1/23/2017
Assets of Public Companies Have Been Included in the Sovereign Wealth Fund (SWF)
Resources of the Sovereign Wealth Fund (SWF) of Turkey have been expanded by means of the assets of publicly owned companies and equity shares upon Statutory Decree #684 – Investments to benefit from the Fund were listed as major infrastructure projects such as Motorways, Canal Istanbul, the 3rd Bridge and Airport and Nuclear Power Plants…
Four new Statutory Decrees are published in the Official Gazette dated January 23, 2017 within the scope of the State of Emergency. Resources of the Sovereign Wealth Fund (SWF) of Turkey have been expanded by means of the assets of publicly owned companies and equity shares upon Statutory Decree #684. According to the decree, following paragraph has been added to Article 4 of the Sovereign Wealth Fund Law #6741 titled “Resources and Financing of the Sovereign Wealth Fund”: “Those on which decision has been taken by the Cabinet for the transfer of assets to the Turkish Sovereign Wealth Fund or to be managed by the Company, among public shares owned by commercial institutions of which the entirety or a majority of shares are owned by the State and/or other legal public entities from publicly owned shares in assets and subsidiaries of State Owned Enterprises, and subsidiaries, operational enterprises and operational units, shares and assets owned by commercial institutions of which the entirety of shares are owned by the public, from public shares of other enterprises of the State and shares owned by the Treasury.” As will be recalled, we previously reported that investments to benefit from the Turkish Sovereign Wealth Fund were listed as major infrastructure projects such as Motorways, Canal Istanbul, the 3rd Bridge and Airport and Nuclear Power Plants, also aiming to support Turkish companies in highly strategic sectors necessitating high technology such as Defense, Aviation and Software, in terms of capital shares and projects TEBA:1779/ August 22, 2016 Resources of the fund were sorted as follows: Resources of the fund were listed as follows excluding those which are mentioned and added above: institutions and assets which are within the scope and program of privatization procedures and for which decision is taken on the transfer to the fund by Privatization Supreme Council and cash surplus for which decision is taken on the transfer to the fund from the Privatization Fund. Also, any financing means and assets provided by the fund which are exempted from permits and approvals within the scope of legislation on domestic and international capital and financial markets besides any surplus amounts of revenues, resources and assets owned by public companies and institutions on which decision has been taken by the Cabinet for the transfer of assets to the Fund or to be managed by the Company TEBA:1776/ August 3, 2016
Annual Report
