Turkey Wealth Fund

Turkey Wealth Fund (TVF) (Turkish: Türkiye Varlık Fonu) is a sovereign wealth fund founded in August 2016 owned by Government of Turkey. The fund is operated with "Strategic Investment Plan", which was approved by the Cabinet.

Türkiye Varlık Fonu Yönetimi Anonim Şirketi (TVF)
Sovereign wealth fund
FoundedAugust 2016 (2016-08)
Headquarters
Ankara, Turkey
Key people
Chairman:
Recep Tayyip Erdoğan
Vice Chairman:
Berat Albayrak
CEO:
Zafer Sonmez
Websitewww.tvf.com.tr/ 

History

On 6 February 2017, it is announced that Ziraat Bankası, TÜRKSAT, BOTAŞ, PTT, BİST, TPAO, Türk Telekom (6,68%), Eti Maden, Çaykur have been handed over to TVF. In addition to the companies, 3 billion liras worth Defense Industry Support Fund (Turkish: Savunma Sanayii Destekleme Fonu) were transferred to TVF for 3 months. The fund also has several lands in Antalya, Aydın, İstanbul, Isparta, İzmir, Kayseri and Muğla, which were previously owned by Treasury of Turkey. One day later Treasury stakes of Turkish Airlines (49,12%) and Halkbank (51,11%) also handed over to the fund.

2018 changes

On the 12th of September President Erdoğan sacked the entire management staff of Turkey's sovereign wealth fund and named himself chairman of the fund.[1][2] 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.[2] Erdoğan's son-in-law Berat Albayrak was named as his deputy on the board of the sovereign wealth fund.[3]

2020 changes

On April 2020, TWF Financial Investments was founded with previously government owned shares of Güneş Sigorta, Halk Sigorta, Ziraat Sigorta, Vakıf Emeklilik ve Hayat, Halk Hayat ve Emeklilik and Ziraat Hayat ve Emeklilik.[4]

On 18 June 2020, TWF acquired controlling stakes of Turkcell from Telia for 350 million USD.[5][6]

Companies
CompanyStakeEquity (TRY₺ billion)
Borsa Istanbul[7]90.6%
BOTAŞ[7]100%
Çaykur[7]100%
Eti Maden[7]100%
Halkbank75.3%11.5 (2012)[8]
Port of İzmir (Alsancak)[9]100%
Kayseri Şeker[10]11.1%
PTT[7]100%
TPAO[7]100%21.529 (2016)[11]
Türk Telekom6.68%[7]26.874 (2016)[12]
Turkcell26.2%
TÜRKSAT[7]100%2.697 (2017)[13]
Turkish Airlines49.12%[14]73.129 (2018)[15]
Türkiye Denizcilik İşletmeleri (tr)49%[10]
TWF Financial Investments[4]
  • Güneş Sigorta (61.1%)
  • Halk Sigorta (95.32%)
  • Ziraat Sigorta (100%)
  • Vakıf Emeklilik ve Hayat (62.9%)
  • Halk Hayat ve Emeklilik (100%)
  • Ziraat Hayat ve Emeklilik (100%)
 100%
TWF Energy100%
TWF Refinery and Petrochemical100%
TWF Mining100%
Vakıfbank36%
Ziraat Bankası[7]100%13.540 (2011)[16]

Licenses:

References
  1. "Erdogan takes wheel of Turkish wealth fund". Retrieved 2018-09-13.
  2. "Erdogan Names Himself Turkey Wealth Fund Chairman in Shakeup". www.bloomberg.com. Retrieved 2018-09-13.
  3. "Erdogan takes control of Turkey's sovereign wealth fund". Financial Times. Retrieved 2018-09-13.
  4. "Türkiye Varlık Fonu bazı sigorta ve emeklilik şirketlerini bünyesine kattı". www.sozcu.com.tr (in Turkish). Retrieved 18 June 2020.
  5. Wires, Daily Sabah with (18 June 2020). "Done deal: Turkey Wealth Fund acquires controlling stake in Turkcell from Telia for $530M". Daily Sabah. Retrieved 18 June 2020.
  6. "Turkey Wealth Fund gains controlling stake in Turkcell". Retrieved 18 June 2020.
  7. "Ziraat Bankası, BOTAŞ, TPAO, PTT ve BİST, Türkiye Varlık Fonu'na devredildi". BBC Türkçe. 5 February 2017. Retrieved 11 February 2017.
  8. "Consolidated Balance Sheet" (PDF). 31 December 2012.
  9. "Varlık Fonu, İzmir Limanı'nı da 'yuttu': Satma, devretme ve kiralama yetkisi var". Diken. 10 February 2017. Retrieved 19 June 2020.
  10. "Portföy". turkiyevarlikfonu.com.tr (in Turkish). Retrieved 10 June 2018.
  11. "Aylık Bilanço" (PDF). Retrieved 10 June 2018.
  12. "CONSOLIDATED FINANCIAL REPORT 2016" (PDF). Türk Telekomünikasyon A.Ş.
  13. "Faaliyet Raporu" (PDF). Retrieved 10 June 2018.
  14. "THY ve Halkbank da Varlık Fonu'na devrediliyor". BBC Türkçe. 6 February 2017. Retrieved 11 February 2017.
  15. "TÜRK HAVA YOLLARI ANONİM ORTAKLIĞI VE BAĞLI ORTAKLIKLARI" (PDF). Retrieved 10 June 2018.
  16. "ANNUAL REPORT 2011" (PDF). Türkiye Cumhuriyeti Ziraat Bankası. Retrieved 2012-06-17.


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