Ziraat Bank[23][39]Financial services100%13.540 (2011)[40]
Former
CompanyOperating areaStake
Platform Ortak Kartlı Sistemler A.Ş.Technology and telecom20%
Turkish Maritime OrganizationTransport and logistics49%[30]

Licenses:

References

[edit]
  1. ^"Turkey Wealth Fund Consolidated Financial Statement, 31 Dec 2023"(PDF).
  2. ^"The Law No. 6741 on Establishment of Turkey Wealth Fund Management Company and Amendments in Certain Laws"(PDF). Retrieved28 October 2020.
  3. ^"Türkiye Varlık Fonu Yönetmeliği Yayınlandı".htemlak.haberturk.com (in Turkish). Retrieved27 November 2020.
  4. ^ab"Türkiye Varlık Fonu Genel Müdürlüğüne Mehmet Bostan Atandı".Haksöz Haber (in Turkish). 2 November 2016. Retrieved27 November 2020.
  5. ^abCoskun, Orhan (2017-02-06)."Turkey transfers billions in major company stakes to sovereign wealth fund".Reuters. Retrieved2020-10-28.
  6. ^"Erdogan takes wheel of Turkish wealth fund". Retrieved2018-09-13.
  7. ^ab"Erdogan Names Himself Turkey Wealth Fund Chairman in Shakeup".Bloomberg.com. 12 September 2018. Retrieved2018-09-13.
  8. ^abcd"Ex-Turkey president says alarm bells ringing on economy under Erdoğan".Ahval. Retrieved2020-06-29.
  9. ^"Erdogan takes control of Turkey's sovereign wealth fund".Financial Times. 12 September 2018. Retrieved2018-09-13.
  10. ^"Türkiye Varlık Fonu bazı sigorta ve emeklilik şirketlerini bünyesine kattı".sozcu.com.tr (in Turkish). 22 April 2020. Retrieved18 June 2020.
  11. ^abc"Çalışanlar dikkat! Bireysel Emeklilik Sistemi'nde dengeler değişiyor".CNN Türk (in Turkish). Retrieved12 September 2020.
  12. ^"Turkcell İletişim Hizmetleri A.Ş."sec.gov. Retrieved2021-01-16.
  13. ^Wires, Daily Sabah with (18 June 2020)."Done deal: Turkey Wealth Fund acquires controlling stake in Turkcell from Telia for $530M".Daily Sabah. Retrieved18 June 2020.
  14. ^"Turkey Wealth Fund gains controlling stake in Turkcell". Retrieved18 June 2020.
  15. ^"TWF's Turkcell transaction is completed".tvf.com.tr. Retrieved2021-01-16.
  16. ^ab"Katar, Borsa İstanbul'a ortak oldu".BBC News Türkçe (in Turkish). Retrieved26 November 2020.
  17. ^ab"Albayrak resigns from Turkey Wealth Fund".Anadolu Agency. 27 November 2020. Retrieved27 November 2020.
  18. ^"Özelleştirilen en büyük şirketlerden biri olan Türk Telekom'un çoğunluk hissesi artık Varlık Fonu'nun".BBC News Türkçe (in Turkish). Retrieved11 March 2022.
  19. ^"Varlık Fonu Türk Telekom'u neden satın aldı?".sozcu.com.tr (in Turkish). Retrieved11 March 2022.
  20. ^"Türkiye Varlık Fonu Başkanı Mehmet Bostan görevden alındı".sozcu.com.tr (in Turkish). 8 September 2017. Retrieved27 November 2020.
  21. ^"Berat Albayrak'ın atadığı Hazine ve Maliye Bakan Yardımcıları görevden alındı".BBC News Türkçe (in Turkish). Retrieved31 January 2021.
  22. ^"Varlık Fonu'nun yeni Genel Müdürü Salim Arda Ermut - Yeşil Gazete" (in Turkish). Retrieved9 March 2021.
  23. ^abcdefgh"Ziraat Bankası, BOTAŞ, TPAO, PTT ve BİST, Türkiye Varlık Fonu'na devredildi".BBC Türkçe. 5 February 2017. Retrieved11 February 2017.
  24. ^"Defense from Halkbank: Guilty verdict will directly harm Turkish sovereign – P.A. Turkey". 2023-08-02. Retrieved2025-03-07.
  25. ^"Consolidated Balance Sheet"(PDF). 31 December 2012.
  26. ^"Varlık Fonu, İzmir Limanı'nı da 'yuttu': Satma, devretme ve kiralama yetkisi var".Diken. 10 February 2017. Retrieved19 June 2020.
  27. ^"Turkey-Abu Dhabi joint venture talks for Izmir Port continue, sources say".Reuters. 2024-08-12. Retrieved2025-03-07.
  28. ^"Turkey and AD Ports End Negotiations for Izmir's Alsancak Port".The Maritime Executive. Retrieved2025-03-07.
  29. ^"Varlık Fonu Kardemir hissesi alıyor".
  30. ^abcd"Portföy".turkiyevarlikfonu.com.tr (in Turkish). Retrieved10 June 2018.
  31. ^"Aylık Bilanço"(PDF). Retrieved10 June 2018.
  32. ^"Turkey's state-owned enterprises lost $1.8 billion in 2019: report".Turkish Minute. 2021-01-21. Retrieved2025-03-07.
  33. ^"Türk Telekom 2023 Annual Report"(PDF).Türk Telecom. Retrieved2025-03-07.
  34. ^"Turkey's Wealth Fund signs deal to purchase 55% of Turk Telekom shares".Reuters. 2022-03-10. Retrieved2025-03-07.
  35. ^"CONSOLIDATED FINANCIAL REPORT 2016"(PDF). Türk Telekomünikasyon A.Ş.
  36. ^"Faaliyet Raporu"(PDF). Retrieved10 June 2018.
  37. ^"THY ve Halkbank da Varlık Fonu'na devrediliyor".BBC Türkçe. 6 February 2017. Retrieved11 February 2017.
  38. ^"TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI VE BAĞLI ORTAKLIKLARI"(PDF). Retrieved10 June 2018.
  39. ^"Turkish Wealth Fund to inject 21 bln lira capital to state banks".Reuters. 2020-05-11. Retrieved2025-03-07.
  40. ^"ANNUAL REPORT 2011"(PDF). Türkiye Cumhuriyeti Ziraat Bankası. Retrieved2012-06-17.
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